Committed to a commission
recorded in the sale authority you sign.
In some cases the commission is a flat percentage fee and in other cases it is a sliding scale with the agent receiving a higher percentage the higher the sale price.
Your agent must include a dollar figure on the authority of sale to provide you with an estimate of the commission you are likely to have to pay.
If you are considering selling your property it is advisable to seek quotes from at least three REIV estate agents members before you make your decision. You should base your choice on the entire service offered, not just on the commission.
Surveys conducted on behalf of the REIV indicate prospective sellers choose their selling agent based on more factors than just the commission or estimated selling price.
Important considerations are the real estate agent’s knowledge of the local market, the marketing plan proposed and most importantly their reputation. Always ask the agents for recent customers you can contact for references of their service. Enzo Raimondo is Real Estate Institute of Victoria chief executive officer