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The Joneses continue national expansion

New national fixed-fee real estate agents, The Joneses, launch in Auckland this week.

Friday, April 13th 2007, 9:56AM

by The Landlord

The firm, offering a new approach to buying and selling houses, launched in Wellington, Christchurch and Dunedin last year.

Critical of the commission system used by most real estate agents, The Joneses provide a house sale service for a fixed fee of $7995 – regardless of the value of the house. The usual agent’s commission on a $400,000 value home is around $16,313.

The Joneses’ agents are paid salaries. Partner Chris Taylor says, “The premium for a person’s property belongs to the seller, not the agent”.


“The only party that benefits from commission sales is the real estate agent.”

Taylor says that there was no evidence that sellers achieved a higher price by selling on commission. “As commentators like Martin Hawes have noted, commissions merely give agents incentive to secure the deal, not to attain the highest price.”

“An agent who works on salary rather than a commission is able to set their own financial interests aside and work with the vendor’s best interests at heart.”

“Most agents promise the earth to gain the commission and from there the process for vendors is one of gradual disappointment as they confront market reality.”

He says the company has also received strong interest from real estate agents wanting to join the firm.

“Many agents are sick of the dog-eat-dog world of the commission game, and are relishing working in a team where everyone is working for the customer.”

He says the firm is promoting higher standards of conduct and transparency in the industry generally, and welcomes the government’s review of the sector.

« Property investors refocus on cash flowMore growth for property market: QV »

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Lender Flt 1yr 2yr 3yr
AIA 4.55 ▼2.29 ▼2.59 ▼2.65
ANZ 4.44 2.89 3.25 3.39
ANZ Special - 2.29 2.69 2.79
ASB Bank 4.45 2.29 2.59 2.65
Bluestone 3.49 3.34 2.99 3.34
BNZ - Classic - 2.29 2.59 2.79
BNZ - Mortgage One 5.15 - - -
BNZ - Rapid Repay 4.60 - - -
BNZ - Std, FlyBuys 4.55 2.89 3.19 3.39
BNZ - TotalMoney 4.55 - - -
CFML Loans 4.95 - - -
Lender Flt 1yr 2yr 3yr
China Construction Bank 4.49 4.70 4.80 4.95
China Construction Bank Special - 2.65 2.65 2.80
Credit Union Auckland 5.45 - - -
Credit Union Baywide 5.65 3.95 3.85 -
Credit Union South 5.65 3.95 3.85 -
First Credit Union Special 5.85 2.95 3.45 -
Heartland Bank - Online 2.50 1.99 2.35 2.45
Heretaunga Building Society 4.99 3.50 3.40 -
HSBC Premier 4.49 2.25 2.35 2.65
HSBC Premier LVR > 80% - - - -
HSBC Special - 1.99 - -
Lender Flt 1yr 2yr 3yr
ICBC 3.69 2.25 2.35 2.65
Kainga Ora 4.43 2.79 3.04 3.13
Kainga Ora - First Home Buyer Special - 2.25 - -
Kiwibank 3.40 3.20 3.50 3.50
Kiwibank - Offset 3.40 - - -
Kiwibank Special 3.40 2.35 2.65 2.65
Liberty 5.69 - - -
Nelson Building Society 4.95 3.20 3.24 -
Pepper Essential 4.79 - - -
Resimac 3.39 3.35 2.99 3.35
SBS Bank 4.54 2.79 2.79 3.15
Lender Flt 1yr 2yr 3yr
SBS Bank Special - 2.29 2.29 2.65
Select Home Loans 3.49 3.34 2.99 3.34
The Co-operative Bank - First Home Special - 2.09 - -
The Co-operative Bank - Owner Occ 4.40 2.29 2.59 2.79
The Co-operative Bank - Standard 4.40 2.79 3.09 3.29
TSB Bank 5.34 3.09 3.29 3.45
TSB Special 4.54 2.29 2.49 2.65
Wairarapa Building Society 4.99 3.55 3.49 -
Westpac 4.59 3.09 3.29 3.39
Westpac - Offset 4.59 - - -
Westpac Special - 2.29 2.69 2.79
Median 4.55 2.79 2.99 2.80

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