Hello everyone! I thank for your help with my previous questions. I am about to put one of my property on sale but I really don’t know three things –
1) Where do I get the report which gives me the report of houses sold in that area in last one year (sales history in the suburb)?2) What are the cost involved in selling?
Agents commission – How much?
Solicitors fees – How much?
Anything else (No auction though) – ?3) Is it a good idea to put my property on sale with two different agents?
Please help? I hope to see you all soon in Steve’s roadshow of his second book!!
Sincerely,
Viralk
viral,
I seem to recall I paid about 2.75% commission when I sold a place recently, plus $1000 advertising costs, and about a thousand bucks to my solicitor.
kay henry
Hi Viralk,
1) Don’t know. Try your Council, Dept of housing?? I’m clutching a straws here.
http://www.priceyourproperty.com.au this one is only new. I haven’t tried it yet.2)I am in QLD and I think the going rate for agents’ fees are 5% for the first $18000($900) and 2.5% of the balance. Like Kay said allow about $1000. Our solicitor uses a scale that depends on the price of the property. Although we did manage to get $100 off. We argued that we are good repeat customers and intend doing plenty of future business with them. I’m glad we asked for the discount!
3) We are selling at the moment and have gone exclusive with our agent. He is paying for all the advertising. I suppose you have to weigh up the pros and cons. Our agent has 2 offices both in good locations with heaps of window space. They also seem to have the biggest spread in the local paper.
Hope this helps.
[medieval]
Matt
Viralk,
1) Where do I get the report which gives me the report of houses sold in that area in last one year (sales history in the suburb)?You can buy reports from various sources. Go to sites like domain.com.au / realestate.com.au and see the links to various info’ providers.
HOWEVER, if you can hold off for a few weeks, you can do the research yourself on properties in the area and work it all out yourself.
This is a far better scenario as it empowers you with CURRENT info, not data that’s 30, 60, 90, 120 days old ( in today’s market, this is VITAL ). You can use this to establish which Agent is telling you inflated proce expectations and what offers are really worth considering.
2) What are the cost involved in selling?
Agents commission – How much?
Solicitors fees – How much?
Anything else (No auction though) – ?Agent’s commissions ARE negotiable. Go for a drive and see some For Sale boards with SOLD on them. Knock on the door and ask them about how their experience with the Agent and find out what they paid in comms. You’ll kill two birds with this… you’ll find out who the good agents are and the going rates. [biggrin]
Solicitors fees. That’s easy…. it costs you about 25c to find out… make a few calls!
3) Is it a good idea to put my property on sale with two different agents?Be very careful on this one…. very careful.
Many people think this would fuel competition between the Agents and to a degree this can happen but it usually backfires.
Most Agents will see the property as a second class listing because they can not control the process like they can with their exclusive listings.
You may also find they bring you an offer and will apply loads of pressure for you to accept it before the other Agent brings a better one.As for Agents, well you can sell the property yourself and save the comms. I’ve sold many properties myself with no comms, less than $500 in advertising and got full price… even more!
As a starting figure, use 3% plus advertising costs. In high $ ticket areas, the % goes way down and in low $ areas, it can go higher to say, 4%, 5%, 6%.
Hope it helps.
(If I had got off that rusty nail a year ago,I’d be able to send you a copy of my book that explains all this… but there’s nothing to send you right now as I’m slowly finishing it!! )
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