Real Estate Agent Fees in TAS

Real Estate Agents in TAS

There are a lot of real estate agents in Tasmania, so it can often be difficult to make the right choice. But don’t worry, we’re here to help. With over 1339 reviews on 134 agents, our site makes it easy to compare agents in your area. We can help you not only find an agent that charges a fair commission, but also strives to get you the best possible price for your property.

As with all other states, the property market in Tasmania varies by location. However, being the state’s capital city, Hobart has the most active landscape. Saturated markets, such as Hobart, generally harbour lower commission rates due to the heightened competition between agents and increased supply and demand. Within these areas, you can expect commission rates to sit between 2.5% and 3%, while in rural and semi-rural areas you can expect a slightly higher commission range between 3% - 3.5%.

Given all this, the average commission rate in Tasmania is currently 2.96%. Keep in mind, however, that area is not the only factor that will determine an agent’s commission. Experience and proven track records on delivered promises will also have an impact and can result in agents charging more for their services.

Why OpenAgent is different

OpenAgent was born out of a need to fill a gap in the Australian real estate landscape. Sellers these days want more information on agents and the property selling process so that they can make the most informed decisions possible when transacting their largest financial assets. Despite this, doing all the research can be a difficult and time-consuming task.

To tackle this problem, OpenAgent has collected information on real estate agents across Australia to help sellers condense the research into a much shorter process. Think of it as a directory that’ll allow you to compare agents side by side. The best thing? It’s completely free!

How it works is when a property is sold, the real estate agent pays OpenAgent an industry standard referral fee of 20% of their commission. Our goal as a company is to provide a forum where customers and agents can all benefit from our services. Sellers get access to a personalised customer experience to help them find the right agent, while agents are rewarded for their honesty, integrity and exceptional sales abilities with online promotion and continuous business growth.

"Our goal as a company is to provide a forum where customers and agents can all benefit from our services."

To make this all happen, our team at OpenAgent is comprised of experts from a diverse range of backgrounds, including ex-real estate agents, designers, IT wizards, marketing specialists and business professionals.

Find Agents in TAS

It doesn’t matter what area you’re considering, OpenAgent can take the hassle out of researching for and comparing agents in Tasmania. Our search function allows you to view top agents in a particular area based on sales, average listing prices, reviews as well as customer testimonials. It’s our mission to help you make the most informed decision possible when choosing an agent.

For any questions regarding our service, feel free to contact us directly at OpenAgent on 13 24 34. As Australia’s number one real estate agent comparison website, we can help you sell your property for the best possible price.

Are cheap agents worth it?

Finding bargains and low prices are tempting - let’s make no mistake - but choosing an agent shouldn’t be solely dependent on commission rates. It’s not quite as simple as trying to score the best sale at a shop. With real estate, you’re better off selecting an agent who has successfully handled your particular property time a number of times and has a proven track record in the area they’re based in.

Although they might come at a slightly higher price tag, paying a little extra commission for experience and assurance will save you the hassle and heartache of a regretful sale in the long run. It’s like most things in life: you get what you pay for.

"Although they might come a slightly higher price tag, paying a little extra commission for experience and assurance will save you the hassle and heartache of a regretful sale in the long run."

Negotiating fees with agents

Once you’ve shortlisted your 2 or 3 agents using OpenAgent’s free service, the next step is to conduct face-to-face interviews to find out more about each agent, their fees and how they work. Here are our tips for negotiating with an agent to get the best deal for you.

• A good place to start is by asking agents about their commission structures. This will help you to compare their fees and services with other agents that you’re interviewing.

• If you want a suburb record sale for your property, don't expect an agent to significantly lower their commissions. Record prices require a lot of hard work, especially in terms of running comprehensive marketing campaigns, open homes and buyer follow-up activities successfully.

• Consider implementing a tiered or sliding scale commission structure. It’s a great way to incentivise an agent to go above and beyond for your property.

• As previously discussed, don’t just look for the cheapest commission. Experience, skills and assurance don’t come cheap.

• Marketing and advertising may or may not be included in an agent's commission rate, so it’s always a good idea to ask and go through the terms and conditions of the agreement with your agent. This will help you to have a clear understanding of the partnership and what expenses are covered in the fees.

• If your property is in a particular dynamic or saturated market, expect to see lower commission rates than region areas. The higher supply and demand, higher median prices and increased competition mean agents not only have more wiggle room to compete against each other, but they can also earn a sustainable income.

• Because commissions are unregulated in Australia, be sure to negotiate with your agent a rate that’s suitable for you and your property.

• Lastly, be sure to ask for all fees and costs in writing from the start of the process. A reference point will allow you to look back on the terms and conditions of your agreement and prevent nasty surprises from leaving you high and dry when it comes to selling time.

Are you ready to interview agents? Take a look at the essential questions that you need to ask to find the right agent for you in our handy interview checklist.

 

Don't have the time to start interviewing agents?

Don’t have time to interview agents? Don’t worry, we’ve got you covered. Here at OpenAgent, we offer free agent pre-screening services to take the stress out of doing agent research and help you narrow down your options as quickly as possible.

Final cost tips

Before you draw up the all-important budget, here’s a quick guide to help you estimate your overall costs. Being informed from the very start can prevent nasty surprises from springing up later on down the track.

Advertising and marketing fees

As previously stated, not all agents will include their marketing and advertising costs into their commission. For this reason, it’s important to find out what kind of structure your agent uses, so that you can factor it into your budget and better prepare yourself.

It’s generally recommended for vendors to spend between 0.5% to 1% of the total property value on marketing and advertising. This means if your home is valued at $500,000, your recommended budget would be between $2,500 and $5,000.

Some agents might offer discounted marketing campaigns, but if fees end up less than $1000, don’t expect anything more than a simple online listing. Great campaigns that create buzz around your property and have a big reach will come with a higher price tag. To find the most interested buyers and achieve an excellent sell price, it’s wise not only to invest in a top agent, but also in a comprehensive marketing campaign.

"To find the most interested buyers and achieve an excellent sell price, it's wise not only to invest in a top agent, but also in a comprehensive marketing campaign."

Unconditional commission

Unconditional commission is very common and it’s something you need to be wary of. Many real estate agent contracts state that once a sale is complete, the commission payable will be unconditional. This means that, even if the sale falls through, you’ll still be liable to pay your agent the commission. To cover yourself, it’s a good idea to make sure your deposit covers the figure of your agent’s commission.

One measure you can take to prevent nasty surprises, such as this, from happening is to have a solicitor review all agent contracts prior to signing to make sure that all clauses are reasonable and fair.

GST

Don’t forget to include GST into your budget. A 10% tax is required on all real estate transactions. This is in addition to any real estate commission charged.

Capital Gains Tax

A CGT Tax applies to the sale of any property that you don’t live in - for example, investment properties, industries properties or commercial premises.

CGT generally doesn’t apply to dwellings that you’ve lived in as an owner occupier. But the factors that define this include the location where your mail is delivered to, where you are registered on the electoral roll and where all of your personal belongings are kept.

Auctioneer fees

If you’d like to take your property to auction, you’ll need to pay the auctioneer. Most real estate agents are not registered auctioneers, so this cost will need to be considered as a separate fee to your agent’s payment.

On average, auctioneers costs around $400.

Other selling costs to consider

Conveyancer or solicitor fees

A lot of people are surprised to learn that a conveyancer or solicitor is needed not only when you are buying a house, but also when you are selling. The legal process that needs to be completed is the same at either end of the transaction.

You should set aside at least $800 to pay a conveyancer or solicitor.

Mortgage discharge fee

If you have a mortgage on your house when it comes time to sell, you will usually be charged a discharge fee by your bank for the paperwork involved in releasing the mortgage.

These fees vary between banks and home loan terms, but as a general rule, $1,000 is a good estimate.

Pre-sale renovations

If you’re not planning on making any major renovations to your property before you sell, it’s still a good idea to leave some room in the budget for a last minute minor makeover.

Small adjustments like changing handles and taps, planting new foliage, repainting walls and fixing cracks will help make a good impression on your audiences and ensure your property is looking its very best.

For this, it's recommended that you set aside $1000.

For more information and ideas on how to prepare your property for the market, take a look at our comprehensive renovation guide.

Moving

After you sell your house, it’ll inevitably be time to get moving. Hence, you’ll need to factor in the costs of moving into your budget.

Unless you have 5 friends who own utes, it will generally cost about $800 to hire a removalist.