Selling Real Estate

Leave the selling to us, real estate group says, but DIY a ‘growing industry’

Leave the selling to us, real estate group says, but DIY a ‘growing industry’:

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Real estate sales best left to pros, REIT warns, but DIY a ‘growing industry’ ABC Radio Hobart By Cameron Gooley Are real estate agents charging too much in commission fees? The answer might be yes, according to a man who helps people sell their properties themselves.But a real estate agent group has warned that to go it alone risks a number of pitfalls.”I talked to an agent just two days ago and she’s a good friend and she’s a great agent, but it was a $60,000 commission on a sale. I believe it’s too much,” Andrew Blachut told ABC Radio Hobart. What must be completed, whether using an agent or DIY:Contract for sale needs to be preparedValuation by licensed valuer to establish sale priceList property with an agent or real estate websitePrepare brochures and For Sale signagePromote the property, organise open house viewings, inspections, offers, etcAccept an offer, exchange contracts and then settleSource: Choice “You can negotiate commissions and people should always do that and, you know, just demand good service,” he said.Mr Blachut’s company helps owners sell their own homes without having to go through an agent, avoiding commission fees. “It’s a really quickly growing industry,” he said.”People aren’t really aware of the ability to sell their own home until perhaps every seven, or 10, 15, 20 years decide to sell it,” he said.The Real Estate Institute of Tasmania’s recommended scale for commission fees is just over 4 per cent, but according to REIT president Tony Collidge, it is uncommon for agents to actually charge that much.”Most agents in the inner city are probably charging somewhere between 2 and 3 per cent on their sale. In other parts of the state where commissions are lower, it could be a little bit above 3 per cent,” Mr Collidge said.”I don’t believe anywhere it would be above 4 per cent at the moment in this current market.”However, there is no hard and fast rule on commission fees, with some companies charging flat rates. The boom in Tasmania, particularly in Hobart, means it is clearly a sellers’ market.Mr Collidge said properties typically last less than a month on the market in southern parts of the state, despite usually taking upwards of 40 days to sell during the 2012-2015 period.”The standard listing authority says we can list a property for 120 days, however you’ll find most southern properties are selling within probably 14 days to three weeks to coming on to the market, a tad longer maybe up to a month in Launceston, on the north west coast it could be a little bit longer again.”Mr Collidge said the fees real estate agents in Tasmania charge for commission are justified because they create competition and can fetch higher sale prices than people can field on their own.Has the market seen a notable increase in Tasmanian owners selling their own homes without an agent? Mr Collidge does not think so.”I certainly haven’t seen any significant growth in that sector,” he said. External Link: Property prices, April 2
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