The difference between a good and a bad selling agent could be as much as $100,000. Here’s how to select a good agency and how much commission you should pay.
Selling a property is something most people do infrequently, and those looking to sell may be surprised at how competitive the industry has become, particularly in Sydney and Melbourne.
Commissions are not regulated and so vendors are free to negotiate with agents, even though an agent may have a “standard” rate. Johanna Seton, the co-CEO of OpenAgent, says while it is natural to want to spend as little as possible on the costs involved in selling your home, choosing an agent solely on commission could be a false economy as the cheapest agents are not always the best.
“Is the agent going to be around for the campaign?”, “Who will be at the open house – will it be the agent or someone else?” and “Who will be conducting the auction?” are some of the questions that should be asked when interviewing an agent, Spencer says. While honesty, professionalism and good communication skills are a must, he would also look for an agent who has a good share of the local listings. That is because they will have many interested buyers on their books.
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