Estate Agent Contracts

draker

Hi there,

I am thinking about selling my first property.

The proprty in question is a 3 1/2 year old 2 bedroom end of terrace property.

I have arranged for 4 valuations on Monday, but I am slightly confused about the type of agency contracts available and don't wan't to get stung with a restrictive contract or one that charges a high commission.

Please can anyone offer any advice as to what I should be looking out for? Although, I realise commissions might vary from region to region, what is a resonable commission?

The property was previously let out and has vacant possession. Ideally, I do not want to be tied into a lengthy contract, beacuse if there is no interest in the property for sale, I might put it back up for rent.

Thanks in advance

MrsC_5

I have just one piece of advice for you - don't agree to sole selling rights!

nick1_2

We went for a 4 weeks sole agent contract. This also helped in reducing the fee from 1.75% to 1.50%. There was a clear clause that if they don't sell the house within the 4 weeks period then we can chose other estate agents. They found a buyer within 3 weeks, so it worked for us!

Good luck!

jockettuk

when i looked into selling my house in peterborough there wasnt one estate agent that would go under 2% sole agent and some wanted to tie me in for 12 weeks.. i was lucky i managed to sell my house without a estate agent by spreading it by word of mouth .. schools are great for this lol..

Cristy

As MrsC said. We nearly signed up with one agent with sole selling rights, he was prepared to go down to 1.3% from 2% so we were keen. However enter the agent we liked the most out of the 5 that came for a valuation, he explained to us the difference between sole agent and sole selling rights (we had no idea - LOL!), added that he was happy to match the other agent's fees (but not to go lower..) and that he is happy not to tie us in - all we need to give is 2 weeks' written notice. We were pretty happy with the package and decided to go with them.

On these boards I have seen others saying their agent was prepared to negotiate their fees down to 1%, but no-one I spoke to in my area was prepared to do that. I guess it depends on the area and how healthy is the property market at that moment in time.

rsvtoddy

Just negotiated joint agents at 1% with a 75:25 split in favour of the agent that sells it.

Nail them down and make them work for their money!

Mark

Meeten

Be aware that most agents have a 12 week contract - this is something that ties you with them for 3 months!! Clearly not wwaht you want.


Should be easy enough for you to get this reduced to 4-6 weeks.

I told my EA that I would pay x if they solf the place in 4 weeks, and then revert to a lower rate after that. I was on a 8 week contract, and although i did not have the best of times with them, they did get close to full asking for the place, which helped.

there is nothing to say that you HAVE to sell the place if you are not getting any progress with potential buyers - you can also leave it on the books with a rental agency if you want, and then carry on letting if the sales side does not work.

HTH

tryingtomove_2

just got my contract to sign and see its sole selling rights not sole agent did get a 1/2% knocked off i think i need to go back!! what do you think my chances are of getting it sole agent details drafted ect waiting for our approval