First, check that your agent is licensed. Use the public register at rea.govt.nz to check their details and see if they’ve had any complaints upheld against them in the last three years. If you deal with an unlicensed person, the Real Estate Authority won’t be able to help you if things go wrong. What an agency agreement is An agency agreement is a legally binding contract between you and the real estate agency that helps to sell your property. An agency agreement gives the agency the right to market your property for sale. The agreement sets out all the terms and conditions of your contract, such as what your agent will do for you and what you’ll pay them. If you use an agency to sell your property, you must sign an agreement with them first. While an individual agent may sign you up, your contract is between you and the agent or agency they work for. Depending on the conditions of the agency agreement, once you’ve listed your property, any agent in the agency can try to sell it. Key things to know about agency agreements • An agency agreement is a legally binding contract between you, the seller of the property, and a real estate agency. • Sole agency agreements and general agency agreements allow different things. • You can negotiate what’s in an agency agreement, including the timeframe it covers, how much commission you’ll pay and any expenses you’ll pay. • You need to read and understand the agency agreement before you sign it. • You should also get legal advice before you sign. • Your real estate agent must tell you about any rebate, commission or discount they receive in connection with any work they do for you.
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