Estate Agents Contracts length

sidneyyoungblood

Still on the lookout for an EA after the first had fees for not selling , the next wanted to sell for £30k less than other property were selling for in the area ..

Found another one they came down to 1.25% + VAT fees on a 250k property , the other two agents wanted 1% so an extra £600 … The contract is 3 months with 28 day notice period - is this normal - It is a sole agency … Is it worth asking for a shorter contract ? Have not even listed the property and already stressed out ..

caprikid1

Who is actually selling houses in the area, that is the most important factor,

A good agent will get enough to cover the smallish increase in fee.

Cannot see a 3 month contract is unreasonable or long but not sold a house in years .

eddddy

I always aim to negotiate down to an 8 or 10 week minimum contract period - that includes the notice period.

Is your agent saying that you can't give notice until 3 months is up? If so, the Property Ombudsman would say they should be describing it as a 4 month minimum contract period.

I say something like "Obviously, if things are going well, I wouldn't terminate after the 8 or 10 weeks".

If you want to negotiate on fees, a tactic I use is saying something like "Agent A and B are offering me a fee of 1% plus vat, but I prefer you, so I'll go with you if can price match them."

But I'd suggest that you need to offer a commitment - i.e. you'll go with them if they price match.

TroubledTarts

Sell the property with an online estate agent

Emoov comes to mind but others are available just choose a package with Rightmove listing.

sidneyyoungblood

https://forums.moneysavingexpert.com/discussion/comment/82079679#Comment_82079679

thanks , was able to get them down to 1.2% including vat - they wont budge on the 3 months contract though but will do as you say and ask if that includes the notice period .. how does that work in practive so 8 weeks with a 4 week notice period ?

eddddy

they wont budge on the 3 months contract though but will do as you say and ask if that includes the notice period .. how does that work in practive so 8 weeks with a 4 week notice period ?

Yep - if it's a 12 week minimum contract period, with a 4 week notice period - you should be able to give 4 weeks notice any time after 8 weeks.

If the agent is a member of the Property Ombudsman Scheme (most agents are), then that's the way their contract should be worded.

Are they members? Is their contract worded that way?