G'DAy all,
Has any have experience is selling a house? I just wanted to know how much it would roughly cost (including real estate listing) if I were to sell a 300k property
Ken
The real answer would be, Commission $7,950.00 plus GST at 10% which would be $795.00 or a total of $8745.00. Legals on sale would be approx $375 and then you may have to do some advertising to sell the property. (after all you can't sell a secret)
The answer from this site however will be screw the agent don't pay any advertising and do your own legals.
Sorry in advance for my sarcasm.
Jon
Jon Chown wrote:The answer from this site however will be screw the agent don't pay any advertising and do your own legals.Sorry in advance for my sarcasm.
Jon
Wow Jon – you must have had a bad week selling those units to all those property investors who judging by some of your other recent posts have a major gripe with – I thought ''Jon is the sort of guy who ……genuinely cares about people" – (A Brisbane Units client)
Excuse the quote!
V8ghia said
Wow Jon – you must have had a bad week selling those units to all those property investors who judging by some of your other recent posts have a major gripe with.
No, not a bad week at all but thanks for the concern.
Ken asked an honest question and I gave an honest answer, however, having been blasted previously by people on this site with regard to opinions on real estate, I got in first with the comments that seem to be the norm. I can point to any number of posts to substantiate my comments – sarcastic as they may have been. And yes, I am aware that sarsasm is the lowest form of wit, but I wasn't trying to be funny.
Jon
No worries Jon – and no – one should be 'blasting' someone with your obvious experience. …you are entitled to your opinion for sure. True, some on the forum have some strong opinions (i could word that differently too thats for sure…) with finance, gearing pros and cons, structuring etc, but don't arc up too much – I'm sure others like me would enjoy to continue benefiting from you sharing your wealth of knowledge Jon. Cheers
G
Thanks G
Jon
okay, got a little off track their…
I sold a place (in Vic) for 330K 2 months ago, costs where;2% including GST to the Agent $6600.00 (a lot of agents will want around 3-3.2%, but work on that)
Solicitors Fee at Settlement was $475.00
all up was around $7000.00, I suggest you work off around 3% of your sale price.
Hope this helps.
Cheers,
DIMHey Jon,
good to see you back on the 'firing line'.
Just have a thick skin buddy and keep on offering that great help.
We know you're a good guy; the bad guys can't be bothered giving good advice on forums.On the subject of advertising, I can say from experience (expensive and el cheapo) that a photo in the agent's window, an ad on the internet and a sign on the front fence is all you need. Maybe a very small ad in the r/e section of the big newspaper r/e section on a saturday as well, but nothing fancy.
The buyers are already out there looking and will be on the internet and behind the wheel, scouring the streets in your neighborhood and peering in the agent's windows.
Hi Marc, and thanks for the kind words of encouragement. I do honestly try to help but sometimes the frustartion does show through. I promise that I will try to be a good boy.
In relation to your comments:-
On the subject of advertising, I can say from experience (expensive and el cheapo) that a photo in the agent's window, an ad on the internet and a sign on the front fence is all you need. Maybe a very small ad in the r/e section of the big newspaper r/e section on a saturday as well, but nothing fancy.
Under many circumstances, I agree whole heartedly, however try putting a sign on a multi story building and see how long before the Body Corporate tear it down. Marketing property is an art form and in order to get the best results for the Client there are many factors that need to be taken into consideration. Way too many for me to even attempt to discuss here.
and this statement:-
The buyers are already out there looking and will be on the internet and behind the wheel, scouring the streets in your neighborhood and peering in the agent's windows.
While this is obviously correct to a certain extent, I will share a little statistic with you. Recently I listed two units in the same complex one a two bedroom, one bathroom for $397,500 and the other a two bedroom plus study (large enough to fit a double bed) two bathroom, two car space for $460,000. Now both of these properties went up on the Internet on the same day and today (after two weeks exposure) there has been 360 hits on the sub $400K unit and only 63 hits on the $460K unit. The two bed is sold after three inspections and I have yet to have an inspection on the two plus study. Does this mean that the internet only works for property under $400K? – No, it means that under 400K is where the majority of buyers are and over $400K will take a little longer while I try to expose it to more possible buyers by placing an advertisement in the paper.
Marc, over 20 years of selling property and they just keep shifting the goal posts. I'm still trying to keep up and learn.
One of my favourite sayings is "If you keep doing today, the same as you did yesterday, you will get the same results tomorrow"
When marketing property, nothing stays the same.
Jon
Very interesting point raised there Jon;
I agree with you that there are more buyers at the bottom end than there are at the top, so it is more likely that a lower end property will have more interest, and probably a quicker sale than something more expensive.
This is also an important thing to consider when selecting properties for investment; the majority of people who rent, and who buy properties are either middle class or less well off.
We have had both types of properties; expensive townhouse and elcheapo units. So far, the cheaper properties have been the star performers from an investment perspective, but I also feel comfortable that if we ever did have to sell any of them we would have no problems due to their rental return, their price point (affordability).
So, as a hedge against buying properties that are hard to rent, or have less rent return, or are harder to sell, it is a good idea to look at properties below the median price point.
Many investors get lured into the glamour and glitz of the new, sexy, designer, off-the-plan townhouse or apartment etc which are usually up there in price. From my observation they don't rent well from a return aspect, and they are not always the great cap gain producers that people would like to think, especially when bought off-the-plan.
It's a price point and strategy that carries more risk in my opinion. I know there can be good money in this niche, but it is more gambling than investing in that niche.
As for the advertising; I believe that humans are inherintly lazy and will take the path of least resistence if possible, which means that if they can do a quick internet search to find properties and agents then they probably will do that first, then look in the newspaper, then get in the car and go for a look – in that order.
I remember not all that long ago when there was only the phone, the newspaper and the driving wheel to find a place for sale.
Do you need to sell? Can you rent out the property instead? Be a shame to miss out on all the future equity of the property.
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