Cooling market highlights quality of flat fee agents: REINSW

  • Written by Helen Hull


Consumers are at risk of not achieving the best price for their property if they use the services of companies that charge an upfront fee, according to the Real Estate Institute of New South Wales.

REINSW President Leanne Pilkington said with the cooling market consumers are at risk of paying even when their property does not sell.

“There had been a lot of press surrounding companies that offer a flat fee upfront to sell a consumer’s home rather than the traditional commission model,” she said.

“There is
no motivation or incentive for these agents to take a professional approach in achieving the best possible result as they have already been paid regardless of the outcome,” she said.

Ms Pilkington said
in buoyant markets upfront fees are attractive to consumers seeking to save money but they are not significantly tested because of the high demand and low supply.

“As the peak body REINSW is therefore concerned for sellers in this changing market who are vulnerable to such low cost high risk strategies that have the potential to leave them in the lurch. 


“We encourage consumers to explore a full range of options when it comes to selling their most valuable asset: don’t just go for the lowest cost option as the risks are too high if you get it wrong. Never take anything on face value, do your research and ensure that you are making the best decision.

“As the market cools the true value of an experienced real estate professional can really be seen,” Ms Pilkington said.
The Conversation

NEWS

Grass trees aren't a grass (and they're not trees)

Xanthorrhoea have no real trunk – just tightly packed leaves. CC BY-SASign up to the Beating Around the Bush newsletter here, and suggest a plant we should cover at batb@theconversation.edu.au.Grass...

Peter Grimes is a thrilling and moving staging of the great English opera

Stuart Skelton in the title role of Peter Grimes.Brisbane FestivalReview: Peter Grimes, Brisbane FestivalPeter Grimes, one of the centrepiece events of this year’s Brisbane Festival, is a remarkable collaboration between...

Michelle Grattan on strawberries, Sudmalis, schools, and the au pair affair

Michelle Grattan speaks with University of Canberra Vice-Chancellor Deep Saini about the week in politics. They discuss rushed legislation on strawberry contamination, the Liberals continued women problem with Ann Sudmalis’...

Super. If Labor really wanted to help women in retirement, it would do something else

Labor's plan to pay super to women on paid parental leave would barely boost their retirement incomes.ShutterstockWhen it comes to the gender gap in retirement incomes, symbolism appears to matter...

Is it time for Australia to be more open about research involving animals?

Most people never have the chance to see how animals live in laboratories.from www.shutterstock.com The use of animals in scientific research is a complex ethical issue, and these studies typically...

If privacy is increasing for My Health Record data, it should apply to all medical records

Everyone was up in arms about a lack of privacy with My Health Records, but the privacy is the same for other types of patient data. from www.shutterstock.comIn response to...

New laws help juries understand why victims of sexual violence struggle to recall their assaults

Prosecution rates of sexual assault cases remain low, with fewer than 50% of cases brought to court in NSW resulting in conviction.ShutterstockIn June, the New South Wales parliament passed new...

why Catholic primary school parents can afford to pay more

Dan Tehan’s first major action as federal education minister was a deal for Catholic and independent schools. From a policy perspective, the pieces were already in place. Tehan’s predecessor, Simon...

Why does English have so many different spelling rules?

More spelling problems came in when French scribes introduced new spelling conventions — their own of course, and not always helpful.Shutterstock, CC BYThis is an article from Curious Kids, a...

Quotas are not pretty but they work – Liberal women should insist on them

Liberal women such as those in the Morrison ministry, pictured here, should organise to achieve structural change - the only kind that ever sticks.AAP/Lukas CochIt is an historic moment for...

What makes you a man or a woman? Geneticist Jenny Graves explains

It's just a tiny part of the Y chromosome that kickstarts the development of testes. Kelly Searle/UnsplashThis article is part of our occasional long read series Zoom Out, where authors...

the GFC and me. Ten years on, what have we learned?

Wayne Swan and Kevin Rudd spent big and spent bold, and it almost certainly kept us out of recession.A little more than a decade on from the the collapse of...

Popular articles from Modern Australian

6 Rug Trends That Will Boost Style and Comfort in Your HomeVirectin Reviews and Results (LATEST) - Honest ReviewSafety Management Systems & its importance: Workplace Health and SafetyPut your problems to rest with Antenna GenieHow to Choose the Best Lasik Surgeon?? It’s as easy as it can get!Here’s Why You Need to Own Shipping Containers Right AwayThings to Do and See in Ballina, AustraliaLaser Liposuction: The Myths and FactsHow To Show Your Elderly Relatives Love9 Ways to Recognize the Early Signs of DementiaTop 5 Design Trends in Commercial InteriorCo-Occurring Disorders and Overcoming AddictionGuide to Travel Necessities for 2018Fun Activities for Spending Quality Time with Your KidsTop Sightseeing Spots in New Zealand