Selling or Buying a Property?

Then get professional Real Estate help, it certainly pays off. A professional real estate salesperson (agent) can be worth much more than their commission. 

The seller (vendor) usually pays for the real estate agents services - marketing the property, negotiating the sale and attending to all the matters that entails. 

This can include staging the home, photography, advertising (online and other media), signs, brochures, videos, open homes, valuers, LIM reports, building inspections and so on. 

The commission is usually around 2-3% of the sale price which can amount to many thousands of dollars. A good sales agent will frequently get the vendor a better price than the seller themselves could achieve.

This is because they are marketing and negotiating experts. The better price often not only covers the commission but also leaves the vendor with a higher net price from the sale.

Most sellers know this to be true and over 90% of all sales in New Zealand use a real estate agent.

So, What About the Buyer?

The real estate salesperson helps the buyer too. They provide a lot of information and assist them in making a buying decision.

Typical information might include zoning, what the neighbourhood is like, schools, transport, recent sales data and so on. 

Even though the salesperson is paid by the vendor they must abide by a strict code of conduct as set out by the REA (real estate authority), a government legal body.

The agent’s dealings must be honest and fair. They must disclose to the purchaser any significant information that may impact on the buyers decision. 

For example, if the salesperson is aware a property has a significant defect (eg weathertightness) they must disclose this to the buyer.

Even if the salesperson is not aware of for example a weathertightness problem they are obliged to recommend that the purchaser have the property checked (by a building inspector) if the property is regarded as high risk.

The salesperson is deemed a professional and needs to be aware of what constitutes a high risk. It is not a defence for the salesperson to say, “I did not know there was a problem”. 

The REA can discipline the salesperson and his/her agency and fine both tens of thousands of dollars. For deliberate unprofessional conduct the REA can cancel a salespersons licence and remove their livelihood. 

Buying and selling a home is a very large financial and often emotional decision. A professional real estate salesperson helps both the vendor and purchaser providing a much smoother process.