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EA Fees - This is a Rip Off right?

In_debt_5
In_debt_5 Posts: 247 Forumite
in House buying, renting & selling
Have had our house valued at £85k - £90k, large chain have quoted £3000 flat fee plus VAT commission. Please tell me I am right in thinking this is a rip off?

What is the maximum I should be looking at? Do the % fees go up the less the house is worth?
«1

Comments

  • oneeye1
    oneeye1 Posts: 231 Forumite
    yep rip off dont pay more than 1%
  • Doozergirl
    Doozergirl Posts: 34,082 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    LOL! Yes, that's a rip off. I'd aim for no more than 1.5% ever and 1% if poss.
    Everything that is supposed to be in heaven is already here on earth.
  • In_debt_5
    In_debt_5 Posts: 247 Forumite
    Thanks for the replies. I thought so. Off to reply to the agent!
  • alexlyne
    alexlyne Posts: 740 Forumite
    Part of the Furniture 500 Posts Combo Breaker
    Depends where you live (again).. large chains tend to charge more though as you'd expect with something like this. Shop around. 1-1.5% could be impossible where you are.
  • In_debt_5
    In_debt_5 Posts: 247 Forumite
    We live in Birmingham so plenty of competition. It just doesn't equate £3.5k including VAT for £90k house
  • chickmug
    chickmug Posts: 3,279 Forumite
    You will hear many tell you not to pay more than 1% + VAT. But it does cost more, in fees, for lower priced houses.

    Some EA's have a minimum fee and I feel that to get 1.5% may be the reality.

    So don't beat yourself up if you have to agree at 1.5%.
    A retired senior partner, in own agency, with 40 years experience in property sales & new build. In latter part of career specialising in commercial - mostly business sales.
  • MissMotivation
    MissMotivation Posts: 1,751 Forumite
    In_debt wrote: »
    We live in Birmingham so plenty of competition. It just doesn't equate £3.5k including VAT for £90k house


    That equates to 3.8% if you sell at £90k!

    I wouldn't pay or charge anyone more than £2000 to sell at that price......I'm guessing the agent is part of the Countrywide group?
    My home is usually the House Buying, Renting and Selling Forum where I can be found trying to (sometimes unsucessfully) prove that not all Estate Agents are crooks. With 20 years experience of Sales/Lettings and having bought and sold many of my own properties I've usually got something to say ;)
    Ignore......check!
  • googler
    googler Posts: 16,103 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    There's another thread running where folks are suggesting "Why don't EAs do flat fees rather than percentages?"

    Here, the agent quotes a flat fee, and apparently, folks still aren't happy....

    Hmmmm....
  • chickmug
    chickmug Posts: 3,279 Forumite
    googler wrote: »
    There's another thread running where folks are suggesting "Why don't EAs do flat fees rather than percentages?"

    Here, the agent quotes a flat fee, and apparently, folks still aren't happy....

    Hmmmm....

    Now then googler are you an estate agent:confused:
    A retired senior partner, in own agency, with 40 years experience in property sales & new build. In latter part of career specialising in commercial - mostly business sales.
  • MissMotivation
    MissMotivation Posts: 1,751 Forumite
    googler wrote: »
    There's another thread running where folks are suggesting "Why don't EAs do flat fees rather than percentages?"

    Here, the agent quotes a flat fee, and apparently, folks still aren't happy....

    Hmmmm....


    My company only charge flat fees.....everyone pays the same!
    My home is usually the House Buying, Renting and Selling Forum where I can be found trying to (sometimes unsucessfully) prove that not all Estate Agents are crooks. With 20 years experience of Sales/Lettings and having bought and sold many of my own properties I've usually got something to say ;)
    Ignore......check!
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