Danger is threatening real estate brokers in Czech Republic.

You’ve got some property in Czech republic and you want to know what is going on there? Then, this news is for you.

On November 8, 2019, the Lower House of the Czech Parliament approved an amendment to the Real Estate Mediation Act. According to the amendment, the rules for brokers will be tightened.

The new bill obliges brokers to have the appropriate qualifications: a bachelor's degree in law, economics, finance, marketing, business, or construction, or at least higher professional education and three years of experience. Brokers will also be obliged to notify the size of their commission to customers, that will prevent them from requiring a double commission from both the seller and the buyer.

Sounds bone chilling? There is no ground for panic: despite the critics from the opposition, most of deputies are confident these new rules will protect both the seller and the buyer. Now, the ball is on the Senate’s side. If it approves the bill, then Czech realtors will have to adopt new rules of the game.

In general, real estate activities are not licensed here yet, so choosing a broker or real estate company focus on experience and feedback. Realtor services usually cost 2-5% of the deal amount.