What can I hope to achieve negotiating estate agent commission?

Wkmg

Planning to sell our home. It’s worth in the region of 350,000. Have 3 estate agents coming to value it this week. All the local estate agents seem to charge 1.5% commission + VAT. I assume this is negotiable? What would be a good reasonable commission to negotiate for? We’re in Oxford if that maters. Are there any strategies I can use? We want a quick sale so will ultimately go with the estate agent we feel will be the best at selling our home but would be nice to reduce costs if possible.

cattie

You should be able to negotiate at least 1%, possibly a little less if the ea is familar to you due to past sales/purchases.

The best strategy is to go for the one you feel more comfortable with, but whilst going through the negotiating process, mention that ea 1 or 2 have put forward a 1% offer as bait.

Good luck.

eddddy

Well I guess my strategy might be...

A very quick Google suggests that there's at least one agent in Oxford advertising a fee of 1% plus vat. I would get that agent in for an appraisal.

Then say to whichever agent I liked best "I'm really torn. I think you're a good agent, but 'Agent ABC' is offering a 1% fee, etc, etc. Are you able to price match 'Agent ABC'?"

That's usually worked for me.

But don't forget to do the following:

• Read all the EA's contracts before making a decision

• Don't forget to negotiate the minimum contract period down. 8 weeks is often the shortest period EAs will agree to - so start by asking for 6 weeks.

• Check for any other fees (e.g. Withdrawal fees)

• Make sure that you understand whether it's a "Sole Agency" or "Sole Selling Rights" contract - and what the differences are

• Look out for "Ready, Willing and Able Buyer" clauses - and understand the implications

i.e. Don't just read the contracts with an assumption that the EA will sell your house.

Read the contract and consider these possibilities as well:

• The EA won't sell your house, and you'll want to move to another EA

• You change your mind about selling, before accepting an offer

• You change your mind about selling, after accepting an offer (e.g. due to an unforseen family event)

AnotherJoe

Or, you change your mind about selling to this seller.

My last contract I made sure was payment upon completion. Cuts out all the gray areas.

hazyjo

Wouldn't want to pay more than 1%. But as eddddy says, it's more than just the percentage.


Remember to tell them if you have anyone who's expressed any interest. Should help you avoid fees if they have their name already.


Good luck.

Wkmg

Thanks for all the speedy and helpful advice. I’ll wait and see what the different offers from EAs are then maybe come back for advice if needed. Cheers.