In Australia, the services of a real estate agent is not required to sell a property. When you choose a real estate agent, you’re paying for their experience and sales knowledge. Your agent will have a general understanding of what type of advertising is required and how to talk to prospective buyers. But all of this comes at a cost, and with real estate agent fees at an average of 5% to 6% of the sale price, your selling property costs can be very high.
With current technology and web-based home selling, it is easier to skip past the high fees associated with many real estate agents. If you decide to skip on real estate fees for selling a house, you need to be prepared to do the bulk of the work. While several websites allow you to advertise your home and assist in getting sales boards and other marketing materials printed, you are responsible for fielding all the sales calls.
If you’re not interested in taking the DIY route, you may prefer to find a buyer’s agent. A buyer’s agent is similar to a real estate agent, except they act on behalf of the buyer. These agents have a list of buyers looking for a home (or investment property) and negotiate on their behalf. In Australia, it is illegal for an agent to take a commission from both the seller and the buyer, so using these agents will not add to your selling property costs.
If you seek out a buyer’s agent, you need to understand they will represent their buyers and seek to get them the best deal. For this reason, you need to be completely aware of your property’s value. Therefore, it is highly advisable to get an independent valuation completed on your property.
A buyer’s agent will also look for a home or investment that perfectly suits their clients’ needs, so it may take time to find an interested agent. It may be possible to find an agent, and they may request a few repairs done to the property before the sale can go ahead. In this scenario, you can apply for a loan through ListReady and make those minor renovations to secure the sale.