How much does it really cost to sell your property?
By Advantage Property | 14th Apr 19
Your guide to understanding the costs.
Do you really know how much it costs to sell your property? From marketing, conveyancing and agent commission, how much do you think it roughly costs to sell your property?
Part of going through a real estate agent means that you will pay them a percentage of the property price when it is sold or an agreed flat fee. It’s important to shop around and not just go with the lowest commission rate because there are many things you may want to consider.
How experienced is the agent with the local area? What properties have they sold recently? Is their database of buyers suited to your type of property? Again, depending on the area, the type of property and competition, you can expect to pay 1%-3%. You and your agent may also put in place a sliding scale of bonuses if they fetch a price higher than what you will settle for.
It depends on the agent in regards to the percentage you will pay for them to sell your property so don’t be shy and upfront about asking why they charge a certain fee.
The Legal stuff
Conveyancing is the process in which the property is transferred from your name to the purchaser. Legally this is required for every property purchase and can be done by a conveyancer or solicitor. Each state has different regulations so we would recommend for you to pick a local conveyancer or solicitor who is familiar with the locality.
Marketing and Advertising
As the vendor, you will have to cover the cost of marketing your property. This can sometimes be hard to stomach as it’s a lump sum payment, but it’s essential to advertise your property in the best way possible. Depending on the suburb, an online listing can cost in the thousands. You may expect to pay around $4,000 - $10,000 in total, which is all dependant on the marketing campaign and if it includes print advertising, photography or videography.
If you would like help with from searching for your right agent to negotiating on your behalf, our clients find using our Vendor’s Advocacy service allows them to have peace of mind and a less stressful selling process. Get in contact with us today!