What homeowners need to know about real estate agents

In Short:
– The Australian real estate industry has 20% of agents doing 80% of the work, earning around $80,000 per year.
– Homeowners should select agents based on uniqueness, negotiation skills, and personal comfort during the selling process.

Adam Joske joins Dion Besser on Beyond the Deal to break down the realities of the Australian real estate market, debunking myths about agent incomes and explaining how the 80/20 rule shapes the industry. Many agents earn around $80,000 annually, with only a small percentage handling the majority of sales, creating pressure to close deals.

When selecting an agent, homeowners should focus on three qualities: a clear point of difference, strong negotiation skills, and personal comfort. Evaluating commission discussions can reveal an agent’s negotiation prowess, while comfort ensures a smoother selling process over several weeks.

Joske also shares advice on marketing budgets, the pitfalls of off-market sales, and why spending around 1% of a property’s value on marketing can maximise your sale. Avoid getting caught up in small fee differences and ensure your agent fully tests the market to get the best price.