0.8% Fee for Local Estate Agents

Danger_Mouse

I've been quoted a 0.8% fee from a local estate agent and from what i've read online, this seems quite a good price. That said, I havent used a local agent before (used online previously) so wanted to get peoples opinion. Could I ask to go even lower or is that taking the pi...mick?

dimbo61

That is an excellent rate.
We paid 1%+ vat when selling our house.

Irishpearce26

What are you getting for that 0.8%? We paid 1%+vat fixed on market price but for that we got a EPC, photography and 3D virtual tour and EA led viewings. Although saying that we accepted an offer the day after we signed the EA contracts so much of that didn't make much difference for us.

canaldumidi

Yes, i'ts a good (cheap) price, though market price makes a difference too. 0.8% of £50K or 0.8% of £1.5M?

And as Irishpearce says, you need to be clear (and have it clear in the contract) what you are getting. A few photos taken by an agent on their phone or a professional photograper? Which and how many websites? etc etc

eddddy

It's a low price, but you also need to judge whether they'll be any good.(Some EAs are good at selling properties and getting to completion, others are less good.)

Are you happy with the viewing arrangements (i.e.Do you or they do the viewings. Do they do evening/weekend viewings)? Do they seem to offer good sales progression?

Also you need to read their contract and compare it to other EAs contracts.

Things to check include:

• Withdrawal fees and any other fees - and when/why they become payable
• 'Ready, Wiling and Able' buyer clauses - or equivalent
• "Sole agency" vs "Sole selling rights"
• Minimum contract period - which is usually negotiable
• Notice period

Put another way, you need to consider all possible outcomes (not just the outcome where they sell your property) - and see what the consequences and fees would be. For example:

• This EA can't find a buyer - and you want to move to another EA
• You change your mind about selling before you've accepted an offer (due to a change in circumstances)
• You change your mind about selling after you've accepted an offer (due to a change in circumstances)
• You accept an offer, but then your buyer later pulls out

Newnoel

Its a cheap price, but not necessarily good value. Sometimes you get the service you pay for. 

justcat01

We're in South Gloucestershire and marketed our 4 bed new build with a local agent for 0.75% +VAT. When we got valuations from 3 agents, we were quoted 0.75% twice and 0.8% once so it seems in keeping for my area at least.

They arranged and completed the viewings and have kept me informed at each step.
We had 20+ pictures and a floorplan and was able to use our original EPC as it was still in date. It went on Rightmove only I think.

We've not gotten to completion yet, but they have been really good at passing information on from our buyer and communicating with our sellers Estate Agent (they're across the road from each other so already know the teams)

Danger_Mouse

Just looking into the quote further, I noticed is 0.8% +VAT (originally thought it was included). Can anyone help me out with house much total estate fee's I would pay on a £350,000 sale if its 0.8% +VAT? 

Thanks in advance

Exodi

Danger_Mouse said:

Just looking into the quote further, I noticed is 0.8% +VAT (originally thought it was included). Can anyone help me out with house much total estate fee's I would pay on a £350,000 sale if its 0.8% +VAT? 

Thanks in advance

£350,000*0.008 = £2,800 (EX VAT)
£2,800*1.2 = £3,360 (INC VAT)

Danger_Mouse

Exodi said:

Danger_Mouse said:

Just looking into the quote further, I noticed is 0.8% +VAT (originally thought it was included). Can anyone help me out with house much total estate fee's I would pay on a £350,000 sale if its 0.8% +VAT? 

Thanks in advance

£350,000*0.008 = £2,800 (EX VAT)
£2,800*1.2 = £3,360 (INC VAT)

Thank you!

980233

Danger_Mouse said:

Just looking into the quote further, I noticed is 0.8% +VAT (originally thought it was included). Can anyone help me out with house much total estate fee's I would pay on a £350,000 sale if its 0.8% +VAT? 

Thanks in advance

£3360 , sure beats my £7020 handed over soon for one viewing and no photos or marketing sale.