Go Back  British Expats > Living & Moving Abroad > New Zealand
Reload this Page >

Estate agent fees - how much do they chage to sell your house?

Estate agent fees - how much do they chage to sell your house?

Old Aug 5th 2013, 10:47 pm
  #1  
Forum Regular
Thread Starter
 
pleccy2000's Avatar
 
Joined: Apr 2006
Location: Wellington
Posts: 123
pleccy2000 is just really nicepleccy2000 is just really nicepleccy2000 is just really nicepleccy2000 is just really nicepleccy2000 is just really nicepleccy2000 is just really nicepleccy2000 is just really nicepleccy2000 is just really nicepleccy2000 is just really nicepleccy2000 is just really nicepleccy2000 is just really nice
Default Estate agent fees - how much do they chage to sell your house?

In NZ, when selling your house, how much money does the Real Estate agency take? For example if a house sells for $650,000 – how much money does the vendor actually get after all expenses etc?

Cheers
pleccy2000 is offline  
Old Aug 5th 2013, 11:21 pm
  #2  
Just Joined
 
Joined: Sep 2011
Posts: 29
Addictedtosushi is a name known to allAddictedtosushi is a name known to allAddictedtosushi is a name known to allAddictedtosushi is a name known to allAddictedtosushi is a name known to allAddictedtosushi is a name known to allAddictedtosushi is a name known to allAddictedtosushi is a name known to allAddictedtosushi is a name known to allAddictedtosushi is a name known to allAddictedtosushi is a name known to all
Default Re: Estate agent fees - how much do they chage to sell your house?

Too much they are robbing thieving b******s. Don't listen to the bull that they give you typical quote "I work hard for my money".

I also work hard for my money but their fees are daylight robbery!!

Horrible Horrible people!!
Addictedtosushi is offline  
Old Aug 5th 2013, 11:41 pm
  #3  
MODERATOR
 
MrsFychan's Avatar
 
Joined: Oct 2011
Location: Wellington - I miss Castles, the NHS & English school system
Posts: 9,074
MrsFychan has a reputation beyond reputeMrsFychan has a reputation beyond reputeMrsFychan has a reputation beyond reputeMrsFychan has a reputation beyond reputeMrsFychan has a reputation beyond reputeMrsFychan has a reputation beyond reputeMrsFychan has a reputation beyond reputeMrsFychan has a reputation beyond reputeMrsFychan has a reputation beyond reputeMrsFychan has a reputation beyond reputeMrsFychan has a reputation beyond repute
Default Re: Estate agent fees - how much do they chage to sell your house?

Wellington Real Estate Fees, Agents Fees, Real Estate Commission

The amounts charged by agents in the Wellington region are not set by law. The "official" line is "Commissions can vary from one agent to another, so you may want to compare them. You can also negotiate on the amount or rate of commission to be paid".

Our research shows that real estate fees / agents fees / real estate commission in the Wellington region are generally in the vicinity of 3.5% of the first $400,000 and then 2% thereafter. A base fee of $500 is charged regardless of the sale price. GST is also charged on the above percentages and fees*.


taken from http://www.realestatefees.co.nz/index.php?c=2

that was back in 2008 so might well be way out of date

Last edited by MrsFychan; Aug 5th 2013 at 11:44 pm.
MrsFychan is offline  
Old Aug 5th 2013, 11:49 pm
  #4  
Looking for my marbles.
 
pippalonghorn's Avatar
 
Joined: Jul 2013
Location: durham, durham, England
Posts: 730
pippalonghorn has a reputation beyond reputepippalonghorn has a reputation beyond reputepippalonghorn has a reputation beyond reputepippalonghorn has a reputation beyond reputepippalonghorn has a reputation beyond reputepippalonghorn has a reputation beyond reputepippalonghorn has a reputation beyond reputepippalonghorn has a reputation beyond reputepippalonghorn has a reputation beyond reputepippalonghorn has a reputation beyond reputepippalonghorn has a reputation beyond repute
Default Re: Estate agent fees - how much do they chage to sell your house?

Wow. I think we're all in the wrong jobs!
pippalonghorn is offline  
Old Aug 5th 2013, 11:51 pm
  #5  
MODERATOR
 
MrsFychan's Avatar
 
Joined: Oct 2011
Location: Wellington - I miss Castles, the NHS & English school system
Posts: 9,074
MrsFychan has a reputation beyond reputeMrsFychan has a reputation beyond reputeMrsFychan has a reputation beyond reputeMrsFychan has a reputation beyond reputeMrsFychan has a reputation beyond reputeMrsFychan has a reputation beyond reputeMrsFychan has a reputation beyond reputeMrsFychan has a reputation beyond reputeMrsFychan has a reputation beyond reputeMrsFychan has a reputation beyond reputeMrsFychan has a reputation beyond repute
Default Re: Estate agent fees - how much do they chage to sell your house?

this might be more up to date but covers Auckland but should give you a ball park figure

Selling Price
$200,00 $9,518
$300,000 $14,042
$400,000 $17,485
$500,000 $20,424
$750,000 $26,767
$1,000,000 $33,122
$1,500,000 $45,833
$2,000,000 $58,544
$3,000,000 $83,966

taken from http://www.barfoot.co.nz/Residential...ion-Rates.aspx
MrsFychan is offline  
Old Aug 6th 2013, 2:22 am
  #6  
Forum Regular
 
britsinnz's Avatar
 
Joined: Aug 2013
Location: Tauranga
Posts: 112
britsinnz has a reputation beyond reputebritsinnz has a reputation beyond reputebritsinnz has a reputation beyond reputebritsinnz has a reputation beyond reputebritsinnz has a reputation beyond reputebritsinnz has a reputation beyond reputebritsinnz has a reputation beyond reputebritsinnz has a reputation beyond reputebritsinnz has a reputation beyond reputebritsinnz has a reputation beyond reputebritsinnz has a reputation beyond repute
Default Re: Estate agent fees - how much do they chage to sell your house?

We recently sold our house ourselves, thus saving approx.$28,000, and it felt wonderful. I couldn't believe that the agent's charges don't include photography and marketing, so we took a chance. One thing I found out is that the Dom Post publish a property guide (In Welly it's on Saturdays) and you can pay to have an editorial, either half page or full page. They will come and write a piece on the area you live, the house itself and take photos and stick you on the front page of the property guide, and it is less than the appallingly high rates an agent wanted to charge us for marketing. It is still expensive but worth it. We were about to do it when a buyer turned up, so didn't need to. We will always sell our house ourselves from now on, it is easy to get open house signs and flags online.
britsinnz is offline  
Old Aug 6th 2013, 12:22 pm
  #7  
BE Enthusiast
 
Joined: Jan 2008
Location: permanently locked down
Posts: 732
chocolate cake has a reputation beyond reputechocolate cake has a reputation beyond reputechocolate cake has a reputation beyond reputechocolate cake has a reputation beyond reputechocolate cake has a reputation beyond reputechocolate cake has a reputation beyond reputechocolate cake has a reputation beyond reputechocolate cake has a reputation beyond reputechocolate cake has a reputation beyond reputechocolate cake has a reputation beyond reputechocolate cake has a reputation beyond repute
Default Re: Estate agent fees - how much do they chage to sell your house?

Originally Posted by britsinnz View Post
We recently sold our house ourselves, thus saving approx.$28,000, and it felt wonderful. I couldn't believe that the agent's charges don't include photography and marketing, so we took a chance. One thing I found out is that the Dom Post publish a property guide (In Welly it's on Saturdays) and you can pay to have an editorial, either half page or full page. They will come and write a piece on the area you live, the house itself and take photos and stick you on the front page of the property guide, and it is less than the appallingly high rates an agent wanted to charge us for marketing. It is still expensive but worth it. We were about to do it when a buyer turned up, so didn't need to. We will always sell our house ourselves from now on, it is easy to get open house signs and flags online.
Well done, can't believe more people don't do that, the fees here seem horrendous, and it's difficult to see what the they do for their money with so many properties going to auction.
chocolate cake is offline  
Old Aug 6th 2013, 12:48 pm
  #8  
BE Forum Addict
 
TommyLuck's Avatar
 
Joined: Aug 2012
Posts: 1,213
TommyLuck has a reputation beyond reputeTommyLuck has a reputation beyond reputeTommyLuck has a reputation beyond reputeTommyLuck has a reputation beyond reputeTommyLuck has a reputation beyond reputeTommyLuck has a reputation beyond reputeTommyLuck has a reputation beyond reputeTommyLuck has a reputation beyond reputeTommyLuck has a reputation beyond reputeTommyLuck has a reputation beyond reputeTommyLuck has a reputation beyond repute
Default Re: Estate agent fees - how much do they chage to sell your house?

Originally Posted by chocolate cake View Post
Well done, can't believe more people don't do that, the fees here seem horrendous, and it's difficult to see what the they do for their money with so many properties going to auction.
It's a fair assumption and one I made myself.

I'm not an estate agent, but have bought. As recently as last week.

Whilst things are going to auction, it's worth remembering that it's a sellers market because of the LACK of housing available, which is a large reason for auctions.

So estate agents have less property to sell, so overall they're no better off in the current market as they would be in a buyers market with more houses going at lower values. They would argue they might be worse off ... Still earning a reasonable penny, one would think.


If you wanted to become an estate agent and earn the mythical mega buck there's nothing stoping you, just be prepared for some strange hours (weekend open homes) as well as stupid amounts of paper work and buyers haggling over $5k on a property worth hundreds of times that.

I've come to realise its a pretty shit job.

They should also be commended for being as transparent as they are about their commission structure (at Barfoot).

Right, enough of the love in!!

Last edited by TommyLuck; Aug 6th 2013 at 12:51 pm.
TommyLuck is offline  
Old Aug 6th 2013, 12:54 pm
  #9  
you dewty owld maan!
 
Joined: Oct 2005
Location: is practically perfect in every way
Posts: 5,565
lardyl has a reputation beyond reputelardyl has a reputation beyond reputelardyl has a reputation beyond reputelardyl has a reputation beyond reputelardyl has a reputation beyond reputelardyl has a reputation beyond reputelardyl has a reputation beyond reputelardyl has a reputation beyond reputelardyl has a reputation beyond reputelardyl has a reputation beyond reputelardyl has a reputation beyond repute
Default Re: Estate agent fees - how much do they chage to sell your house?

Originally Posted by pippalonghorn View Post
Wow. I think we're all in the wrong jobs!
yeah when you see the individual agent's names splashed over signs, flags, flyers, etc then you know that they have got us for mugs.......
lardyl is offline  
Old Aug 6th 2013, 1:04 pm
  #10  
BE Forum Addict
 
TommyLuck's Avatar
 
Joined: Aug 2012
Posts: 1,213
TommyLuck has a reputation beyond reputeTommyLuck has a reputation beyond reputeTommyLuck has a reputation beyond reputeTommyLuck has a reputation beyond reputeTommyLuck has a reputation beyond reputeTommyLuck has a reputation beyond reputeTommyLuck has a reputation beyond reputeTommyLuck has a reputation beyond reputeTommyLuck has a reputation beyond reputeTommyLuck has a reputation beyond reputeTommyLuck has a reputation beyond repute
Default Re: Estate agent fees - how much do they chage to sell your house?

Originally Posted by lardyl View Post
yeah when you see the individual agent's names ...
And faces ...
TommyLuck is offline  
Old Aug 6th 2013, 1:11 pm
  #11  
you dewty owld maan!
 
Joined: Oct 2005
Location: is practically perfect in every way
Posts: 5,565
lardyl has a reputation beyond reputelardyl has a reputation beyond reputelardyl has a reputation beyond reputelardyl has a reputation beyond reputelardyl has a reputation beyond reputelardyl has a reputation beyond reputelardyl has a reputation beyond reputelardyl has a reputation beyond reputelardyl has a reputation beyond reputelardyl has a reputation beyond reputelardyl has a reputation beyond repute
Default Re: Estate agent fees - how much do they chage to sell your house?

Originally Posted by TommyLuck View Post
And faces ...
you pay more for that......
can't be too hard on em as a couple of my mates are in that business......
lardyl is offline  
Old Aug 6th 2013, 1:20 pm
  #12  
BE Forum Addict
 
TommyLuck's Avatar
 
Joined: Aug 2012
Posts: 1,213
TommyLuck has a reputation beyond reputeTommyLuck has a reputation beyond reputeTommyLuck has a reputation beyond reputeTommyLuck has a reputation beyond reputeTommyLuck has a reputation beyond reputeTommyLuck has a reputation beyond reputeTommyLuck has a reputation beyond reputeTommyLuck has a reputation beyond reputeTommyLuck has a reputation beyond reputeTommyLuck has a reputation beyond reputeTommyLuck has a reputation beyond repute
Default Re: Estate agent fees - how much do they chage to sell your house?

You make a good point.

They are people after all, just earning some coin than the rest of us.

Frankly, I wouldn't be tempted by what (I assume) they earn to do what they do.

We think they're morons, imagine what some of their clients much are like


Speaking from recent experience;

The place we bought went to auction and got to a price of $20k less than what we bought it for.

We were interested but found other things to look at, so didn't partake in the auction.

Things fell through for us, and so we revisited this place and to our surprise it was still on the market. The vendors didn't want to take the price it go to at auction and negotiations were held between two potential buyers and the vendor.

We bought the place at the vendors asking price, the other bidders haggling over $5k for per 3 weeks.

Incidentally, a similar property sold for $55k more than we bought for literally across the street, so we THINK we've got a reasonable deal. Time will tell.

The relief in the agents voice when we offered the asking price was palpable after dealing with the bidders who were moving at a glacial pace, by all accounts.
TommyLuck is offline  
Old Aug 8th 2013, 8:27 am
  #13  
Forum Regular
Thread Starter
 
pleccy2000's Avatar
 
Joined: Apr 2006
Location: Wellington
Posts: 123
pleccy2000 is just really nicepleccy2000 is just really nicepleccy2000 is just really nicepleccy2000 is just really nicepleccy2000 is just really nicepleccy2000 is just really nicepleccy2000 is just really nicepleccy2000 is just really nicepleccy2000 is just really nicepleccy2000 is just really nicepleccy2000 is just really nice
Default Re: Estate agent fees - how much do they chage to sell your house?

Originally Posted by MrsFychan View Post
this might be more up to date but covers Auckland but should give you a ball park figure

Selling Price
$200,00 $9,518
$300,000 $14,042
$400,000 $17,485
$500,000 $20,424
$750,000 $26,767
$1,000,000 $33,122
$1,500,000 $45,833
$2,000,000 $58,544
$3,000,000 $83,966

taken from http://www.barfoot.co.nz/Residential...ion-Rates.aspx
Thanks! I think I would sell a house myself. Everyone I know just looks on Trademe for the new listings daily then go to the open home if they are interested in a viewing. I don't really understand why I would choose a real estate agent if were selling a house. The internet has made slightly less necessary?

Curious... how much does the Real Estate company get and how much does the agent get?

Let's take the example above
$750,000 $26,767

of the 26,767, who gets more the company eg Leaders or the indvidual agent?
pleccy2000 is offline  
Old Aug 8th 2013, 9:22 am
  #14  
BE Enthusiast
 
moonie2011's Avatar
 
Joined: Apr 2011
Location: Wellington, NZ
Posts: 572
moonie2011 is a splendid one to beholdmoonie2011 is a splendid one to beholdmoonie2011 is a splendid one to beholdmoonie2011 is a splendid one to beholdmoonie2011 is a splendid one to beholdmoonie2011 is a splendid one to beholdmoonie2011 is a splendid one to beholdmoonie2011 is a splendid one to beholdmoonie2011 is a splendid one to beholdmoonie2011 is a splendid one to beholdmoonie2011 is a splendid one to behold
Default Re: Estate agent fees - how much do they chage to sell your house?

Sort of the same subject, does anyone know a rough price for solicitors etc when buying a house, thanks
moonie2011 is offline  
Old Aug 8th 2013, 10:05 am
  #15  
MODERATOR
 
MrsFychan's Avatar
 
Joined: Oct 2011
Location: Wellington - I miss Castles, the NHS & English school system
Posts: 9,074
MrsFychan has a reputation beyond reputeMrsFychan has a reputation beyond reputeMrsFychan has a reputation beyond reputeMrsFychan has a reputation beyond reputeMrsFychan has a reputation beyond reputeMrsFychan has a reputation beyond reputeMrsFychan has a reputation beyond reputeMrsFychan has a reputation beyond reputeMrsFychan has a reputation beyond reputeMrsFychan has a reputation beyond reputeMrsFychan has a reputation beyond repute
Default Re: Estate agent fees - how much do they chage to sell your house?

we had a fixed fee with our solicitor and we enlisted her on one property and in the end bought another. she told us that it did not matter how many properties we went through the price was the same. we got her through mortgage broker and would highly recommend her. I'll dig out the costs and let you know
MrsFychan is offline  

Contact Us - Archive - Advertising - Cookie Policy - Privacy Statement - Terms of Service - Do Not Sell My Personal Information -

Copyright © 2022 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.