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We all know that real estate agents will charge a commission for selling your home.
In most cases the commission is on top of “advertising fees”. This fee will see your property placed in newspapers.

87% of people use the internet to search for property

Around 87% of people use the internet to search for property, so why would you want your property advertised in your local newspaper?

We ask this question all the time. In today’s world where the internet has just about taken over everything from selling cars, banking and trading shares you have to wonder why an agent would recommend placing your property in a newspaper.

The fact is there is no real reason when there are alternative compelling reasons. Local advertising is catered for by the “For Sale” board outside your house. Using the board and the internet more than 91% of potential buyers are reached.

Real estate agent commissions – What is reasonable?

Real estate agent commissions for selling a house tend to very from area to area. We have seen some agents ask for fees as high a 4.5% while at the same time we have seen agent commissions around 1 to 1.5%.

It is difficult to know what the most appropriate fee is. You can ask all the local agents and play one off the other, however most are aware of these tactics and simply don’t budge. If you want to save thousands the only real way is to sell your house privately.

Here is what to be aware of when negotiating a real estate agents commission:

1. Don’t accept the first offer

Property is in short supply and agents are more flexible than ever. Set what you consider a reasonable agent commission for selling your house and don’t budge.

2. Consider selling it yourself

The only way to save a lot of money is to sell it yourself. In most instances you could save an average of over $19,000 in agent commissions and fees.

3. Share the selling process with an agent

If you are unsure about selling yourself, tell your agent that you will try to sell your own house. Most agents will try to convince you that this is not a good idea. However a good agent should not care. Make sure the agent knows that if you do sell you won’t pay any commission. This has to be written in the contract.

4. Shop around

If your agent is not prepared to negotiate on the commission, find another.

5. High demand suburbs don’t need real estate agents

If you live in a suburb which is in high demand (inner city suburbs) the need for an agent is greatly reduced and so should the fee. People are generally so desperate to get into the suburb that a good house (or suburb) will sell itself. That is true and we have the facts to prove it with some people selling their house in less than one hour.

6. Ask the right questions

Before considering a real estate agent and commission structure ask them how much actual time they will spend on your property. Get the detail of exactly how much time in hours, per week and then ask them to report on that every week. If you are paying thousands in agent commissions you are entitled to know how your money is being spent.

Here are some good questions to ask:

    • How many hours a week will you dedicate to selling my property?
    • Can you provide a weekly summary of your work?
    • How long does it take you to sell a property on average?
    • What are the TOTAL costs if we sold through you for our price?
    • How many properties have you sold for above the vendor asking price?
    • How many properties have you sold for below the vendor asking price?

It is painful paying agents commission

BuyMyplace more than anyone understand that paying a real estate agent commission for selling your house is expensive and very painful, especially when you can sell your own house with us for as little as $650. When you sell your own house you put more money in your pocket.

Here are some recent research results that we have from people who have sold through buyMyplace.

* 72% sold their house for more than the agent quoted.
* 100% of people who sold got more money in their pocket than if they used an agent.
* 81% of people saved over $10,000 in commission.
* On average it takes people four hours to sell their own home.

Knowing this, why would you ever pay a real estate agent a commission to sell your house? As they say, most properties sell themselves. So remind me – why do you need an agent?

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