What's the standard sales commission % for agents in Inner West NSW

Hi guys

Never sold before ... considering selling something and just wanted to gauge from the PC community what to expect in terms of sales commission for agents in Inner West - around Drummoyne to Five Dock area?

Have you sold anything recently, what % commission (incl GST) did you pay? Was that the off the rack price as per the agent's standard brochure or did you negotiate it down?

Thanks in advance.

 

Did you end up getting a few offers from the agents in your area?

Beside the %, I would also make other enquires, from their estimated sell price, turnaround time, VIP list, market conditions etc. it's not just about the % I reckon.

Have you considered selling by yourself? I'm doing it now. So much fun!

 

1.54-2.2%

 

I am preparing to sell in the Inner West and we were pitched by quite a few agents they'll ask for anywhere between 1.5% to about 2%. Some agents will have a certain rate for an average or expected price and then another, higher rate for an above average, outstanding price.

I'd personally be wary of someone that just had a flat rate. To me that says you're just going to list my house online and then stand around at the open houses... any idiot can do that. I don't see the value in handing over 10's of thousands of dollars. Should be an hourly rate :/

We negotiated with the guy we eventually chose, and he had a tiered incentive-based fee structure, but what made me feel like I chose really well and that he was fair was that where he wanted the incentive to kick in was exactly where I was going to suggest, so we really just agreed right off the bat.

He's getting 1.65% for average/expected results, but once it gets past that point, he gets 10% for every dollar over. I calculated that if we get the highest possible price we can hope for, and he gets 10% for every dollar over what we agreed, his commission is 2.4% (the 10% kicks in 300K below that price and our auction reserve is 500K below that).

I think its fair and I wanted the agent to be just as invested as us in getting the best possible price.

Another guy had a similar fee structure but wanted the 10% to kick in at our reserve price! Anyone could list the house tomorrow and get that price or even 100 - 200k over it. So do your research and really know your area and what your house is worth before you negotiate this part.

 

So you'd be prepared to pay someone to drag out the sale for 3 months vs the agent who can sell within the first few opens?

 

I was being facetious. I meant that there is no skill or expertise involved and someone like that should be paid akin to the most basic retail worker.

 

But would you pay someone $23.50/hr to sell your prized possession, walk through your home with groups of itenerent strangers?

 

Oh really. What a condescending insult to the good agents who also sell buyers properties that made them the millions here on PC. Good agents get good results. Cheap agents give you what you paid for.

 

Jesus Christ, I think you might want to read my original post in this thread before you jump down my throat.

 

You've jumped the gun. you might want to re-read my entire original post and put my comment into context.

 

I've recently appointed a McGrath agent to sell our IP in the Inner West. 2% sales commission + approx $3.5k in marketing. Other agents interviewed were quoting 1.5-1.8% and cheaper advertising but we chose the agent with better interpersonal skills, the other two were arrogant and condescending towards us.

 

I hate arrogant people, however would it be possilbe that the most arrogant would get the best price???

im not saying they will, I have no idea,
maybe someone with experienece in that field can input