Estate agents fees?
Discussion
.Thanks guys. I'm hoping to get in around 1%. I sold a commercial property in 07 and paid 1.5% but they marketed it well and we got a lot more than the asking price so I didn't mind paying. I'm sure they are going to want to produce a brochure and will want me to pay for that. And then there's advertising........
Just sold a house (Subject to contract) Agents fees were 1.35% the highest fee we were quoted was 2.3%- The high fee charging agent scoffed at the "cheap" guys suggesting they would not put much effort in, but I figured that in the current market any estate agent would put a bit of effort in. As it happens we had about 10 viewings resulting in 4 offers, and sold in under 2 weeks!
The jiffle king said:
In these times, it can be worth doing a scale...
e.g. 100k property valutation (Taking into account current conditions and usual caveats etc etc)
up to 80k 1%
80-85k 1.3%
85-90k 1.75%
90-95k 2%
Just an example, but I know this has been recommended on PH before
T-J-K
I tried that but neither of the local agents I wanted to use were having any of it. They know that in this market they cannot guarantee what offers you'll end up getting. e.g. 100k property valutation (Taking into account current conditions and usual caveats etc etc)
up to 80k 1%
80-85k 1.3%
85-90k 1.75%
90-95k 2%
Just an example, but I know this has been recommended on PH before
T-J-K
Ended up agreeing at 1.25% sole agency. They got a lot of people through the door and we have just accepted an offer in under two weeks and at a price that hasn't got us slitting our wrists (20% down on 'peak' valuation but 28% up on what we paid in '05).
One thing to remember to negotiate on is the notice you have to give them if you want to move to another agent - we got ours down from 8 to 4 weeks.
All good advice guys, thanks. Is it usual for them to expect the vendor to stump up additional cash for brochures and advertising? When I sold my retail property they wanted to produce a brochure (paid for by me) and I refused as I did not think it necessary. They then produced a slightly lesser one at their own expense. I did agree to pay for some advertising though. My house is worth considerably more and even at 1% they would make a tidy fee so I don't feel like stumping up extra. Anyway, first agent is through the doors today so I'll see what they say.
jon h said:
Just sold a house (Subject to contract) Agents fees were 1.35% the highest fee we were quoted was 2.3%- The high fee charging agent scoffed at the "cheap" guys suggesting they would not put much effort in, but I figured that in the current market any estate agent would put a bit of effort in. As it happens we had about 10 viewings resulting in 4 offers, and sold in under 2 weeks!
Indeed. Plus a lower % means they have to achieve a higher price to get more cash, whereas a high % means they don't care if you get lower offers because they still make plenty....davidjpowell said:
Paying for brochures etc. is really purely on commercial side of things. Resi agents will inlude that, and often advertising as well
Thanks for that. I'm in Yorkshire as well so hopefully that will be the case. These Yorkies don't like parting with brass for fancy dan stuff anyway. 
jon h said:
Just sold a house (Subject to contract) Agents fees were 1.35% the highest fee we were quoted was 2.3%- The high fee charging agent scoffed at the "cheap" guys suggesting they would not put much effort in, but I figured that in the current market any estate agent would put a bit of effort in. As it happens we had about 10 viewings resulting in 4 offers, and sold in under 2 weeks!
Under valued911motorsport said:
jon h said:
Just sold a house (Subject to contract) Agents fees were 1.35% the highest fee we were quoted was 2.3%- The high fee charging agent scoffed at the "cheap" guys suggesting they would not put much effort in, but I figured that in the current market any estate agent would put a bit of effort in. As it happens we had about 10 viewings resulting in 4 offers, and sold in under 2 weeks!
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