Q: What do I do if my property isn’t selling?
A: The first thing you should do is talk to your agent. It’s important that you have a frank and open discussion so that you can identify what’s stopping your home from selling. Often it’s either price, presentation or the approach to marketing that’s causing the problem.

Q: I’m currently in an exclusive contract – Can I avoid fees if I find my own buyer?
A: Generally the answer is no. An exclusive contract means that the agent is entitled to their fees regardless of who sells the property. If you signed a Sole Agency Agreement, then you are not liable to pay an agent fee if you have found the buyer.

Q: What are the typical fees for an agent?
A: Agent fees generally range from 1.0% to 3.0%. When talking to an agent about fees, make sure you understand what’s included – In particular, check whether the fee includes GST and advertising, or whether these are additional costs. Also, remember, in NSW fees are not regulated and are therefore negotiable.

Q: Why are fees so high?
A: Many agents charge higher fees help to cover overheads (Office costs, fixed costs and administration costs are high) – As well, if you take a look at the past sales of an agent, you’ll probably be surprised to see that many agents average only one or two sales per month. This drives the need for a reasonable return per property. At In Conjunction Real Estate, we believe that we’ve struck a great balance in our business model. Without the overheads of a high-street office, we avoid significant (and ongoing) expenses – We’re able to pass on the benefits (of a lower cost-base) to our customers in the form of competetive fees.

Q: What’s the typical time I can expect to sell my home?
A: Time to sell is driven by many factors. The state of the economy, the number of homes that are directly competing with yours, the price that you are asking, and the effectiveness of your marketing campaign are just of a few of the factors that will influence how quickly your property sells. If you listen to your agent’s advice, and price your property in the recommended range, present it well and allocate sufficient funds for marketing, then it’s reasonable to expect to sell the property within the period of the Agency Agreement (typically 3-4 months). For properties that are proving harder to sell (again there are many reasons for this) you may need to double the time on market.

Q: Should I list with one agent or multiple?
A: If your property is new to the market, then listing with a single agent is, generally, the best way to go. An agent that has exclusive right to sell is highly motivated, as they know that they are guaranteed a fee for their efforts (assuming they affect a sale!). If there are multiple parties working to sell your property, then each agent knows that another may sell it first – this does not compel agents to contribute to advertising costs, and it may result in a lower return (for you) as agents focus on selling the property fastest rather than selling the property for the best price.

Q: Would you advise private selling?
A: No. (Of course we would say that!). We believe that you’re likely to achieve a better NET return selling through an agent that if you attempt to sell a property privately. Selling privately will often result in weaker advertising, weaker negotiation and weaker buyer feedback (buyers are more likely to raise objections with Agents then they will with a seller). If you’re interested in paying reduced agency fees, then you should look at our “Vendor-Aided” Sale option. With this service you get all of the benefits of agent-based selling - the only difference is that you not the agent conduct the buyer viewings.  During the viewings you act as a guide. The buyer is sent to you after initial contact with us, the buyers are screened by us and are not given your contact telephone details - they communicate with us only. They are informed that you are there to show them the property and that if they want to submit an offer or discuss price or issues they do so through In Conjunction Real Estate.  We negotiate on your behalf and you pay us a fee of only 1% (excl. GST). With this type of service we believe that there is no reasonable incentive for going it alone!

Q: Can I list with an Agent but retain the right to sell my home privately?
A: Yes, ask your agent about the “Sole Agency Agreement”.

Q: I’m listed with an agent but have changed my mind about selling – what will it cost to cancel the Agency Agreement?
A: Generally it will cost nothing if you choose not to sell, but check that you don’t have any liabilities stated in your contract (especially if the agent is paying for advertising). Notify the agent and back this up in writing.

Q: I’m unhappy with my agent - Can I change?
A: The answer is yes - BUT, If you have signed an Exclusive Agency Agreement, and it has not yet expired then you may be liable for two sets of agent fees if you sign up with another agent. It’s usually better to try to work through problems with your existing agent rather than swap mid-contract. You can then engage another agent at the end of the contract term. If you are very dissatisfied, then you ask your agent whether they will release you from the contract.

Q: I’ve exchanged contracts to purchase a house, but I’d like to cancel it – can I?
A: Once a contract is exchanged it’s binding. Monetary penalties apply if you rescind.  Before backing out of a purchase, you should take legal advice to make sure you understand the cost and legal implications.

Q: Do I need to sign an Agency Agreement with an agent before they show my home?
A: No. By law an agent is not permitted to advertise or show your home until they have a sales contract - however an Agency Agreement is not compulsory.   Nevertheless, an Agency Agreement is almost always insisted upon as it states clearly the set of responsibilities both parties have in the transaction.

Q: What offer price should I make for a home?
A: As a buyer, your offer price should not be driven by the asking price. You should understand the market, look at prices that have been achieved for similar properties and build your own assessment of what the property is actually worth (or else engage a valuer to provide an opinion).

Q: My Agency Agreement has expired and I’d like to change agents – will I be liable to pay multiple commissions?
A: in most cases the answer is NO. Unless the first agent is able to prove that the ultimate buyer was introduced through them (when they were managing the sale), then they will not be entitled to a commission. There are three steps that you should take when changing agents: - (1) Make sure you have notified your existing agent, in writing, that you would like to end the Agreement (2) Ask for a list of buyers that they have introduced (so there is no room for dispute) and (3) Ask the incoming agent to confirm in writing that you will not be liable to pay two commissions.