Modern Australian

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

Digital platforms. Why the ACCC's proposals for Google and Facebook matter big time

The Competition and Consumer Commission is worried about the ability of the platforms we use to determine the news we read.ShutterstockThe Australian Competition and Consumer Commission has released the preliminary...

As Indigenous incarceration rates keep rising, justice reinvestment offers a solution

The over-incarceration of Aboriginal and Torres Strait Islander Australians is one of our nation’s most significant human rights concerns.Data released last week show the number of people imprisoned in Australia...

How physical activity in Australian schools can help prevent depression in young people

Many young people don't recover from depression, and exercise can help prevent it from developing in the first place.www.shutterstock.comAdolescence is a critical time for the development of mental health problems...

Cities can grow without wrecking reefs and oceans. Here's how

Cairns has lots of hard grey infrastructure but much less green infrastructure that would reduce the impacts of the city's growth.Karine Dupré, Author provided“What happens if the water temperature rises...

Recovered Aboriginal songs offer clues to 19th century mystery of the shipwrecked 'white woman'

An image of the landscape around Bairnsdale in the late-18th century. D. R Long (Daniel Rutter), between 1856 and 1883. State Library of VictoriaIn 1846 Melbourne was gripped by a...

Australia is still listening to Voyager 2 as NASA confirms the probe is now in interstellar space

Both Voyagers are now in interstellar space.NASANASA has confirmed that Voyager 2 has joined its twin to become only the second spacecraft to enter interstellar space – where the Sun’s...

did more people buy their seventh home than bought their first home last year?

Last year, more people bought their seventh home than those buying their first.– Queensland Minister for Housing and Public Works Mick de Brenni, media statement, November 22, 2018Housing affordability remains...

How low will Bitcoin now go? The history of price bubbles provides some clues

The Bitcoin bubble is perhaps the most extreme speculative bubble since the late 19th century.ShutterstockNearly 170 years before the invention of Bitcoin, the journalist Charles Mackay noted the way whole...

Going travelling? Don't forget insurance (and to read the fine print)

If you don't have a motorbike license back home, your insurance might not cover you if you have an accident abroad. Eirik SkarsteinOver the past year, Australians took almost...

Where do dreams come from?

Scientists have a few ideas about where dreams come from -- but nobody knows for sure. Flickr/Patrick, CC BY-SAThis is an article from Curious Kids, a series for children. The...

Grey nomad lifestyle provides a model for living remotely

Grey nomads are champions of a radical type of portable urbanism as they travel to far-flung places like Lake Ballard in Western Australia.Image courtesy of Tourism Western Australia, Author providedEvery...

should I lie to my children about Santa?

If they ask, tell them the truth.www.shutterstock.comAh yes, December. Christmas trees and decorations are popping up in shop windows, the weather is warming up, and the school holiday period looms...

Popular articles from Modern Australian

How to Dress Your Baby BumpSurviving Moving House: The Ultimate ChecklistNatural Ways to Deal with Sore MusclesEasy Ways to Earn Extra Money on the SideProduct of the Year (POY) 2019 winnersClick Frenzy's Ironshopper winner More People Want a Sparkling Smile for the Festive SeasonUBank Increases Term Deposit Rates: What That Means for Aussie Savers?Bosses Must Address Their Mental Health for Personal and Business Success4 Things to Expect During Your Trichology ConsultationHappy Adoption: Frequently Asked Questions about Adopting6 Ways You Can Help Others that Will Advance Your CareerTop 6 Stylish Loft Conversions That Will Transform Your AtticThree Reasons Your Home Needs OneRose Smith Absolute Soul Secrets