Estate Agent fees

codswallop_2

What rates are people currently negotiating with estate agents?

The lowest we have been able to negotiate so far is 1.75%, which seems quite high to me. I was aiming to get somewhere between 1-1.5% (our property is valued at approx 170k).

Is it the current property climate, with houses in general staying on their books for longer that the fees are higher?

Are there any tricks people can share to negotiate the best deal?

Thanks.

petegaffney

Some sellers do negotiate a flat fee with estate agents, however I (personally) have already been very wary of this practice.

When an Estate Agent knows that they are going to be paid a set amount for a sale, regardless of the final sale price, there is no real incentive for them to push for a higher priced sale for you - they will just want your property sold, done and dusted, and off their books.

When you come to negotiate their percentage fee, you may also wish to clarify (or negotiate again) how long you have to keep it on the market with that particular agent. In the event of no imediate sale, how long will you be tied in to that agent before you can instruct another to also act for you?

Also, you need to clarify if you will be signing for a Sole Agent contract or not?

silvercar

Round herre a sole agency agreement is 1.25%. I do know of people getting that down to 1% in rare cases.

Suzi.Q_3

Our fees are 1.5% (North / midlands). We didn't bother to negotiate as they're being paid for us as part of a relocation package!

codswallop_2

Thanks for your replies.

bylromarha

We are paying 1%. Verbally agreed to 1.25%, but paperwork stated 1.25% + VAT. We said we'd calculated without VAT as it wasn't made clear to us, and EA knocked fee straight down to 1% + VAT to get us to sign as they'd already put up board, put us on Rightmove and done the particulars.

£130000 house, friends tried to get 1% from same agent for 160000 house and EA wouldn't go lower than 1.75%.

cheeky

bylromarha wrote:

£130000 house, friends tried to get 1% from same agent for 160000 house and EA wouldn't go lower than 1.75%.

Just cant understand EA's - We cant get less than 1.5% for a £250+k property

Bargain_Annie

Recently sold my property - was messed about by EA and so they agreed a selling fee of .75% (Cardiff) Normally only for properties over £250k. Usual rate for under £250k is 1.5% here.

[Deleted User]

I paid 1.75% + VAT for selling a £350K property . I am in London.

virgin_moneysaver

moved 6 months ago & got 1% & VAT, when it should have been 1.5%, spotted it in the local rag & when rang & enquired her words were 'if thats what the advert says thats what we'll do it for', needless to say the following week it was back to 1.5% & VAT, this was on a property of £175k in Wales - they still got a killing for the amount of work thay had to do, it sold by word of mouth & was sold to the 1st viewer before the pic even got in the paper!!

totalguitar

Fee quoted was 2% with £250 fees for advertising. After reading this site got it down to 1.25% with no fees. Sold house in 10 days so easy money for EA. Also went for mortgage with Halifax, was quoted £499 arrangement fee. Told them i would take the mortgage if the fee dissapeared and it did...saved £499. Don't be shy, hold on for a good deal.