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A basic overview of real estate agents

Updated: Mar 8, 2023

Whilst some people don't like them, real estate agents are a necessary part of a successful sale. They take the inquiries, conduct the open homes, and most importantly, negotiate with the buyers to present you with the right price. Here's a quick overview of things to consider.



Agency Agreement

This is generally a standard agreement giving the agent the right to market and sell the property on your behalf. Usually, this is an exclusive agreement for a 90 day period, however, other options exist.


Marketing Fees

The agent will outline their marketing fees which vary by area & property type for the online platforms. Most other items like brochures, photos, floorplan, and signboards are usually a set cost.


Commission

There are multiple commission structures including a fixed % of the sale price, a fixed % to a certain amount then a higher % for anything above, and a couple of other combinations. Discuss with your agent what works for both of you.


Strategy

All agents will have a preferred strategy for sale that they should be able to outline to you along with why it works with the marketing campaign. If they can't, move on.


Volume

An agent will only be able to give your property as much attention as they can divide between all the other properties they are selling at the same time. If yours is one of 5 you will probably get the right level of attention, if it's one of 15, you might find the more expensive properties get their attention over yours.


Engagement

Keep in mind, the point where you engage a real estate agent is critical and can mean a big difference in sale price for you.


 

So there you have a few crucial points to consider when looking for or dealing with real estate agents.

If you would like some independent guidance for your presale renovation, get in touch.

 

Although the guidance of 4 real estate agents was to sell "as is", see how the 10 week presale renovation of a house (untouched for 30 years) achieved $250k over the reserve.


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