Estate agent fees for the more expensive home

Thefunkygibbons

Been over ten years since we bought, so I have long since forgotten about the fees we paid

Starting the selling process tomorrow

What experience do people have of agents fees for more expensive houses

Not sure of the current value, but expect to be near, if not over the 5% stamp duty threshold

Gwhiz

Everything is negotiable. Never more than 2% but you do want someone reputable when selling at the top end so be careful at paying too little.

Whenever I've sold at that level I've always chosen EA by reputation first and then negotiate the commission.

Thefunkygibbons

2%?

That equates to £20,000+

Should I assume that there would be an individual brochure and some very special attention for that sort of money?

Gwhiz

Thefunkygibbons wrote: »

2%?

That equates to £20,000+

Should I assume that there would be an individual brochure and some very special attention for that sort of money?

Don't be silly - we are talking about estate agents after all

I suggest you talk to the local agents and see what they offer. Some may include glossy brochures, other won't.

googler

National average is 1.6% for England and Wales, according to the OFT, so an average fee for your home valued at £1 million is £16,000.

However, you should be choosing your agent on reputation, how many houses at this level they routinely sell, and their service. If they routinely operate at this level, there's a good chance they'll have the best buyer base for you.

I wouldn't imagine buyers for £1m+ homes are the type who trawl through Rightmove to find them. They're more likely to have the agents looking out for the right property for them.

If you think 2% is high, count yourself lucky you're not selling in the USA or Europe, where 5 and 6% fees are the norm.

WelshNic

What do people think about using someone like Hatched?

googler

I would say using an online agency/site like Hatched, Housenetwork, etc for a million-pound house is verging on madness.

WelshNic

I meant in general :rotfl:

googler

WelshNic wrote: »

I meant in general

Doesn't really link too well to the OP's question, then, does it?

JQ.

Just in case you're looking at buying as well. The top rate of Stamp Duty is 4% not 5% - that's probably saved you enough to pay the fees already!

With regard to the fees, as said by others for a £1m house it's all about recommendations and getting a good agent. Get the best agent you can and then negotiate as hard as you can to reduce the fee. You can always put incentives in there.

Sell it for £1m I'll pay 1.25%.
Sell it for £1.1m I'll pay 1.5%
Sell it for £1.2m I'll pay £1.75% etc etc

Obviously you can be a bit more inventive on the fee structure than that but it gives you the idea.

Gwhiz

April 6 the top rate goes to 5%