Estate Agency fees

[Heathwood]

Hi folks, I’m considering moving home and am lining up a couple of EAs to value my current property. I’ve not moved in almost 20 years so feel a bit out of the loop regarding fees etc.

It looks like they’re anywhere between 1-3% (hopefully closer to the former), but I’m unsure whether they’re negotiable or whether anyone has any hints and tips for getting the best deal and choosing the right agent.

Any info would be much appreciated. Many thanks.

[Sheets Tabuer]

What sort of house are you selling, unless it's a 7 bedroom listed manor house I'd consider purple brick, they all stick them on rightmove anyway.

Some of the shenanigans my previous EA pulled I decided to give PB a go and was pleasantly surprised, the only thing I didn't like was them doing open house events but I decided I'd just letr people in and have a nose on their own while I had a coffee in the garden.

Peoples opinions will differ but I balked at 3% for sticking a picture on rightmove.

Edited by Sheets Tabuer on Sunday 8th June 16:01

[ARHarh]

When I last moved 12 years ago, so it may have changed. I said on the first call that I wanted the fee to be 1% and the contract length to be 4 weeks. the first 4 I spoke to agreed without issue. Only signed up with one so can't say if they all would have agreed when signing the contract or not. Might have helped that I was selling a house in an area that was in high demand at the time.

[Griff_4988]

We’re selling my late mother’s place for probate now. We got 3 valuations, with commission rates varying between 1% and 1.75%. We just went with the cheapest, because despite all the sales hyperbole, all they do is stick it on Rightmove & Zoopla for you.

[Cow Corner]

For a standard house in the south east, 1% + VAT is pretty standard.

[Cow Corner]

Sheets Tabuer said:

What sort of house are you selling, unless it's a 7 bedroom listed manor house I'd consider purple brick, they all stick them on rightmove anyway.

Some of the shenanigans my previous EA pulled I decided to give PB a go and was pleasantly surprised, the only thing I didn't like was them doing open house events but I decided I'd just letr people in and have a nose on their own while I had a coffee in the garden.

Peoples opinions will differ but I balked at 3% for sticking a picture on rightmove.

Edited by Sheets Tabuer on Sunday 8th June 16:01

Personally, I wouldn’t let a bunch of randoms wonder round my house. Yes they will have given their details to the agent, but not necessarily real ones (yes, people do give false details, when they’re tyre kickers and don’t want the agent to contact them again).

[Cats_pyjamas]

As someone mentioned above, determine if vat is included or not. Assume it isn't. Just so your fee isn't a few hundred quid more than you expect...

[Griff_4988]

Griff_4988 said:

We re selling my late mother s place for probate now. We got 3 valuations, with commission rates varying between 1% and 1.75%. We just went with the cheapest, because despite all the sales hyperbole, all they do is stick it on Rightmove & Zoopla for you.

I should have said, these figures are +VAT.

[Shappers24]

South wales fees start at 1.25% + VAT, we easily got them down to 1%+ VAT, then pushed them further to 0.75%+VAT. Leaving a competitors brochure on the table was an easy tool in getting them down. They offered to drop it to 0.5% if we did all the viewings ourselves, which was tempting…

There is always scope for negotiation, and if they won’t move on price there are plenty other EA wanting business.

[Actual]

In the last 4 years I have sold 4 houses and my experience of estate agents is fairly good.

In each case the commission rate was 1% + VAT.

For the first sale I was offered 1.75% and the negotiation tactic was to ask if anyone paid less and I was offered 1%.

For all other sales I stated that I expected a commission of 1% with a 10 week contract and a 2 weeks’ notice period which was always accepted.

Interestingly for one sale the agent didn't even present a contract and we relied on my email for terms.

In my experience estate agents can be quite decent to deal with as long as you are respectful.

Who would run a business where for all the work if you don't get a sale then there is no fee earned?

[Heathwood]

This is really useful info, so thanks to all those that replied. Sounds like there’s scope to work the fee towards circa 1%+vat, so that’s good to know.

[Turtle Shed]

Also consider negotiating a fee based on the price achieved.

"1% plus VAT, but if you achieve full asking price you can have 2%" should focus the mind. Adjust accordingly of course, but you get the idea.

[M400 NBL]

I used an estate agent that offered fixed bundles. I chose one that was £1399 at the time (2 years ago) that included a premium advert on Rightmove and unlimited hosted viewings. The service was also excellent, so I've no reason to use one that charges a percentage in future.

I don't know if i'm allowed to give the name, but if you ask I will.

[megaphone]

I was recently involved in a sale, all agents where 1% + VAT, except one that really wanted the business quoted 1% inc vat.

[Jester86]

As has been said, I am literally about to sign with an EA in Kent at 1%+VAT.

Handily after "interviewing" 3 of them. The chap I liked, was also competitive. Fingers crossed the sale is just as straightforward.

[megaphone]

Can depend on the property value, cheaper properties can have a higher % fee, same amount of work needed, 1% of a £120k property is peanuts and not worth the time.

[fat80b]

Turtle Shed said:

Also consider negotiating a fee based on the price achieved.

"1% plus VAT, but if you achieve full asking price you can have 2%" should focus the mind. Adjust accordingly of course, but you get the idea.

This is similar to what we did a few years back when the approach they wanted to take was list it low, generate interest, and get it to sell over the asking price.

We negotiated 0.8% at the starting price and 1.2% if they hit the number they said we could get.

They got 0.8%.....plus the VAT - I'd hoped that they would be incentivised to maximise the price, but in the end I don't think they cared - a sale was a sale....

[alscar]

I had to sell a relatives house after she had gone into a care home and wanted / needed to maximise the money.
EA agreed on a slide scale depending on how close to the asking price was obtained - scale started at 1% and went to 1.50%.

[netherfield]

When I was selling dads house in 2019, the agent we picked started off at 1.5%, but like all good bullstters came up with ' because your a good customer I'll do it for 1%, so I told him to go away, not politely, and went with another who was straight up front at 1% vat.

[RacingStripes]

There's been a big increase in the one woman band type estate agents round here. Usually a fixed fee. Ours was £950 and she worked a damn site harder than any of the mainstream ones.