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Lauristons estate agents 0% commission - Evening Standard
travel_freak
Posts: 879 Forumite
Hi,
Just wondered what people think of the front page article today in London's Evening Standard saying that Lauristons estate agents are to offer 0% commission? Obviously this is London-specific.
I just rang them and they say the story wasn't "verified" by their MD and the actual deal is 0% commission but they will charge a "marketing fee" of £999 upfront but that is the only fee that will be charged regardless of how long it takes to sell the property.
I guess the major risk is paying them £1k and they then go out of business... also not sure what press they will get from this as there the articles doesn't mention the £1k fee. Would anyone take the risk - pay £1k to "potentially" save several thousand more?
Or could this be used to barter down other agents in the area on their fees?
Just wondered what people think of the front page article today in London's Evening Standard saying that Lauristons estate agents are to offer 0% commission? Obviously this is London-specific.
I just rang them and they say the story wasn't "verified" by their MD and the actual deal is 0% commission but they will charge a "marketing fee" of £999 upfront but that is the only fee that will be charged regardless of how long it takes to sell the property.
I guess the major risk is paying them £1k and they then go out of business... also not sure what press they will get from this as there the articles doesn't mention the £1k fee. Would anyone take the risk - pay £1k to "potentially" save several thousand more?
Or could this be used to barter down other agents in the area on their fees?
0
Comments
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The £999 is a daft idea for a a seller. Agent could take the money and do precious little and blame it on the market....RICHARD WEBSTER
As a retired conveyancing solicitor I believe the information given in the post to be useful assuming any properties concerned are in England/Wales but I accept no liability for it.0 -
travel_freak wrote:...I guess the major risk is paying them £1k and they then go out of business...
The biggest risk is they take the £1k and have a party with it.
I mean, what is the incentive for an agent to actually try and sell a property once they've been paid up front for it. There is no guarantee of a sale.
At present, it was reported that EA's in the area are lucky to be selling 1 house per week. This isn't going to drum up any more business, but will ease the EA's cash flow problems by pocketing £1k off anyone who does business with them.
Other agents will not reduce their prices based on this suggestion - they will just promise you that if you don't actually manage to sell your house (or even decide to withdraw it from sale), then you won't be left £1k out of pocket."Now to trolling as a concept. .... Personally, I've always found it a little sad that people choose to spend such a large proportion of their lives in this way but they do, and we have to deal with it." - MSE Forum Manager 6th July 20100 -
Surely it's time buyers demanded a kick-back from the grateful EA? I'd ask for 25% of the EA commission as 'reward' for being a cash buyer who can complete in 4 weeks.
I'd still gazunder the vendor though, the day before completion, due to 'irregularities' in their HIP. :beer:0
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