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House selling fee

leereni
leereni Posts: 377 Forumite
in House buying, renting & selling
I have had a local estate agent come and value my house. This is the first house I have sold. He has quoted 1.25% fee of selling price. He has said this is negotiable. My question is, what would be the going rate? My home is valued around £2500. Any recommendations how and what to negotiate?

Comments

  • missprice
    missprice Posts: 3,738 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    leereni wrote: »
    I have had a local estate agent come and value my house. This is the first house I have sold. He has quoted 1.25% fee of selling price. He has said this is negotiable. My question is, what would be the going rate? My home is valued around £2500. Any recommendations how and what to negotiate?

    £2500?
    Does it even have a roof?
    63 mortgage payments to go.

    Zero wins 2016 😥
  • leereni
    leereni Posts: 377 Forumite
    :))) £250000
  • lincroft1710
    lincroft1710 Posts: 19,449 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    1.25% isn't high, but you could push for 1%. Just make sure a lower fee does not equal a poorer service.
    If you are querying your Council Tax band would you please state whether you are in England, Scotland or Wales
  • leereni
    leereni Posts: 377 Forumite
    And if sole seller?
  • G_M
    G_M Posts: 51,977 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    multi-agent contract?
    Or sole agent?
    Or sole selling rights?

    Check before you sign.

    Also consider the lock-in period. If the agent is cr*p and you are tied in for 12 weeks, then having a 1% fee does not help you!

    Most agents during their marketing spiel will assure you "We have lots of buyers interested in properties like yours".

    "Good" you say. "Then you won't need 12 weeks to sell it. Give me a 6 week minimum contract at 1%".

    If they turn out to be cr*p you can switch after 6 weeks........
  • rizla01
    rizla01 Posts: 7,260 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    edited 23 February 2015 at 7:40PM
    1) Dont forget that the fee is PLUS Vat
    2) better to get an all in fee (Suggest £2000 all in and see how he reacts)
    3) Not a bad thing to mention the 'Other' EA who was happy to do it for £x - Esp since the market is struggling at the mo (Its a Buyers Market).
    4) Totally agree with the 6 week tie in.
    Also acquaint yourself with a 'Sole Selling Rights' clause as a card on local notice board will mean that the EA will still want paying when prop sells.

    Good luck
    "Unhappiness is not knowing what we want, and killing ourselves to get it."
    Post Count: 4,111 Thanked 3,111 Times in 1,111 Posts (Actual figures as they once were))
    Women and cats will do as they please, and men and dogs should relax and get used to the idea.
  • gilpill
    gilpill Posts: 3 Newbie
    leereni wrote: »
    I have had a local estate agent come and value my house. This is the first house I have sold. He has quoted 1.25% fee of selling price. He has said this is negotiable. My question is, what would be the going rate? My home is valued around £2500. Any recommendations how and what to negotiate?
    im just selling mine im im the midlands and the fee is £1000
  • leereni
    leereni Posts: 377 Forumite
    They have agreed 1% but I didn't realise I'd need to pay VAT on top. Will tell them I'm happy at 1% incl VAT. Anyone any views on that?
  • Hoploz
    Hoploz Posts: 3,888 Forumite
    You could try it but I'd be surprised if they'll do it for that less VAT. Good luck, worth asking, you never know
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