1. What is REIQ Commission?

The REIQ (Real Estate Institute of Queensland) commission is the fee paid to real estate agents in Queensland, Australia, for property sales. Similar commission structures exist in Canada. This calculator helps estimate these fees.

2. How Commission is Calculated

The basic commission formula is:

Where:

• \( Sale\ Price \) — The property sale price in AUD or CAD
• \( Commission\ Rate \) — The agreed percentage rate (typically 2-5%)

Note: Actual commissions may involve tiered rates or additional fees not accounted for in this basic calculation.

3. Regional Differences

Queensland: REIQ provides standard forms and guidelines, but rates are negotiable between agent and client.

Canada: Commission structures vary by province, typically ranging from 3-7% of the sale price.

4. Using the Calculator

Steps: Enter the property sale price, commission rate percentage, and select your region (Queensland or Canada). The calculator will show the estimated commission amount.

5. Frequently Asked Questions (FAQ)

Q1: Are REIQ commission rates fixed?
A: No, REIQ provides guidelines but rates are negotiable between agent and client.

Q2: Is GST included in the calculation?
A: In Australia, GST (10%) is typically added to the commission. This calculator shows pre-GST amounts.

Q3: What's the typical commission rate in Queensland?
A: Rates typically range from 2-5% of the sale price, often with tiered percentages.

Q4: How does Canadian commission differ?
A: Canadian commissions are typically higher (3-7%) but usually split between buying and selling agents.

Q5: Are there additional fees?
A: Yes, there may be marketing fees, administration fees, or other charges not included in this calculation.