Property Knowledge Centre → How Much Does It Cost to Sell a Property?
How Much Does It Cost to Sell a Property?
How much does it cost to sell a property? The total cost varies according to the property, agency, marketing strategy and method of sale, so ask for an itemised breakdown rather than comparing one bundled figure with another.
The main selling costs generally include the agent’s commission, property marketing and legal or conveyancing costs. Depending on the campaign, there may also be expenses for photography, floorplans, copywriting, property portals, signage, styling, minor preparation work and auctioneering.
Agent commission is usually one of the largest costs and may be structured as a percentage of the sale price, a fixed amount or a tiered arrangement. When comparing proposals, check whether GST is included and whether there are any additional administration, franchise, system or other agency charges.
Do not assume that two similar commission rates represent the same service. Establish who will actually manage the campaign, conduct inspections, communicate with buyers, negotiate offers and remain accountable throughout the sale.
Marketing costs can vary considerably. A campaign may include professional photography, floorplans, copywriting, online advertising, major property portals, database marketing, social media, signage and other promotional activity appropriate to the property.
The objective should not simply be to spend as little as possible. Marketing provides the tools needed to expose the property to the widest relevant pool of buyers. Reducing the campaign to save money can become expensive if it limits competition or prevents the eventual buyer from discovering the property.
Property preparation can create additional costs. Depending on the home, this may involve cleaning, gardening, painting, repairs, new carpet, furniture styling or other cosmetic work. These expenses should be considered carefully against the likely improvement in presentation and buyer appeal rather than undertaken automatically.
There are also legal and conveyancing costs associated with preparing the documentation required for the sale and completing the transaction. These should be obtained directly from your solicitor or conveyancer because the cost can vary depending on the property and circumstances.
If the property is being sold by auction, establish whether the auctioneer’s fee is included in the commission or charged separately. The same applies to any additional digital advertising, premium portal placements, withdrawal fees or other campaign charges.
Ask every agent for the costs in writing and itemised. If a proposal contains one combined figure, ask what is included, what may be charged separately, when each amount becomes payable and whether any costs remain payable if the property does not sell.
The cheapest proposal is not necessarily the least expensive outcome. When selling a substantial asset, the more useful comparison is the quality of the strategy, market exposure, experience and negotiation you receive for the total cost of the campaign.
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The cost of selling should be considered alongside the strategy, experience and service being provided. Commission, marketing, legal costs, property preparation and any additional charges should be clearly explained so you understand both the total investment and what it is intended to achieve. To discuss the likely selling costs and appropriate strategy for your property, request a professional property appraisal with Clements International.