Estates agents fee negotiable?

skintlass

Hi,
Has anyone managed to bargain with an estate agent from Reeds Rains for a reduction in their fees? My friend has done it with a smaller estate agent (mind you she has a lovely big Victorian in an area where the houses go in days). I've been told its 1.5% plus VAT with Reeds Rains. I haven't accepted just yet but am wondering whether I should try to haggle the %.

overthehill_3

you have nothing to loose by haggleing

dwsjarcmcd

There are so many EA's out there, you need to be in a position of knowing what they offer. I would always get at least 3 firms in to value the property and let you know their costs. You would be amazed at the differences, if I had listened to the 1st agent that valued our house, it would have cost me £97k (being the difference between what they valued it at and what we sold the house for).

Knowing these facts puts you in a much stronger bagaining position to haggle

David

Mutton_Geoff

Always remember that everything is negotiable. Perhaps worth repeating Everything Is Negotiable. There are plenty of books on the topic, but having travelled to many parts of the world where you don't pay the asking price, I now ask for a discount on everything. Many times a polite refusal is the response, but I often get "managers discounts" etc in shops. With estate agents, their fee is always negotiable, but more importantly the terms are the bit you need to look at. DO NOT just sign their standard contract. Make sure you know exactly what you are signing, particularly the exit clauses when you want to change agents in 3 months because this one hasn't done his job.

skintlass

Thanks for the advice everyon. I haven't signed anything yet so when I ring up I'll ask them about the fee. I know I just have to give them 2 weeks notice if I want to leave and its no sale no fee so that part is ok.

Cactusgirl

I negotiated mine from 1.25% to 1% saving me £500. I just mentioned that their main rival had been round as well and they snapped my hand off!

skintlass

I mentioned that they were the last agents round and the most expensive fee - not a flicker from the lady herself. She did suggest a price 15k above the other 2 agents to give it a try and see what happens and they also have a list of customers who were interested in the house next door but one to me but were put off by the fact that you can't get round the back from the road to park and that it needed loads of work

vas_2

I negotiated 1% down from 1.5%. I did have 5 agents round and they would all have given me 1%. Always worth trying especially if they know you have other agents interested.

Vas

ds1980

i will always get .75 = vat or 1% inclusive of vat.

Never go with anyone wnating mor ethan that. In saying that use housenetwork and you'll get your house sold for just over £400 hopefully!!!!!

PJD

When they come round your property they'll give you the big spill about how they'd LOVE to sell the property for you, and they could sell it so easily, and they've got loads of people ALREADY on their books who are looking to buy a property JUST LIKE YOURS!

They'll be quite hard in negotiating price, - don't sign anything yet, - tell them that you've got another agent coming around before you sign anything (this is fair enough, you'll be giving them a significant amount of your money, so don't be pushed into signing anything quickly).

Or, - if you're sure about which agent you want to go with, and the percentage you want to pay, - just say "I'll happily go with you at 1%".

If they say they can't do 1%, - then tell them that you might get back to them.

EAs will always want your business, plus the agent has already wasted time coming over and giving you his/her slimey sales pitch.

As said, - dont get tied in for a long period, - as if they turn out to be problematic, you'll be stuck.

Be sure to ask how much notice you need to give them (probably in writing) to end the contract.

Consider also dual-agency, - dual worked quite well for me.

jonathon

skintlass wrote: »

Hi,
Has anyone managed to bargain with an estate agent from Reeds Rains for a reduction in their fees? My friend has done it with a smaller estate agent (mind you she has a lovely big Victorian in an area where the houses go in days). I've been told its 1.5% plus VAT with Reeds Rains. I haven't accepted just yet but am wondering whether I should try to haggle the %.

around our way it depends who you go with most of the independant will haggle but if its a chain like spencers then the fee is fixed. we are paying £950 plus vat on a house at £137k