estate agents fees etc help!

caleo

I would try negotiating especially if nothing is signed yet. I had one agent fees at £2400 +vat and another for 1.25% +vat. The house is only going to sell for a max of £125K but more realistically less than that - so £2400 is quite a huge chunk. The EA reduced to £2K but after even more haggling agreed to match the 1.25% - so a huge saving.

If they think your house is easily sellable, they will be prepared to reduce their fees.

Hoof_Hearted

Why not try an online agent and save a huge amount of money? You could probebly sell for less than £500 if you don't mind doing your own viewings.

wissett73

hi, thanks for all your replies. i tried haggling with our preferred agent but they won't budge as they say they would have to comprise the level of service they give for a lower fee, and that isn't what they do. I am thinking of trying to sell it ourselves, i am happy to do viewings ourselves but i do worry about the negotiating bit at the end. I shall research it some more. thanks all

googler

wissett73 wrote: »

hi, thanks for all your replies. i tried haggling with our preferred agent but they won't budge as they say they would have to comprise the level of service they give for a lower fee, and that isn't what they do. I am thinking of trying to sell it ourselves, i am happy to do viewings ourselves but i do worry about the negotiating bit at the end. I shall research it some more. thanks all

round my way, £675k is well into large luxury home territory. I realise this may not apply in your area, but my question to you would be;

when did you last sell a £675k house? when did you last negotiate with a buyer of same?

when do think this agency last sold to/negotiated with a buyer at this level? More recently than you?

john_white

If you are paying the marketing seperately what is the 2% for?

An Estate agent does not 'sell' a house they market it and facilitate a sale. I can understand paying extra for non standard extra glossy details etc. but it sounds to me like there is no risk here for the agent and they are double charging.

perhaps suggest you pay the 2k marketing upfront but this is taken off the 2% bill should they find a buyer. They still make 12k+

As googler says they will have experience of dealing with people spending this sort of money and their expectations, this in itself may save you thousands if going it alone.

FireWyrm

I have to disagree with Googler. Yes, they will have 'experience' of negotiating at this level, but seriously, how difficult do you imagine it is? Selling at £600K is no different from selling at £200K, only the numbers. If the house is worth your price, you don't have to do much, the house sells itself. Most homebuyers use their heart, not their brain and they'll be as green at buying as you are at selling. A glossy brochure is nice I suppose, but is it worth the agency fee to get one? I really feel that people are getting caught in the 'must have a professional do it because that's the way it's done' trap lately. Estate Agents merely market your property, nothing more and those fees sound like an awful lot for not very much work. It's the same with the wedding industry...people spending astonishing amounts of money for something they coould do much more cost effectively with a little imagination and some hubris...and all because 'that's the way it's done these days...'. You don't need an EA, you only require a solicitor for the legal bit and it's their job to protect your interests. It's worth paying for one of them, the best you can afford, simply because the consequences of a missed step are frightening. EAs are beside the point and in my opinion, an unnecessary overhead.

Hoof_Hearted

£675,000 @ 2% = 13,500
Advertising = 2,000
VAT = 3,110

Total = £18,610

I think you would be crazy not to risk £500 on an online agent to save £18,000. You would also be crazy to pay 2%.

pinkshoes

If they think they're that good, then negotiate that if it isn't sold (completion) within 6 months of signing the contract, then no marketing fees are due, and you'll only pay 1% commission.

If they won't agree, then perhaps they aren't that good after all!

I always feel that if an EA is arrogant over fees, then they might come across as arrogant to buyers!

FireWyrm

Hoof_Hearted wrote: »

£675,000 @ 2% = 13,500
Advertising = 2,000
VAT = 3,110

Total = £18,610

I think you would be crazy not to risk £500 on an online agent to save £18,000. You would also be crazy to pay 2%.

Gosh, those figures are astonishing. Wish I could earn £18000 for a couple of weeks work all told.

steve1980

Who is the agent?