Agent's Commission

[bawley]

Is there a standard formula to estimate agent commission on sale of property. Does it vary much state to state? Mulling over whether or not to sell unit in Brisbane. Unit is in Ascot and seems to be sitting there doing squat. Would rather turn it over into a house or townhouse.

Thanks
Bawley

 

[Les]

G'day Bawley,

For Qld, add $18k to the sale price, and calculate 2.5% of that. Reason being, commission is 5% for the first $18k, and 2.5% for each $ thereafter.

Of course, this WAS the MAXIMUM allowable (decades back?) but it seems to have become "the norm" over time. I believe it is still (somewhat) negotiable - but you've got to ask for it...... And, in a boom market, there wouldn't be many takers - but, as things slow down...... Good luck, anyway.

Regards,