estate agent marketing fees

toonhammer

my house has been for sale with an estate agent for nearly a year, with only one offer that I couldn't afford to accept. I would take an offer of about 10K less than the asking price but this was much less than that. I put it on the market at the price suggested by the estate agent. They said I didn't need to make any changes to the property, it was fine as it was and should sell very easily. I have however decorated the house to try to make it more appealing. I realise that it's probably not going to sell without a drastic reduction in the price and I can't afford to move if I do that. I'd like to take it off the market but they want £250 for marketing fees. I did sign a contract at the beginning but given that it hasn't sold after all this time do I have to pay this?

ValHaller

toonhammer wrote: »

I did sign a contract at the beginning but given that it hasn't sold after all this time do I have to pay this?

The answer is in your contract, no one here has the right glasses to read it for you.

toonhammer

What I mean is, even though I did sign the contract I was wondering if anyone had any experience telling an estate agent that they weren't paying after having a property for sale for so long. I'm only wondering this because I do think that I have given them long enough to sell it, I wouldn't consider not paying if it had only been on the market for a couple of months. I've had the standard marketing, a picture in the window and on a website.

joujou

Well again the answer is in your contract.

The contract spells out what the agents needs to provide, so on that front have they breached their contract? This needs to be clear cut.

The contract also spells out any withdrawal fees or advertising period.

Can't you have a read?

R_P_W

So they have marketed the property for a year? Why would you think you don't have to pay them? Unless it says in the contract you nly pay if they get you a sale? Unlikely!

toonhammer

I have read it. my gripe is that I put it on the market because they said it would sell at the price they suggested and it hasn't. I just feel that I'd be paying £250 quid with nothing to show for it. If they had said put it on at 20k less which is the one offer I received, I wouldn't have bothered. that's all. I am very aware I agreed to this is the first place, and have signed the contract, but just wondered if anyone else had experience of this.

joujou

The EA will often use the promise of a good selling price to pull sellers in. And it's only that - a promise. A lot of EAs pretend that they have this pool of upper class buyers who have more money than brains... no...

You should ignore that and just do their own research and price accordingly.

If you don't want to lose the money, ask yourself this - why do you want to pull out?

If you've realised that you don't want to sell at all because you won't get what the EA got you to believe then you've gotta forfeit the money and learn.

If you still want to sell why do you think another EA will be any different?

Just make sure your right move page is up nice and tidy (ask here for advice if you want to) and lower the price if you have to.

BazzaDP

The estate agents can only make a best estimate on a price to market at, and how quickly it might sell. You can't really hold them to that and that's why it's important to not just pick the estate agent who gives you the highest valuation.

You are implying they basically didn't do enough to sell it. That may be true but is very, very difficult to proof and even if you could, they obviously did some marketing (picture in the window and on the website) so they weren't completely negligent so even tougher to make a case for this.

So basically you will be liable for any break fees specified in your contract with them and £250 doesn't actually sound that unreasonable for that. So, without knowing the details of your contract, I would say you have to pay.

What is more important is what happens if you get a buyer shortly after ending the contract, either privately or with another estate agents. Often the original estate agents will have a period where they can demand more fees assuming that sale was due in part to their marketing. Check this piece carefully in your contract.

googler

If your employer said they would pay you a retainer after a year of you working for them, and after the year, they decided not to pay you, even if it was in your contract, you'd probably not be too pleased, would you?