We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
2% estate agent fee....they won't budge!
oceanscape
Posts: 392 Forumite
Hi all,
We are switching estate agents but I am getting a little concerned about our new agent's proposed fees.
Our current agent is one of those "fixed price" agents who charges £2,000 plus VAT. However, we have not been happy with their service or marketing of the property.
The agent we want to change to is without a doubt the market leaders in our area. They seem to sell ALL properties in our price band and have big offices with lots of staff. However, they are charging 2% plust VAT.
Our house will be marketed for £400k so that's nearly £10k. We have debt up to our eyeballs and a huge mortgage to pay off from this move, so I'm worried that this fee is just too high.
What should we do? We stayed firm in the negotiation but they would not budge from 2%, saying that they usually charge 2.5% so we have already got a reduction. We really want them to sell the house, and I believe they would do a good job, but is it worth 2%?
We are switching estate agents but I am getting a little concerned about our new agent's proposed fees.
Our current agent is one of those "fixed price" agents who charges £2,000 plus VAT. However, we have not been happy with their service or marketing of the property.
The agent we want to change to is without a doubt the market leaders in our area. They seem to sell ALL properties in our price band and have big offices with lots of staff. However, they are charging 2% plust VAT.
Our house will be marketed for £400k so that's nearly £10k. We have debt up to our eyeballs and a huge mortgage to pay off from this move, so I'm worried that this fee is just too high.
What should we do? We stayed firm in the negotiation but they would not budge from 2%, saying that they usually charge 2.5% so we have already got a reduction. We really want them to sell the house, and I believe they would do a good job, but is it worth 2%?
0
Comments
-
The agent we want to change to is without a doubt the market leaders in our area. They seem to sell ALL properties in our price band and have big offices with lots of staff.
Probably answers your question,alternatively try another EA.0 -
Personally I would never use a high street estate agent. We recently sold our house for £400000 using Housenetwork. We were extremely pleased with their service and saved thousands of pounds. We had an offer within 2 weeks and have now moved.
However, it is your call. Houses in the village where we lived sold quite quickly. Why do you think yours hasn't sold? Have you had any viewers, any feedback?
In many respects I believe that anyone seriously looking to buy a house will look on Rightmove and if you use Housenetwork they do feature your house on there.
If I were you I would think about why yours hasn't sold with your last EA. Price too high? Advert no good?
Good luck!0 -
oceanscape wrote: »The agent we want to change to is without a doubt the market leaders in our area. They seem to sell ALL properties in our price band and ...
.. so it seems they may get you the result that you want, that your current agent hasn't been able to, yet you're unwilling to pay them their fee.0 -
Are you prepared to post a Rightmove link to your current ad? The forum may be able to offer suggestions to make your place more saleable without having to switch EA.
Would a tiered commission deal work for both you and the EA? E.g. 2% if they get £400k or above and 1.5% or 1.75% if below £400k.Every generation blames the one before...
Mike + The Mechanics - The Living Years0 -
As you have already found out, cheapest is not always best."A nation's greatness is measured by how it treats its weakest members." ~ Mahatma Gandhi
Ride hard or stay home :iloveyou:0 -
oceanscape wrote: »Hi all,
We are switching estate agents but I am getting a little concerned about our new agent's proposed fees.
Our current agent is one of those "fixed price" agents who charges £2,000 plus VAT. However, we have not been happy with their service or marketing of the property.
The agent we want to change to is without a doubt the market leaders in our area. They seem to sell ALL properties in our price band and have big offices with lots of staff. However, they are charging 2% plust VAT.
Our house will be marketed for £400k so that's nearly £10k. We have debt up to our eyeballs and a huge mortgage to pay off from this move, so I'm worried that this fee is just too high.
What should we do? We stayed firm in the negotiation but they would not budge from 2%, saying that they usually charge 2.5% so we have already got a reduction. We really want them to sell the house, and I believe they would do a good job, but is it worth 2%?
You can budge, elsewhere.
I negotiated 0.75% on my last house sale which the EA agreed to provided that I paid an additional non-refundable £200 up front. The EA could see that I was dead serious about selling and I went SSTC in 6 weeks in the summer of 2008.Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0 -
"I want to use the best but don't want to pay their rates"
Welcome to the real world.
Bit like saying I want a Bentley but only want to pay the price of a Fiesta.0 -
If its on Rightmove is should sell.
There is something wrong with it.
Find out what that is and resolve that issue.
If you change agents, you can bet that in 6 weeks they will say "tough market, need to drop the price". In which case you might as well drop the price with the cheap agents.
You have £6k+ leeway, simply by staying where you are...
It might not be price alone that is wrong with it, but many issues that potential buyers bring up can be mitigated by reflecting it in the price.Act in haste, repent at leisure.
dunstonh wrote:Its a serious financial transaction and one of the biggest things you will ever buy. So, stop treating it like buying an ipod.0 -
Why hasn't it sold? What has your agent said?
Post the link to Rightmove so we can see how your agent has set your property up on there.Estate Agent, Web Designer & All Round Geek!0 -
Brilliant.
Its a simple decision you have to make.
Either, you want 8K saved in fees
or
You want the best agent in the area to sell your house.
Cant have both.
They realise they have the best staff, best office, and best results so they charge accordingly.I am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352K Banking & Borrowing
- 253.5K Reduce Debt & Boost Income
- 454.2K Spending & Discounts
- 245K Work, Benefits & Business
- 600.6K Mortgages, Homes & Bills
- 177.4K Life & Family
- 258.8K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards