Estate agents fees?
Discussion
Landlord said:
911motorsport 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!
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!
Under valuedJasandjules 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!
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....ipitythefool said:
Jasandjules 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!
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....Dave_ST220 said:
911motorsport 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!
Under valuedThe 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
Yes - I did that. Worked well.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
jon h said:
Dave_ST220 said:
911motorsport 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!
Under valued
I've had 3 agents in. They all start off at 1.5% plus marketing costs. I can get them all down, probably to 1% or I can agree the 1.5% and make them pay the marketing. I favour the latter because that way they take the up front risk by shelling out for the nice glossy brochures and ads in glossy magazines etc.. My concern is that if I pay for all that and they don't sell the house I then theoretically have to pay for it all again if I change agents.
Interestingly the spread of the 3 valuations is £200k!
Interestingly the spread of the 3 valuations is £200k!
unrepentant said:
I've had 3 agents in. They all start off at 1.5% plus marketing costs. I can get them all down, probably to 1% or I can agree the 1.5% and make them pay the marketing. I favour the latter because that way they take the up front risk by shelling out for the nice glossy brochures and ads in glossy magazines etc.. My concern is that if I pay for all that and they don't sell the house I then theoretically have to pay for it all again if I change agents.
Interestingly the spread of the 3 valuations is £200k!
A £200k spread is ridiculous - unless it is a £4million house of course!Interestingly the spread of the 3 valuations is £200k!
I think people have the perception of house valuation as an exact science. It really isn't. You can do it yourself on the net these days. After all, all you are calculating is what your property will sell for in relation to other similar properties have sold for in the area (these are easily checked online these days) and then adjusting for whether the market has risen or fallen since those sales. No two houses are identical so you allow for that too. Remember that anything an estate agent gives you is just his guess based on these factors. Ultimately it is the seller that decides what he wants to sell it for.
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