Frequently-asked questionWhat exactly is an SRO and do I need one? 
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Do you realize that approximately 50% of Czech residential real estate transactions happen without a real estate agency being involved? In fact, according to Skalický, president of the Czech Chamber of Real Estate Agencies (ČKRK), the figure is closer to 60%.
There are many reasons for this but the predominant is that, simply put, Czech locals don’t trust real estate agents. Two decades of bad experiences in an unregulated environment have left them with a very bad taste in their mouth.
How to squeeze 40% more from your Czech property sale (Part 1 of 3)
How to reach the most buyers
Because of this fact that a full half of real estate transactions happen without real estate agencies, if you limit yourself to selling through a real estate agency you are potentially losing one half of all buyers.
To get maximum value for your property and sell it quickly it is really critical to list your property on 'for sale by owner' websites like www.bezrealitky.cz which are hugely popular among Czech locals.
Please see our unique power of attorney sale service which allows you to take advantage of both advertising your home on 'for sale by owner' websites and also with the biggest real estate companies.
Things you need to consider beforehand
Before deciding to sell your flat you should consider the following matters which can really affect the amount of return you would get from your property.
- Mortgage payout options. Many buyers don't realize is that Czech banks have very high penalties (up to 25% of the unpaid amount of the mortgage) if you try to payout the mortgage at a time other than when the fixation comes up for renewal.
- Real estate agency cooperation agreements. If you do decide to go the route of a real estate agency it is vital to check how they cooperate with other real estate agencies. If signing an exclusive agreement with a real estate firm be sure to check out which other agencies they cooperate and have some rough idea about how the commission well be split if another agency brought a buyer. 50/50 is common but some agencies try for 75/25. If a cooperating agency will only get 25% of the total commission they will not be motivated to bring a buyer.
For more details on these items and to read others please see our article: 5 Vitals to Execute a Maximum Value Resale in Czech Republic
What you need to know
Here are additional resources related to selling your Czech property or real estate:
- What are typical selling costs for a property in the Czech Republic?
- Are Czech Republic real estate agents accredited?
- The most costly Czech Republic property investment mistakes.
- Our latest Czech property forecast.