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When it comes to real estate in Beenleigh and Eagleby, there’s one name you need to know: Benjamin Waite. As a trusted expert with deep local knowledge, proven results, and a passion for helping clients succeed, Benjamin is the go-to agent for sellers, buyers, and investors in the region. Worth the Waite is more than just a podcast—it’s your insider guide to Beenleigh's property markey, offering valuable insights and strategies designed to position you for success in the property market.
From understanding local trends to maximising your property’s value, each episode equips you with the tools and knowledge you need to make confident Real Estate decisions. With a friendly yet professional approach, Benjamin shares real-world advice, stories, and tips, making complex real estate topics accessible and actionable. Whether you’re planning your next move or simply want to stay informed, tune in weekly and discover why working with Benjamin is always Worth the Waite!
This podcast is brought to you by Podpro Australia. Ever wondered why real estate agents get paid the way they do? Or why commission structures exist? Today, I'm breaking down exactly how agents get paid, why it matters, and most importantly, the value we provide when selling your home.
Looking to stay ahead in the Beenleigh and Eagleby property market? Want to get local insights from someone who knows his community inside and out, then you've come to the right place. I'm Benjamin Waite, and welcome to Worth the Waite, Beenleigh and Eagleby's local property podcast. Where we'll be diving into everything you need to know about real estate right here in our beautiful region.
So how do agents get paid? Well, ultimately they get paid at the end. It's incentivized. So the better price we get, the more we get paid. It was also paid at the end. So it's the incentive to make sure that the property is executed and settles so that you get to sell your property and then we get paid at the end as well.
So there's a couple of different incentives wrapped into the way that we're paid. So there's some different models when you're selling kind of development sites or off the plan, where sometimes a property might take four years to build and you're kind of selling property in year one and it's unrealistic to wait to year four to get paid because obviously you've got to live in the meantime.
So there's kind of early releases and you know getting getting paid from deposits and so on, but the majority of the agents out there that are selling established homes will work for free and then get paid at the end. Commission and paying at real estate agents commission is not a new thing. It is very, very common across so many industries.
So, think about a broker. They get paid for their work and they only get paid at the end and they get a percentage. Think about the banks, they get a percentage too. Think about, pretty much a lot of service providers will, might give you a percentage of the work that they generate. So, ultimately, rather than having a fixed fee, it's designed to incentivise the individual to get the best price possible because then you are rewarded and also the agent is rewarded.
Fixed fees or flat fees, I think, are a little bit dangerous because ultimately, is the agent really working for you to get the best price? Or are they just trying to get as many sales in as possible and play the more volume game rather than providing you the best service? There's different commission structures available.
Some people like to create further incentive and they can do a tiered model where if they get x amount of price you pay them this, if they get a higher price you pay them this, or there might be a greater fee on, you know, Prices above X to Z, they might get 20% or 10% of that again, to incentivize.
Ultimately, all of these are fine if you are comfortable with them and they're, if and if they are in line with the, with the market. How do you know if they're in line with the market? We'll get a couple of agents in, but would you get the cheapest builder to build your house? I probably wouldn't, because there is a value attached to the service that an agent would provide.
So, not always the cheapest agent will provide you the best service, and also, a lot of the time I get asked, well, you might be too busy to, you know, give me the service that, that maybe this guy is, cause he's gonna, he's gonna just work for me, cause he's got nobody else. But then I would ask, well, why has he got no one else?
Has he got the buyers? Does he, is he delivering the good service to the buyers? Or is his negotiation good enough to be able to get the price up there to then get the next buyer? So it is a service based business. And if you can provide a good service to a buyer that is scalable, that is Consistent, then sellers will come back and more importantly, buyers will come back.
That's how good agents separate themselves from the crowd. So some common myths about real estate agents is all they do is whack your property up online and just sit back and wait for offers to roll in. That couldn't be farther from the truth. I, and again, I can only talk about, again, good strong agents, but they will work and educate and nurture buyers long before they've ever met you, the property owner.
A strong agent in a strong area will have a strong pool of buyers. They've got really strong rapport with that. Then they can help sell your property too. But more importantly, they've done a lot of the groundwork to get those buyers ready to buy. They might be already. Vetting them. They might be already talking to their brokers.
They might have introduced them to brokers. They've educated 'em on what the market's doing and what the prices are doing, and they may have kind of gone through three or four open homes and missed out on other properties, and they're kind of cross-promoting from one property to the other. Before you know, the agents met you and we've listed your property, and then they're finally.
The buyer we've been working with for six months, your property is a perfect property, they've missed out on three or four already, and they're now the time. Cheapest commission does definitely not mean the best deal. Like if we break it down in the figures, a, you might, if it's, we're talking about 0. 2 percent or 0.
3%, depending on your sale price, that might only be 1000. A good agent can give you 5 10 percent more than the market average. For you to save 1000 to get a cheaper agent, you might be foregoing 100, 000 or 50, 000 in your sale price. That sounds crazy to me. Good agents with a good reputation in a strong market share have not got there for a reason.
They are very good at what they do, they negotiate well, read all their reviews, they don't lie. And to save 1000 or 2000 in commission, To forego 50, 000 in a sale price is not a great return on investment. So some people might say, and I get this often, I'm like, Ben, okay, you sell, you're selling properties, but I reckon I can do what you do.
And they go and privately sell. In the current market, they'll sell it. For sure. Most properties sell. A monkey can sell a property at the moment. It's all about the price. Are you maximising the price on your asset? And a good agent will be able to do that. I've often seen many properties for private agent and they sit on the market for a long time.
They don't know how to craft the campaign. They've got no buyers. A lot of the time they're too emotional about the property. They take feedback from a buyer to heart, which will work against them in the negotiation. There's a great thing called the IKEA effect where, you know, it's human nature to be, to inflate the value.
of something that you put your blood, sweat, and tears in, that maybe that might not be where the market is. But ultimately, the agent is the conduit between the market and your property. They should give you really good feedback. They should give you recommendations on how to you know, tweak or change the campaign or your property to suit the target audience to then leverage the best price in the current market.
Commission based real estate means your agent only gets paid when you do. By choosing the right agent can make all the difference, not just in the service you receive, but also more importantly in the final price you receive. If you're thinking about selling and want to understand how to maximize your sale price, with the right strategy, I'd love to help.
Get in touch with me at ljhookerbeenleigh or at benjaminwaite. com. au. Again, thanks for tuning in to Worth the Weight. And remember, when it comes to real estate, it's always worth the weight.
Thanks for tuning in to Worth the Weight. If you enjoyed the podcast, please be sure to share it with a friend and don't forget to hit that subscribe so you won't miss an episode and all my local property tips, updates, and insights. Until next time, I'm here when you need.