How to minimise real estate charges when selling property

Doing your research on service fees and charges can help you to get the best deal when selling your property.

When selling property, it’s savvy to shop around among real estate agencies to make sure you are getting the best deal, and don’t forget that it is now possible to sell your property without engaging a real estate agent at all.

Different agencies offer different services, and their prices can vary from how much commission they charge once they sell your property (usually around 2 to 3%) to how much they charge you upfront for real estate noticeboards, professional photographs and newspaper and online advertising (some agencies might not charge you directly for these items, instead including it in their commission rate).

Don’t hold back in negotiating these commissions, fees and charges with your real estate agency before you sign any contracts. Remember, they should be competing for your business. One idea to include in your negotiation is to set a staggered commission rate, so they will receive a higher commission only if they sell your property at an agreed minimum price. This way, they have an even stronger financial incentive to get you the highest price possible for your property.

The other option available to you now is through the “For Sale By Owner” websites that connect property buyers and sellers directly via the internet, completely circumventing agents. These businesses give you a suite of services - you can pick and choose whether you want professional photographers, a sign board, and whether you want to pay for advertising. The pricing structure usually involves an upfront fee-for-service for and most of them don’t take any commission for the sale of your property, which can save you thousands, and sometimes even tens of thousands of dollars.

Some of the websites are:

Getting the best deal when selling your property is the same as all your investment transactions, the more research you do before you make your decision, the more likely you are to get the best deal.

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