Many people are unsure of what costs are involved in selling their property and it’s certainly worth asking some questions so you are sure you have as much information as possible before you start.  From Agent’s Fees, to Advertising & Marketing, Method of Sale (Auction or Private Treaty), Legal Costs and possibly Building & Pest Reports costs can vary considerably.

money pounds 300x199 Have you ever wondered about the costs of selling?The Queensland Real Estate Industry is bound by the Property Agents and Motor Dealers Act 2000 which has regulated the maximum commission at 5% of the first $18,000 of the sale price and 2.5% of the balance of the sale price of the property.  This commission then attracts 10% GST payable by the seller.  Agent’s fees can vary, and it’s wise to talk to a number of agents to discuss their sales strategies, market knowledge and experience in achieving the best possible outcome for the sale of your property, before you make your decision.  If you decide to Auction your property, the Auctioneer will generally charge a separate fee as advised by the Agent.

Your Agent should offer a selection of advertising and marketing plans designed specifically for your property, and which will ensure the widest possible exposure to the market, and is essential to ensure that you achieve the highest possible price.

Many sellers also choose to offer a building and pest report particularly for Auction properties, which gives potential buyers a better understanding of the condition of the property they are considering.

Legal fees can also vary and it is reasonable to check with several conveyancing firms regarding their charges; while when it comes to finance, brokers are able to offer comparisons between a variety of lenders to enable you to make the choice that will suit you best.

Your property is generally your biggest asset, so be sure you know who you’re dealing with, and that they will be looking after your interests!

Kathy Tighe

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