Tax advice simply explained: 7 areas

The tasks of the tax advisor differ depending on which tasks you take on yourself. The main tasks of the tax advisor are bookkeeping, financial accounting, accounting of wages and salaries, the annual financial statements and of course the general advice on the subject of taxes and tax optimization.

If you are interested in the processes, the individual areas of responsibility, then you are in the right place. Learn about the risks of hiring a tax advisor, as well as 3 tips to find a good, really good tax advisor. After that, we will give you deep insights into the daily cooperation with your tax advisor.

7 typical tasks of tax consultants in companies:

1. Advice on tax preparation and structuring
2. Bookkeeping and financial accounting
3. Payroll accounting and payroll
4. Profit and Loss Account (EÜR)
5. Tax returns (much more on this later)
6. Audits of tax assessments
7. Representation vis-à-vis tax office and court

Source: Lukinski.de, tax consultant for companies

Why is it so important to find a good, reputable tax accountant?

Every euro that is not spent on taxes can be reinvested and generates further returns (profits)

That means if you pay too much tax, your money is gone. You can’t use it for new ideas and projects, which in turn bring you more profits and wealth. That’s why a good tax advisor is so important for your wealth creation.

Tasks of the tax consultant: tax returns, wages & Co.

According to Lukinski, the 4 central tasks consist of these areas in simplified form:

1. Tax returns (monthly filings and annual evaluations)
2. Wages for employees
3. Balance sheets (annual financial statements)
4. Tax structuring (set-up and optimisation)

Consulting: foundation, day-to-day business and development

The most important, especially for founders, is the tax advice and design. Taxes are not only a topic for large companies and corporations. It already starts with the managing director’s salary and tax allowances. In the growth process there are also changes in the legal form of the company (list external). If you look at a possible process, this could include, for example, the following stages that you go through step by step as a self-employed person.

Evolution a company (exemplary):

• Sole proprietorship
• Entrepreneurial company (UG haftungsbeschränkt)
• Limited liability company (GmbH)
• Stock corporation (AG)
• Holding (with subsidiaries)

Tax advice therefore begins even before the company is founded. It continues with simple, initial aspects such as your managing director’s salary and goes on to the change of the individual legal forms of companies.

Processing of tax matters

Consultations on tax structuring, concept creation for tax avoidance, that is of course not the daily routine in the cooperation. The daily cooperation with your tax advisor is mainly about the processing of tax matters, from payroll accounting, bookkeeping and preparation of tax returns, to special requests. A list of key points is worth a thousand words, so here is a summary of what the “day-to-day work” is about, the tasks of the tax advisor.

Tax consultant tasks in detail:

• Bookkeeping; this includes setting up bookkeeping, creating a chart of accounts, bookkeeping itself, account assignment of documents).
• Payroll accounting
• Tax returns; this includes wage tax, capital gains tax and turnover tax advance returns
• Preparation of tax returns; these include income, corporate, trade, sales, gift and inheritance tax returns.
• Preparation of financial statements; this includes the income statement (EÜR), opening balance sheet, annual financial statements, interim financial statements, liquidation balance sheet and explanatory reports
• … and special requests

For the sake of completeness, tax advisors naturally help not only in setting up or setting up the business, but also in winding it up, i.e. insolvency, should something go wrong.

Do I need to hire a tax advisor?

As a company and self-employed person, you are not obliged to hire a tax advisor.

However, if you do not have a sound education yourself or the risks are too great, for example because you are not a small business (with “only” 5,000, 7,000 or 10,000 turnover per year), then you should definitely rely on the support of a tax consultant. The higher the turnover, the greater the risk of making mistakes. After all, in your company you are not only responsible for yourself personally, but also for your employees. They rely on you, as well as on regular salary payments.

The perfect segue to your duties!

Even if you have hired a tax advisor, it is worthwhile to take over certain tasks yourself. Depending on how many tasks you take over in your company yourself (or through employees), you save costs with the tax advisor.

Whose work costs you more per hour: employees or accountants?

Some founders collect all receipts, then give them collected, but unsorted in the office. Already the first mistake, because so happens the assignment, to the individual account movements, by the tax adviser. With 100 receipts quickly a few extra hours, with all the queries.

Your tasks: Work with tax consultants = save money

Every hour that your tax consultant works for you, apart from the regular tasks, costs extra. If you send your documents (incoming invoices and outgoing invoices) unsorted, the tax advisor or an employee has to do virtually everything. Conversely: If you deliver everything sorted, allocated (document = account movement) and assigned, it minimizes the workload extremely.

If you write invoices in which, for example, your tax number is missing, your tax advisor has to point this out, you have to change everything, send it again. If you don’t collect your invoices sorted and chronologically, your tax advisor has to do the job, some receipts are unclear, again queries, time and costs. If you don’t use digital accounting yet, through tax software, receipts still have to be entered by hand. These are all factors that drive up the cost of your accountant.

So, in quick summary, what are your responsibilities when working with an accountant? Because:

Work with the tax consultant = save money

Very basically, there are 4 areas that you should work through cleanly.

Wages, registration, health insurance, etc.

Theoretically, the tax comes first, determined by the monthly accounting. But for us one thing is most important, your employees! Because only through good teamwork, you can achieve good results with your company. Therefore, for us first of all wages, health insurance and other liabilities that provide for a good and effective team.

PS: Good teamwork always means that you are a good motivator for your employees.

Central is the submission of wage data, always on the 15th of the month. In the middle of the month? Yes, exactly, because the payroll data must first be processed, often by external payroll offices, which in turn are commissioned by your tax advisor. This happens especially in smaller tax offices when the necessary personnel resources are not yet available.

This means that halfway through the month you send wages, fixed hours and probable hours to the tax advisor. If you have employees who do not have fixed monthly working hours, you must extrapolate the probable working time. These estimated times will then be offset against the actual working times (of the previous month) in the following month.

Caution, unaware cost trap! Health insurance

Health insurances are not part of the wages and especially company founders often only (!) calculate with the sum for wages and salaries instead of seeing the total costs that arise for employees.

Here’s a small example:

• Salary (transfer): 1.500 €
• Health insurance: 700 €
• Costs for payroll accounting: 15 €
• Central wage costs: € 2,225
• Unconscious costs: + 32,6 %.

The gap between the €1,500 calculated in the mind and the €2,225 actually paid is a whole €725, or +32.6 per cent. Therefore, always remember that the cost of wages and salaries ultimately includes not only the actual payment to the employee, but also the health insurance and payroll costs, which are additional for each individual employee.

This calculation error increases with each individual employee. So, for example, if you hire 5 employees directly at the start of the company through an investment or a loan and do not keep an eye on the costs for health insurance and payroll accounting, you will have a monthly deficit of 3,575 euros in the calculation example. If you have a loan of 50,000 euros or an investment, hire 5 employees, it has consequences quickly. After a period of 6 months, the sudden, supposed loss is already 21,450 euros. Finances are the number 1 reason for the failure of companies.

This is where another statistic comes right into play, 9 out of 10 businesses fail in the first 5 years. The most common reason is lack of funding and capitalization. Supposedly, because maybe it’s just the wrong calculation.

That’s why it’s always important: You have to take an interest in taxes and duties yourself.

Don’t leave the work (only) to your tax advisor!

Let’s recap wages, employees, and health insurance:

• Submission of wage data by the 15th of the month
• Submission of actual and estimated working times (depending on employee type)

Monthly taxes: sales tax, trade tax, etc.

From our long look at employees now to the point at hand, monthly taxes! As a business (except small business) you are obliged to charge VAT if the invoice recipient is in the country (business) and always if the customer is a private person.

The very most important thing for accounting and for accountants:

Each posting (transaction) gets an assignment (document)

Or in other words, for every receipt and withdrawal on your account, there is a receipt that provides proof of what the money was used for.

This monthly evaluation determines the amount of sales tax you have to pay to the tax office.

If your turnover is high enough, the tax office will ask you to pay business tax for the first time. The sales tax is a transitory item. The trade tax reduces your profit, the sales tax does not. Read more about the types of taxes in Germany here.

Once again summarized the most important tasks for you, in the preparation of accounting:

• Each posting a document
• Accounting almost 1 month together
• Submission no later than the 10th of the following month (tax office, previously to tax advisor)

Annual taxes: annual accounts

At the end of the year, depending on the legal form and company structure, financial statements are sent to the tax office.

If you do not file your tax return yourself, the annual accounts will be prepared in full by your tax adviser.

Your annual accounts provide information about the financial situation of your company. The annual financial statement is mandatory for all types of companies and is also sent to the Federal Gazette. In this way, company balance sheets can be viewed by the public. This facilitates credit checks for other companies and gives the tax office an insight into the current situation.

At the end of the year, there are various declarations that need to be filed, depending on the legal form(s) and company construct. For the self-employed, this includes the income tax return or, in general, the VAT return. As I said, all these aspects are taken care of by your tax advisor.

The annual accounts must be submitted by 31 July at the latest. Unless you are assisted by a tax advisor, then the submission can be extended to 28/29 February of the following year.

Now before we get to the 3 tips to find a good tax accountant, first the risks and dangers of hiring the wrong tax accountant.

Compare tax accountants: Risk when hiring

You want to find a good accountant! Because you want to avoid risks and dangers, after all, it will cost you money if you hire the wrong firm for your accounting. Ultimately, also a reason why startups fail. Cost of additional processing, advice and service and of course losses, for example if tax benefits are not taken (quote above). In the article on Lukinski, 3 specific risk factors are described that usually only become apparent after years of working together. The 3 risks first at a glance.

Assign risks to the tax advisor:

1. Intensive, regular cooperation; means commitment and time for tax consultant changes
2. Amount of monthly and additional costs; money missing for reinvestment
3. In the long term: lose money (pay too much tax, plus costs for tax advisor, lack of reinvestment) due to lack of qualitative / quantitative advice

Learn even more about 3 big risks in contracting here:

• Hiring a tax advisor: 3 mistakes

Find a tax advisor: 3 tips

In order to find a good tax advisor, there are in the article on Lukinski directly 3 practical tips with to the hand, for your search, for a good tax advisor in the proximity.

These 3 tips will help you find a tax accountant:

1. Don’t click on the ad in the search results (go directly to page 2)
2. Rating on online portals (more than 5 opinions)
3. Experiences and recommendations from successful entrepreneurs

Avoid advertisements in search results and portals

For one, never click on the ads, because these search results do not come from quality. The ads are here solely because money is paid for it. Money that is spent on advertising, of course, must be taken again. Already the costs for the tax adviser rise, because marketing is expensive. Maybe it is also not the best tax office, after all, customers still need to be recruited. Word of mouth is not enough to acquire new customers through recommendations, that is, through satisfied customers.

Ratings with quality and quantity

Tip number 2 deals with the evaluation in online portals. Here you should pay particular attention to the fact that there are a relatively large number of opinions. Buy reviews is quite simple. For as little as $19, there are real reviews in search engines and on social networks. Therefore, you should on the one hand compare the number of reviews with other offices, on the other hand read the opinions or even read through. A simple “very good” could possibly be bought.

Tax consultant experiences of other successful entrepreneurs

Tip number 3 is the safest way, you ask experienced and successful entrepreneurs in your area who can give you good recommendations. Another advantage, you have a door opener to the firm. Because good tax accountants don’t wait for new clients, they have enough inquiries through referrals.

Here again, briefly summarized, the 3 tips from practice to find a good tax advisor:

1. Don’t click on the ad in the search results (go directly to page 2)
2. Rating on online portals (more than 5 opinions)
3. Experiences and recommendations from successful entrepreneurs

Conclusion: Find and hire a tax consultant

That was our insight into the topic of finding and hiring a tax advisor. So remember, don’t leave the work (only) to your tax accountant! The more you understand and do, the less you pay for the tax advisor and the more money or profit you have left to reinvest.

You’ve learned a lot about working together, from monthly bookkeeping and wages, to your company’s financial statements. Also the 3 biggest risks and 3 tips so that you do not make mistakes when choosing a tax advisor.

You can find more on this topic in the source of the article on Luinski.de: Steuerberater.

Costs and billing

How much does a tax consultant cost per hour? How are the fees of the tax advisor calculated? How much should a tax accountant cost? And how much does a small business tax accountant cost? If you haven’t experienced tax accountants yet, here are official costs and rates for you, from the federal Chamber of Tax Advisors. Tip. Under the explanation of value fee you will find the cost table for 100.000, 200.000 and 500.000 Euro – that’s how much your tax advisor costs / earns!

• Tax consultant costs

Mistakes: 3 risks for your company

Hiring a tax accountant / mistakes – You want to find a good tax accountant! Because, you want to avoid risks and dangers, after all it will cost you cash if you hire the wrong firm for your accounting. Costs for additional processing, advice and service and of course losses, for example, if tax benefits are not taken (quote above). In the article on Lukinski, 3 specific risk factors are described that usually only become apparent after years of working together. The 3 risks first at a glance.

• Hiring a tax advisor: mistakes

Tax consultant in the vicinity

Nearby Tax Accountants – Find a good tax accountant near you? We have searched the internet for you for days to find the best recommendations for tax consultants in your area: Hamburg, Berlin, Cologne, Dusseldorf, Munich, Stuttgart & Co. for your private tax return or income tax return or more complex accounting for companies, from monthly financial accounting to annual financial statements. Including adresses, telephone numbers and website.

• Tax consultant in the vicinity

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Top broker recommendation – Dubai

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Further information, contact persons and directions:

• Telephone: +971 4 306 9999
• Espace Real Estate Website

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Further information, contact persons and directions:

• Office 714, Le Solarium – Dubai – United Arab Emirates
• Telephone: +971 4 888 6811
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4.5 / 5.0 stars

Further information, contact persons and directions:

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Recommendation for Lukinski on Google: 3 Ratings.

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Further information, contact persons and directions:

• Telephone: +49 (0) 30 398 204 207
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Further information, contact persons and directions:

• 1st floor, Unit 3111, Building No. 3, Gold & Diamond Park – Dubai
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• house & house website

Allsopp & Allsopp – Business Bay

Recommendation for Name on Google: 73 Rating

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Further information, contact persons and directions:

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• Telephone: +971 4 408 7000

Always Property : Dubai Real Estate

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Further information, contact persons and directions:

• Telephone: +971 4 452 2267

First Royal Gate Real Estate Agency Dubai UAE

Recommendation for Name on Google: 2 Rating

5.0 / 5.0 stars

Further information, contact persons and directions:

• Empire Heights Towers – Tower A – Marasi Drive Street – Dubai. Business Bay, Tower A, 4Floor, office No:, 406 – Dubai – United Arab Emirates
• Telephone: +971 56 589 0234

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Further information, contact persons and directions:

• 18 X-21 ENG-IC1 Dubai – Dubai – United Arab Emirates
• Telephone: +971 55 718 6029

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• phone: +971 800 289

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Top Broker Recommendation – Los Angeles

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More information, contact persons and directions:

• 11111 CA-2 #1848, Los Angeles, CA 90025, USA
• Phone: +1 888-777-0364

Halton Pardee + Partners, Inc.

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More information, contact persons and directions:

• 1524 Abbot Kinney Blvd, Venice, CA 90291, USA
• Phone: +1 310-907-6517

EGL Properties Inc.

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3.9 / 5.0 stars

More information, contact persons and directions:

• 1543 Pontius Ave, Los Angeles, CA 90025, USA
• Phone: +1 310-481-0922

Commercial Brokers International

Recommendation for Commercial Brokers International on Google: 27 Rating

5.0 / 5.0 stars

More information, contact persons and directions:

• 11755 Wilshire Blvd #2380, Los Angeles, CA 90025, USA
• Phone: +1 310-943-8530

RE/MAX Estate Properties

Recommendation for RE/MAX Estate Properties on Google: 10 Rating

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More information, contact persons and directions:

• 10931 W Pico Blvd, Los Angeles, CA 90064, USA
• Phone: +1 310-559-5570

Westside Estate Agency

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More information, contact persons and directions:

• 210 N Canon Dr, Beverly Hills, CA 90210, USA
• Phone: +1 310-247-7770

Secured Properties Inc.

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5.0 / 5.0 stars

More information, contact persons and directions:

• Equitable Life Building, 3435 Wilshire Blvd #2510, Los Angeles, CA 90010, USA.
• Phone: +1 213-389-5888

Douglas Elliman Brentwood

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More information, contact persons and directions:

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• Phone: +1 424-203-1800

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More information, contact persons and directions:

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• Phone: +1 323-822-3200

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3.9 / 5.0 stars

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• Phone: +1 310-913-9477

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• If the broker has experience and can show a deal and satisfied customers
• Get recommendations from friends and acquaintances
• If the design of the website appeals to you, then there is a greater chance that the real estate agent also has a property that you like.
• Is the price of the broker reasonable for his quality of work

Buying, selling or renting – the duties of the broker in different situations.

A real estate agent is available for real estate issues with sufficient expertise and the certain know-how. In doing so, he performs a wide variety of tasks. What you need to consider when choosing the right real estate agent, you will learn now!

Purchase: tasks, construction and building savings

When buying real estate, the broker takes over the important part of finding different properties that fit your ideas and to visit with you. If your dream property is found, the broker is available until the conclusion of the contract and can give you important tips for negotiations and notary appointments.

Sale: valuation and tax tips

During the sale, the broker’s main task is to relieve the seller’s time. Since a house sale is very time-consuming, the broker takes over the most important tasks from creating the advertisement to conducting viewing appointments and negotiating the price. The broker’s expertise can be very beneficial for you in this situation.

Rent: Apartment or house?

In the case of rent, the broker can act on both sides. For the tenant, the broker can pick out suitable rental properties and help with the placement. For the tenant, the broker helps to find a tenant for the property as quickly as possible. However, in the case of rent, the broker is subject to different rules for the commission than in the case of the purchase of real estate.

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Purchase, sale or rent – the tasks of the broker in different situations

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When buying a property, the expertise of an estate agent can be worth its weight in gold. The broker’s primary task is to find different properties for your needs and to view them with you. If the right property is available, the know-how in price negotiations and the sales contract can help to achieve the best result for you.

Sale: valuation and tax tips

When selling your own property, the real estate agent will help you with all the tasks involved. Since a house sale can be very time-consuming, the broker takes over tasks, such as the preparation of the advertisement, the execution of viewing appointments and price negotiations to relieve the seller of these time-consuming tasks.

rent: Flat or house?

The broker’s commission guidelines for rent are different from those for the sale of a house. The broker can be active on both sides. For the tenant, the broker can select different rental properties to find the one that suits the customer. For the landlord, however, the agent can also search for different potential tenants.

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Knight Frank Mayfair Estate Agents

Recommendation for Knight Frank Mayfair Estate Agents on Google: 165 Rating

5.0 / 5.0 stars

Further information, contact persons and directions:

• 120A Mount St, Mayfair, London W1K 3NN, United Kingdom
• Telephone: +44 20 7499 1012
• Knight Frank Mayfair Website

Acorn London Bridge Estate Agents

Recommendation for Acorn London Bridge Estate Agents on Google: 118 Rating

4.8 / 5.0 stars

Further information, contact persons and directions:

• 116-118 Bermondsey St, Bermondsey, London SE1 3TX, United Kingdom
• Telephone: +44 20 7089 6565
• Acorn London Bridge Website

Daniel Cobb London Bridge Estate Agents

Recommendation for Daniel Cobb London Bridge Estate Agents on Google: 30 Rating

4.5 / 5.0 stars

Further information, contact persons and directions:

• 82-84 Bermondsey St, Bermondsey, London SE1 3UD, United Kingdom
• Telephone: +44 20 7357 0026
• Daniel Cobb London Bridge website

Dexters Bloomsbury

Recommendation for Dexters Bloomsbury Estate Agents on Google: 150 Rating

5.0 / 5.0 stars

Further information, contact persons and directions:

• 55 Coram St, Bloomsbury, London WC1N 1HB, United Kingdom
• Telephone: +44 20 7833 4466
• Dexters Bloomsbury

Winkworth West End

Recommendation for Winkworth West End Estate Agents on Google: 55 Rating

4.8 / 5.0 stars

Further information, contact persons and directions:

• 55 New Oxford St, London WC1A 1BS, United Kingdom
• Telephone: +44 20 7240 3322
• Winkworth West End Website

Lukinski Property Brokers

Recommendation for Lukinski Property Brokers on Google: 3 Rating

4.8 / 5.0 stars

Further information, contact persons and directions:

• Telephone: +44 20 3475 9225
• Lukinski Property Broker Website

Foxton’s London Bridge Estate Agents

Recommendation for Foxtons London Bridge Estate Agents on Google: 98 Rating

4.1 / 5.0 stars

Further information, contact persons and directions:

• 94 Borough High St, London SE1 1LL, United Kingdom
• Telephone: +44 20 7386 6500
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Dexter’s London Bridge

Recommendation for Dexter’s London Bridge Estate Agent on Google: 230 Rating

4.9 / 5.0 stars

Further information, contact persons and directions:

• 54 Borough High Street London Bridge, London SE1 1XL, United Kingdom
• Telephone: +44 20 7650 5100
• Dexters Website

Avrason’s Estate Agents London

Recommendation for Avrasons Estate Agents London on Google: 54 Rating

4.7 / 5.0 stars

Further information, contact persons and directions:

• 18 Brixton Rd, London SW9 6BU, United Kingdom
• Telephone: +44 20 7582 4011

tlc Estate Agents

Recommendation for tlc Estate Agents on Google: 203 Rating

4.9 / 5.0 stars

Further information, contact persons and directions:

• 8 Hogarth Rd, Earl’s Court, London SW5 0QT, United Kingdom
• Telephone: +44 20 7370 4000

Winkworth Pimlico & Westminster

Recommendation for Winkworth Pimlico & Westminster Estate Agents on Google: 53 Rating

4.8 / 5.0 stars

Further information, contact persons and directions:

• 31 Belgrave Rd, Victoria, London SW1V 1RB, United Kingdom
• Telephone: +44 20 7828 1786

Winkworth Hackney

Recommendation for Winkworth Hackney Estate Agents on Google: 32 Rating

4.9 / 5.0 stars

Further information, contact persons and directions:

• 17 Lower Clapton Rd, Clapton, London E5 0NS, United Kingdom
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• Elika Real Estate Website

New York Casas Real Estate

Recommendation for New York Casas Real Estate on Google: 66 Rating

4.7 / 5.0 stars

More information, contact persons and directions:

• 5th Ave #500, New York, NY 10151, USA
• Phone: +1 917-285-6835
• NY Casas Website

Engel & Völkers New York City

Recommendation for Engel & Völkers New York City on Google: 15 Rating

3.4 / 5.0 stars

More information, contact persons and directions:

• 430 Park Ave 11th Floor, New York, NY 10022, USA
• Phone: +1 212-616-7600
• Engel & Völkers Website

New York Habitat

Recommendation for New York Habitat on Google: 57 Rating

3.7 / 5.0 stars

More information, contact persons and directions:

• 307 7th Ave #306, New York, NY 10001, USA
• Phone: +1 212-255-8018
• New York Habitat

Residential Real Estate Agent New York City and Brooklyn

Recommendation for Residential Real Estate Agent New York City and Brooklyn on Google: 2 Rating

4.5 / 5.0 stars

More information, contact persons and directions:

• 90 5th Ave 3rd fl, New York, NY 10011, USA
• Phone: +1 917-595-0400

Regus – New York

Recommendation for Regus – New York on Google: 2 Rating

4.0 / 5.0 stars

More information, contact persons and directions:

• 165 Broadway 23rd Floor, New York, NY 10006, USA
• Phone: +1 646-759-3600

Platinum Properties

Recommendation for Platinum Properties on Google: 11 Rating

3.9 / 5.0 stars

More information, contact persons and directions:

• 30 Wall St, New York, NY 10005, USA
• Phone: +1 212-825-0050

The Corcoran Group

Recommendation for The Corcoran Group on Google: 16 Rating

3.4 / 5.0 stars

More information, contact persons and directions:

• 660 Madison Ave, New York, NY 10065, USA
• Phone: +1 212-355-3550

Colliers International

Recommendation for Colliers International on Google: 2 Rating

5.0 / 5.0 stars

More information, contact persons and directions:

• 666 5th Ave, New York, NY 10103, USA
• Phone: +1 212-716-3500

MetroNest, LLC.

Recommendation for MetroNest, LLC. on Google: 88 Rating

4.0 / 5.0 stars

More information, contact persons and directions:

• 11 Waverly Pl, New York, NY 10003, USA
• Phone: +1 212-533-1300

The process – the best tips and checklist to find a broker

Not every situation offers the help of a broker, but in other situations it can be worth its weight in gold. Once the decision in favor of a broker has been made, the only thing left to do is to find the right one. However, this is often not so easy. Different brokers have different offers and not everyone has your dream property. If you are looking for the right broker, you should pay attention to the following points:

• If the design of the website appeals to you, then there is a greater chance that the agent also has a property that you like.
• If the broker has experience and can show a deal and satisfied customers
• Get recommendations from friends and acquaintances
• Is the price of the broker reasonable for his quality of work

Buying, selling or renting – the duties of the broker in different situations.

A real estate agent is available for real estate issues with sufficient expertise and the certain know-how. In doing so, he performs a wide variety of tasks. What you need to consider when choosing the right real estate agent, you will learn now!

Purchase: tasks, construction and building savings

If a real estate agent assists a client in buying the property, the tasks of the agent are quite clear. First of all, he has the task to look for real estate for you, which corresponds to your individual wishes. In addition, he also accompanies you on all viewings and helps with price negotiations and the final conclusion of the contract.

Sale: valuation and tax tips

When selling your own property, a real estate agent should do one thing above all. Take work off and relieve the seller. A house sale brings a high time expenditure with itself, from the providing of the Exposés over inspection dates up to the conclusion of the contract the broker takes over as far as it goes, all tasks and stands advisory with its specialized knowledge to the side.

Rent: Apartment or house?

In the case of rent, the broker can also work on the side of the landlord as well as on the side of the tenant. In any case, the commissions for brokers in the field of rent are regulated differently than in the field of buying. For landlords, the broker presents the property in the most appealing way possible and looks for tenants. On the tenant’s side, the broker helps find and arrange the perfect rental property.

Interview with real estate expert Jan Rickel from IHV – Die Immobilien Makler.

Hire a broker – costs & expiry

FIV: For many of our readers who have never used a broker before, the first question that arises is: Who actually pays the broker? For brokers the so-called ordering principle applies from now on. Recently, as I have understood, the client has to pay the brokerage fee or commission for the real estate brokerage. In a few sentences, who pays the broker?

There’s a saying “whoever orders the music has to pay for it”. Since 2015, the buyer principle has applied in all cases to the rental of apartments, houses, etc. In plain language: Whether landlord or tenant – whoever commissions the broker also pays the fees. As a rule, of course, this is the landlord, but more and more tenants are using a real estate agent to find a suitable apartment in the sometimes scarce market.

So if you want to buy a property with the aim of renting it out, you have to reckon with further costs as soon as you call in a real estate agent. This makes it all the nicer if the property developer from whom you buy your (new) apartment already has tenant contacts. This saves time, money and sometimes even trouble. First tip: ask the owner of the property you want to buy if he already has tenant contacts. This is very simple, of course, if you buy an existing property that is already rented…

FIV: And what is it like when buying or selling a property?

So far, there is no uniform ordering principle regulated by the federal government! A corresponding proposal of the party “The Greens” has not yet been discussed further or even decided. Buyers and sellers often share the broker’s commission, also known as broker’s commission. Only for the federal states of Bremen, Berlin, Brandenburg, Hesse and Hamburg does the rule apply that the buyer pays the commission.

Commission – How is this calculated?

FIV: And how sieht´s with the amount of fees or commission from? Can any real estate agent do what he wants when selling real estate?

Strictly speaking, yes! There are no legal regulations for the amount of the fees. In practice, however, buyers and sellers or brokers orientate themselves on the usual fee rates in the respective federal state. These range from 3.57% to 7.14% of the purchase price. So not necessarily always a little something. However, depending on the federal state – as I said – buyers and sellers share these costs.

For the money, a neat broker also does a lot! After all, for example, he prepares a meaningful exposé of the property, arranges and coordinates visits to the apartment, is actively involved in the drafting of contracts and negotiations, and so on. In addition to experience, you also need a great deal of knowledge about appropriate training or even studies.

Competencies of a good broker

FIV: What are the mistakes? How do I recognize a good and reputable broker? A doctor’s degree?

For God’s sake, no! Nobody needs a doctorate or similar to become a broker or to be recognized as a good broker! Until today it is even so that one may call oneself “real estate agent”, without having made a special training for it. This does not exist in the end either. With the training occupations “real estate specialist” and “real estate agent” there are meanwhile however recognized ways to be able to deal expertly with real estates.
Basically one needs numerical understanding, commercial knowledge or experience are advantageous. The only legal requirement is to have a trade licence or a broker’s license.

But a good realtor needs much more. This starts with a high level of social competence. That is, the ability to adapt to a wide variety of people and their needs. A real estate agent should not be shy of contact at all. Above all, however, he must be very familiar with the market in which he wants to buy or sell his property.

And as a customer, you quickly notice: does he know the cities, locations and property types and their special features very well? Can he refer to references in the environment? You can also talk to “neighbours” who have bought from the same broker. A good real estate agent also has all the documents for the property to be sold ready. Best in a meaningful and well-designed exposé. In addition, he should also be able to advise and accompany you in matters of contract law and notarial negotiations.

It is ultimately also the much quoted “gut feeling” towards the broker that gives an indication of “good” or “bad”. If the broker puts too much pressure on the decision, for example, he always speaks in superlatives, this does not necessarily speak for a good broker. For example, he should also talk openly about possible disadvantages of the property.

Tasks of a broker

FIV: Many people think at first only of the viewing date, what exactly does a broker do for the client?

It’s nice that we’re going to go into that again. Already above with the fees I have already mentioned what the client gets for his money. The inspection date is only a part of the many achievements of an estate agent, even if a completely particularly important one!

Before the inspection, the first inspection of the real estate, a professional evaluation and the determination of the correct sales price stand however. This requires a great deal of sensitivity on the part of the broker. Because the seller usually has completely different ideas about the value of his property than the market allows. Of course, the broker is first and foremost on the customer’s side, but that also means that he informs him fairly about what the current and future market prices really are.

Then the exposé comes to the property. This is not just a glossy brochure for better sales. The aim is to highlight the characteristics of the property in an appealing way, to put every detail in the right light. Photos and texts should reflect reality, but at the same time create an incentive to buy. All information regarding energy consumption, ancillary costs, etc. must also be listed and procured beforehand.

Coordinating viewing appointments with the seller and buyer is often a demanding issue. All parties must agree on an appointment. In addition, both sides have a different view of the sales process. The seller wants to achieve the highest possible price, the buyer the exact opposite. Here again the social competence of the good broker is in demand. He must have an eye on both sides and be able to communicate accordingly.

After all, the broker also accompanies the actual sales process. By either conducting the negotiations completely alone, if the seller does not want to see the individual buyers at all, or vice versa.

Real estate purchase – These three points are important

FIV: What are the 3 most important points I need to consider when buying a property?

First and foremost is the state of construction of the property! But please always take a deep look behind the scenes! Roof, walls, windows, garden, cellar etc. should not require renovation or will be deducted from the purchase price.

In the second place is the answer to the question of whether I want to use the property myself or buy it as a capital investment. The third point that depends on this is how good the residential location is for the rental theme. A bad living environment – let’s leave it open for the moment what that can be – usually means a high risk of loss of rent and thus problems with financing. If I want to live in the property myself, I should look at the additional costs (additional cost calculator), so that I do not wake up badly later.

FIV: Would you recommend the purchase at the current prices?

The current prices can also discourage you from buying. After all, they are also driven by rising demand – at least in conurbations. But also from the still sensationally low interest rate level! There are enough sellers who want to add more or less “fat” to the actual selling price.

But because of the currently still low interest rates, buying really makes a lot of sense! I recommend kann´s, but I would also advise you to consider the duration of the financing! After the expiration of the credit period – and most buyers need bank financing – so much debt is already paid off that a changed interest landscape cannot endanger the entire project. So: either agree on a high repayment at the favourable interest rates, or agree on as long a term of the loan as possible with favourable interest rates and standard repayment (2%).

Invest in a condominium – When is the right time?

FIV: When should I invest in a condominium and when should I think about buying a house – what would the expert recommend?

That’s basically quite simple: First of all geht´s about what I can afford with my possibilities at all. A house is usually more expensive than an apartment.

But the answer also depends on what purpose I am pursuing with the property. As a capital investment or yield object with immediate effect, the apartment is usually the better model. The apartment is or will be rented and brings me immediate income. Of course, I can only “take” the increase in value with me when I sell the apartment again and the market environment has led to an increase in value.

Buying an apartment house is only for real estate professionals! Buying and renting a single-family house as a yield property is also a complex matter. As a rule, the tenants of single-family houses are very attractive in terms of repairs and maintenance of the house. Because then prefer to think of their own home for their own use and consider it as an investment “for later”.

FIV: I want to sell! In your opinion, what are the 3 central topics in the sale of real estate?

I’ll give it a try:

1. Question whether you want to control the sale yourself, or if you prefer to hire a real estate agent to serve you the right buyers.
2. maintain that the elementary parts of the property are in good condition.
3. Question if your ideas of the selling price depend on personal and emotional things.

Thanks for the interview.

Interview with real estate expert Jan Rickel from IHV – Die Immobilien Makler.