Bella3

Hi,

Does anyone know what percentage real estate agents charge when selling your house? We are about to move from WA to Qld and are in the process of getting agents around to value the house etc. Would like to have an idea what the norm is before they come round so that I can pretend to know! Also does anyone know what the settlement agents charge for a sale alone?

Any help greatly appreciated.

johnnie7au

Since the industry was deregulated somewhat .. you can negotiate the commission - so each will be probably be a little different...

A few years ago there was a complicated rate system that agents were expected to adhere to.

ABCDiamond

Most of them are around 3%

I did ask an Agent in NSW recently, (as I am about to sell a property down there, I think) and the reply was

sunchaser

Hi Bella3,

I’ve got a bit more information for you. I thought it might be useful for others in your situation so I’ve posted it here rather than in a pm.

The 3% agent’s commission I quoted you is a guideline and can be negotiated to a certain degree depending on the circumstances of the sale. GST is payable on agents commission and it may not be clear whether the fee an agent is quoting is inclusive or exclusive of GST so always ask. However, when choosing an agent you shouldn’t base your decision just on the price they are going to charge. Their past history, reputation and market presence are more important.

There are a number of other costs incurred when you sell a house. The settlement fee represents the biggest cost after the agent’s commission. You can expect to pay somewhere around $750 to settle a property that sells for $300,000. There is some variation between settlement agents so it pays to shop around. Bear in mind that the cheapest company may not always provide the best service. Personal recommendation counts for a lot and always check that the settlement agent is licensed with the Settlement Agents Supervisory Board (tel. 9282 0839). At Peard Lawrence we use Metro Settlements who have proven to be quick and reliable for our clients.

If you have a mortgage on the property you may have to pay a mortgage discharge fee. Check with your financial institution.

There will also be a fee for the transfer of title. This is on a sliding scale but for the example $300,000 property you would pay around $130.

Oh, and don’t forget the removalists costs which could be considerable if you are moving across to the East.

I think that’s about it. Just to cheer you up after all that, the median house value in your suburb increased by 16% in the 12 month period up to June of this year so it’s not all bad news! The average sale price achieved for your type of property (i.e. the same number of bedrooms and bathrooms) in your suburb over the last 3 months was $301,000. However, there was a large variation with individual sales ranging from $250,000 up to $347,500. Obviously factors such as the plot size, condition of the property and location within the suburb will determine the exact value of a particular property.

Let me know if you need anymore info and good luck!
Colleen

Siren & Brian

You could sell it yourself.... therefore no agent fees... but a good agent will make you more money than you save.

I used to use Mint settlements all the time, very good and professional and damn fast when needed to be.