1%, no tie in?

simonSE15

Hi,

in the selling tips thread it says that sellers should push for 1% no tie-in deals.

Is this still a realistic expectation?

We are about to try to sell our 1 bedroom flat in SE London and want to know what kind of deal we should expect from an EA to market our property.

Thanks in advance.

missile

A good esatate agent will market your property properly and sell it quickly for a good price. A cheap EA might not.

googler

The kind of deal you can or should get will vary geographically, and with the service the EA offers. If an EA can demonstrate a better track record, marketing package and service than another, they may be worth more.

1% may be cheap for London, and you have to consider whether rate-hunting for the cheapest is false economy....

FTBFun

I've just bought a flat in Peckham!

Sorry, off topic, but wanted to say.

gary2007

If less houses are coming onto the market then I would expect the Estate Agents would not want to lose out on your business although they may try and push for a higher fee. Not sure how the market is in London, but I presume there is the supply and demand I would guess you would still be able to barter to 1%

simonSE15

FTBFun wrote: »

I've just bought a flat in Peckham!

Sorry, off topic, but wanted to say.

where abouts? how much did you pay?

simonSE15

gary2007 wrote: »

If less houses are coming onto the market then I would expect the Estate Agents would not want to lose out on your business although they may try and push for a higher fee. Not sure how the market is in London, but I presume there is the supply and demand I would guess you would still be able to barter to 1%

would they expect a tie in?

Doozergirl

My experience of the London market is that you can't get 1%. I've never got them below 1.5% but the agents there are often like rottweilers and really earn their fee. They also do things slightly differently and evidently have higher overheads.

But personally, I have never found the quality of service to be reflected in the price. Whether it's an online EA that costs very little and provides a no frills service which in many respects exceeds the 2% being charged by a big high street name who operate round here and couldn't care less. And everyone in between.

I certainly don't believe that expensive is better and I've never had an experience that showed me that to be the case. I think it's important to choose well. And haggle.

FTBFun

simonSE15 wrote: »

where abouts? how much did you pay?

£178k, and just off Peckham Rye.

Jowo_2

I reckon 1.5% for a decent agent in London though you can see if you can haggle them down closer to 1% (good luck...).

In terms of tie in, the contract duration is typically offered at 12 weeks with a 2 week notice period. simply insist on a shorter period and serve the 2 weeks notice to terminate it upfront so it doesn't accidentally roll past the initial agreement duration.

perhaps estate agents in London do offer a 'no tie in' contract but since they will need to spend a couple of hundred pounds minimum getting a professional photographer in, paying for Rightmove/Findaproperty advertising fees and so on, I'd have thought few would have the appetite for this. Could be wrong though.