Frequently Asked Questions
Most frequent questions and answers
Is Inreal a real estate agency?
Yes, we’re a full service real estate agency licenced in New South Wales.
Our team provides everything you would expect from a traditional real estate agent – property value analysis, selling strategy, advertising management, buyer inquiry handling, negotiation and walking you through the settlement process.
We don’t change what works, we just don’t think the commission fee structure is fair to people.
How much does the service cost?
Our service fee is $5,000 plus 5% of the amount we get over market value.
This means that before signing the agency agreement our data science team or an independent valuer sets the market value of your property. When the property is sold, 5% of what we achieved above the set market value of your property is added on top of our fixed fee.
For example, if your property is worth $1,000,000 and we sell it for market value then our service fee will be $5,000. If we get you $50,000 more then our service fee will be $5,000 + $2,500, if we get $100,000 then the service fee will be $5,000 + $5,000 and so on.
Open home management is an extra $2,500 paid upfront, but we heavily encourage all of our clients who have the ability to show their home to do it themselves and we do have evidence to show why this should get you a better outcome as well.
If there’s enough buyer interest to do an auction campaign then there will be an additional an auctioneer fee of $800.
Open home management and/or auctioneer fees are paid upfront.
How is Inreal different from traditional real estate agents?
Our fees are fair and built to create an incentive for getting as much as possible for your property.
Just think about it – if your property is worth $1,000,000, a traditional agent will get $22,000 if they sell for market value and $24,000 if they get you $100,000 more. This compensation mechanism motivates traditional agents to sell your property as fast as possible, not for the best price, because regardless if they do a good job or not they will still get a ridiculous amount of money.
With us, you would only pay a fixed fee of $5,000 if we don’t get you more than what your property is worth and $5,000 + $5,000 if we would get you $100,000 over market value.
Additionally, we invest in digital advertising to make sure your property is seen by more potential buyers and then use technology to service them on-demand, 24/7 to ensure a better chance of selling at peak interest levels.
Who determines the market value of my property?
This is completely up to you.
Our data science team uses the same property data providers and, in most cases, more advanced valuation methods than independent valuers. Each data point used in the analysis is provided to you as well as all eligible data points and data sources for you to be able to check the validity of the analysis.
You can also elect to use an independent valuer. This will usually cost between $700 and $1500 in Sydney, depending on the company you choose. In some cases, buyers who are using a mortgage to purchase your property will need this valuation for their bank and could cover your expenses.
How much will I have to do myself?
Not much. Our team of experts will take care of everything for you, from start to finish – property value analysis, selling strategy, advertising, buyer management, negotiation and settlement handling.
Whether you choose to manage open homes and inspections yourself or ask us to do it, it is literally just a matter of physically being there to open the door. We will still take care of collecting buyer details and communicating with them before and after the inspection.
How can you provide a high quality service for such a low fee?
Our fees are not low, they are fair based on the job that needs to be done.
The average home selling campaign takes between 20 and 40 hours of dedicated effort. Some properties will take less time to sell and some will take much more dedicated effort. In both cases our compensation structure ensures that our team will always put maximum effort into getting you the best possible price, regardless of time needed.
How managing my open home myself is better for me?
Contrary to popular belief, homes are not sold, they are purchased. Just think about yourself and your property – do you think you made the decision to buy or did the agent convince you to buy a property you didn’t like?
Inspections and open homes are an opportunity for buyers to see the properties they’ve shortlisted when searching online. There is nothing a real estate agent can do to convince a buyer to buy a home they don’t like – they will make a decision to buy or not themselves based on their needs, wants and budget.
In fact, the more someone tries to talk up the property and sell it, the more buyers will think something is wrong with it and the more they will negotiate.
Managing open homes yourself literally means physically being there to open the door and letting potential buyers walk through the property. We will collect their details prior to the inspection, follow them up and negotiate on your behalf.
Where will my property be advertised?
Your property will be advertised to more than 9 million active buyers on the two dominant real estate portals in Australia – realestate.com.au and domain.com.au.
Listing on both is included in our service fee together with 10 other smaller popular property portals (such as homely.com.au, allhomes.com.au, homesales.com.au and etc.).
We also use paid digital advertising on Facebook, Instagram, Google and Youtube to reach between 50,000 and 100,000 potential passive and out-of-area buyers for your property, which is also included in our fixed fee and will allow us to reach an audience that is usually more likely to overpay for property.
Will you be motivated to get me a great price ?
Agents will often promise they will get you a better price, because you pay them more and “you get what you pay for”, but no one will ever put a guarantee on their promise.
The reality is that a commission fee based on the price of your property actually motivates agents to do anything to get you under contract and then sell it as fast as possible, because they get an insane amount of money regardless of the amount they sell for. Furthermore, such a compensation mechanism almost guarantees that a traditional agent will focus their attention on more expensive properties.
At Inreal, we believe everyone should be serviced the same way therefore we charge a fair fixed fee to manage the process and a percentage of what we get over market value.
This results-driven compensation structure ensures our team is always motivated to go above and beyond to get you the best price possible
How can you sell my property without a local buyer database?
Just like traditional real estate agents, we do have a database of every buyer that came through our open homes. However, this is not a big deal.
While internal agency databases were very important prior to the emergence of property portals such as realestate.com.au and domain.com.au, they are almost completely irrelevant nowadays. This is because all of these “active buyer databases” are the same people that have found a property online and registered to attend an open home.
How long will it take to sell my property?
The average property in Sydney takes about 40 to 50 days to sell as of December 2019.
Our agency agreement is signed for 90 days, however, if you decide to stay with us we will put maximum effort into the sales campaign until the property is sold (even if it takes us a year to do so).
Will I get brochures and a or sale sign?
For Sale signs are included in our service fee and will be delivered to you after weeks 2 of signing the agency agreement.
We use digital brochures and the reason is not because paper brochures harm the environment. It is because we can track buyer activity with an email brochure – how many times did they open it, how much time did they spend reading it. This will allow us to gather valuable information that will help in negotiating the best price for you.