Real estate commission

[WebBoard]

From: Caroline Wilson


Hi again,

Can someone tell me what the percentages are for real estate salesman commissions in Queensland for residential property.

thanks again

Caroline

 

[WebBoard]

Reply: 1
From: Simon St John


Hi Caroline

Visit www.reiq.com.au and search on commissions to find the following:

"The Cost of Selling Real Estate

Selling your property can incur costs such as the real estate agent's commission and legal fees when using a solicitor. The REIQ recommends sellers take into account the agent's commission, advertising and marketing costs, a valuation report, pest and building inspection reports, as well as legal and financial fees when they sell their property.

1) Agents Commission:

The Property Agents and Motor Dealers Act 2000 regulates the real estate industry in Queensland. Introduced on July 1, 2001, this legislation has changed the way consumers buy and sell property in this State.

The Queensland Government has set the commission for real estate agents at a maximum of 5% of the first $18,000 of the sale price and 2.5% of the balance of the sale price. 10% GST is also payable on the agent's commission.

Some examples:
Sale price Agent's Commission 10% GST payable by the seller

Price/Commission/GST

$75,000 $2,325 $232.50
$100,000 $2,950 $295.00
$120,000 $3,450 $345.00
$150,000 $4,200 $420.00
$200,000 $5,450 $545.00

Cheers, Simon

 

[asy]

Reply: 1.1
From: Asy .


Carol,

Agent commission in QLD is still regulated, and as such, the link Simon gave you will be the commission paid to any agent, unlike Vic or NSW where commissions are de-regulated, and thus negotiable.

QLD is 'mutterring' that their commissions will become deregulated in a year or so. But we will have to wait and see.

There is an interesting argument both for and against deregulation, With the For people saying that you can negotiate the price, and thus receive a discount, and the Against people saying that with a fixed rate amongst all agents, you are forced to choose based on service.

I guess that the best is deregulated, and people choosing the service, then negotiating the price. But that is my opinion.

Anyway, sorry for rambling, but hope this further answered your question.

asy

"Don't forget what happened to the guy who suddenly got everything he ever wanted...
He lived happily ever after.
(Willy Wonka).

 

[Ross Sondergeld]

Reply: 2
From: Ross Sondergeld


Hi Caroline,


Subject: Real estate commission

You said, "Can someone tell me what the percentages are for real estate
salesman commissions in Queensland for residential property."


The maximum fee that a licensed real estate agetn can charge in Queensland
is "5% of the first $18,000 and 2.5% of the balance of the purchase price...
PLUS GST". (* Source:- Property Agents and Motor Deals Act.)



Ross Sondergeld ~ Buyer Agent

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
" Imagine buying real estate the easy way...
...with a Buyer Agent on your side!!! "

Buyerside Real Estate Mobile 0412 289 464
Office 9b, 34 Glenferrie Drive Office (07) 5562 1555
East Quay Corporate Park Fax (07) 5562 1248
Robina QLD 4226, Gold Coast [email protected]
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~


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