Agents Fees - Selling a house

[Yergin]

Hi Guys,

Looking to find out what sort of fees are expected and what commission is reasonable when selling a house.
Wife and I may be selling our house later this year and since it's our first house not sure what the deal is when selling and surely a few of you blokes and ladies have sold a house and maybe you can share some experiences regarding it.

Thanks

 

[Tree cutter]

I think it depends on the real estate agent. Some want to charge a percentage of the value of your property and others charge a set fee. Government stamp duty is the biggest fee. When i sold my last house to buy the place i am in now, it cost me $24000 in agents fees and stamp duty.

 

['ssv']

Your better off contacting a few different real estates in your local area and getting them to come in and give your house a market appraisal.
Then you can choose which sales rep you like and go from their.

As long as your house is online (realestate.com or domain.com) you should he fine.
Dont pay extra for the 'gold', 'silver', 'bronze', 'platinum' etc... advertising packages as they are not needed.

It depends on your area and what your house is worth.
Anywhere between 3 and 7%.
Other then the comission, you shouldnt have to pay the realestate anything.
Have fun, its great getting the calls from the agent with offers.

Just remember the agent doesn't really care what you get for the house, they just care they get the sale.

Edit you may have to also pay tax on your profit...

 

[Not_An_Abba_Fan]

Most agents will charge a percentage of the sale price as their commission. Some will have a flat rate for each price range. They can be negotiated though.

I didn't think there was stamp duty when selling, only when buying. I've sold 2 houses and don't remember stamp duty on the sale, just on purchasing.

 

[Reaper]

Hi Guys,

Looking to find out what sort of fees are expected and what commission is reasonable when selling a house.
Wife and I may be selling our house later this year and since it's our first house not sure what the deal is when selling and surely a few of you blokes and ladies have sold a house and maybe you can share some experiences regarding it.

Thanks

Agents fees vary depending on the location and value of your house. Far more important is to select the right agent for you. When they ask you what you think the house is worth don't tell them - let them offer a figure. Most importantly make sure they describe their process in achieving the best sale price for your house. I'm not a huge fan of spending a gazillion $$$ on marketing etc. For most houses some professional photos (around $250) and listing on the big internet sites (Domain & Realestate.com) + a board is as far as I'd go unless you have something special where something more is warranted.

I think it depends on the real estate agent. Some want to charge a percentage of the value of your property and others charge a set fee. Government stamp duty is the biggest fee. When i sold my last house to buy the place i am in now, it cost me $24000 in agents fees and stamp duty.

Lolwut??? Normally it's the buyer who pays stamps. Or was that on the new house???

 

[VS 5.0]

Just remember the agent doesn't really care what you get for the house, they just care they get the sale.

Edit you may have to also pay tax on your profit...

They do to a degree because they could be up for more comms if they are on a % basis.

And tax will only be levied if it is an investment property. Owner occupied doesn't attract tax.....well not yet anyway.

Most agents will charge a percentage of the sale price as their commission. Some will have a flat rate for each price range. They can be negotiated though.

I didn't think there was stamp duty when selling, only when buying. I've sold 2 houses and don't remember stamp duty on the sale, just on purchasing.

No Stamp Duty for the vendor, just the purchaser.

The vendor will also have to pay the cost of their legal rep. In WA we generally use Settlement Agents although some people might use a sollicitor. Not sure how Vic works in that regard but someone will take a piece of the pie along the way for handling all the legal paperwork, attending settlement on your behalf etc. No doubt the agent will refer you to someone but again shop around for pricing, service etc.

 

[c2105026]

In 2009 I sold a $249,000 house and paid about 8k fees, so 3% Is often on a slifding scale. Extra fees for advertising too, check that out as well.

 

[lowandslow]

budget around the 15k mark and you shouldn't be far off it.

 

['ssv']

They do to a degree because they could be up for more comms if they are on a % basis.

And tax will only be levied if it is an investment property. Owner occupied doesn't attract tax.....well not yet anyway.



No Stamp Duty for the vendor, just the purchaser.

The vendor will also have to pay the cost of their legal rep. In WA we generally use Settlement Agents although some people might use a sollicitor. Not sure how Vic works in that regard but someone will take a piece of the pie along the way for handling all the legal paperwork, attending settlement on your behalf etc. No doubt the agent will refer you to someone but again shop around for pricing, service etc.

They tend to want to make a quick sale. Holdning out for an extra $1000 profit for them isnt really worth.
Three quick cheap sales is better then one drawn out for months on end because they're trying for top dollar..
Also with the tax in NSW the first $100, 000 profit is exempt. Then you have to pay tax on the rest of the profit.

 

[Reaper]

They tend to want to make a quick sale. Holdning out for an extra $1000 profit for them isnt really worth.
Three quick cheap sales is better then one drawn out for months on end because they're trying for top dollar..
Also with the tax in NSW the first $100, 000 profit is exempt. Then you have to pay tax on the rest of the profit.

It is always the owners decision weather to take an offer or to hold out for a better one. As for tax - I'm not sure what NSW has, but the guy is in Victoria and there is no state based tax on housing beyond stampduty/transaction fees. Federally CGT is not applicable to a person's place of residence. It can get mighty messy if the person moves out and rents for part of the period of ownership!