1. What is REIQ Commission?

The REIQ (Real Estate Institute of Queensland) commission is the fee paid to real estate agents in Queensland for selling a property. It's typically calculated as a percentage of the sale price.

2. How Commission is Calculated

The standard commission formula is:

Where:

• \( Sale\ Price \) — The final selling price of the property in AUD
• \( Commission\ Rate \) — The agreed percentage rate (typically 2.57% in QLD)

Example: For a $500,000 property at 2.57% commission: $500,000 × 2.57% = $12,850

3. Typical Commission Rates in QLD

Details: In Queensland, commission rates typically range from 2% to 3% of the sale price, with 2.57% being a common rate. Rates may vary based on property value, location, and agent.

4. Using the Calculator

Tips: Enter the property sale price in AUD and the commission rate as a percentage. The calculator will show the commission amount payable to the real estate agent.

5. Frequently Asked Questions (FAQ)

Q1: Is REIQ commission negotiable?
A: Yes, commission rates are always negotiable between the seller and the real estate agent.

Q2: Does GST apply to real estate commission?
A: Yes, GST of 10% is usually added to the commission amount (not included in this calculator).

Q3: Are there other fees besides commission?
A: Yes, there may be marketing costs, administrative fees, and other charges - always check your agreement.

Q4: What's the average commission in Brisbane?
A: Brisbane commissions average around 2.5-3% for properties under $1 million.

Q5: Do all agents use the same commission structure?
A: No, some agents use tiered rates (lower percentage for higher sale prices) or flat fees plus percentage.