What reasonable Estate Agent Fee at the mo?

[Olf]

Per a couple of other threads I'm advising a relation who is going to sell soon (hopefully). What's a fair fee at the moment? They are asking 1.5% + vat.

I was thinking about 1.25% if they get an offer that proceeds to sale within 6 weeks and then 1% after that.

[paoloh]

Olf said:

Per a couple of other threads I'm advising a relation who is going to sell soon (hopefully). What's a fair fee at the moment? They are asking 1.5% + vat.

I was thinking about 1.25% if they get an offer that proceeds to sale within 6 weeks and then 1% after that.

That sounds fair to me.

[Pugsey]

Olf said:

Per a couple of other threads I'm advising a relation who is going to sell soon (hopefully). What's a fair fee at the moment? They are asking 1.5% + vat.

I was thinking about 1.25% if they get an offer that proceeds to sale within 6 weeks and then 1% after that.

IMHO MUCH more important than the odd 1/4% is choosing the right agent. On top of that some cover all advertising and brochures, some charge for brochures/larger brochures etc etc etc. That said I'd say 1.5% isn't bad for a good agent round here and it seems to be the 'white socks and Next suits brigade' who get down as low as 1%. Consider agreeing a sliding scale too - ie as the sale agreed price drops below guide then so does the fee whereas if they achieve over guide the fee goes up. That's assuming you're confident enough in their initial valuation of course!

[Olf]

Pugsey said:

Olf said:

Per a couple of other threads I'm advising a relation who is going to sell soon (hopefully). What's a fair fee at the moment? They are asking 1.5% + vat.

I was thinking about 1.25% if they get an offer that proceeds to sale within 6 weeks and then 1% after that.

IMHO MUCH more important than the odd 1/4% is choosing the right agent. On top of that some cover all advertising and brochures, some charge for brochures/larger brochures etc etc etc. That said I'd say 1.5% isn't bad for a good agent round here and it seems to be the 'white socks and Next suits brigade' who get down as low as 1%. Consider agreeing a sliding scale too - ie as the sale agreed price drops below guide then so does the fee whereas if they achieve over guide the fee goes up. That's assuming you're confident enough in their initial valuation of course!

Yes, we think we've got the right agent. These guys get the proportion of good property in the area.

We're going to go with their guide price which corresponds to a brief of a realistic to sell price and is also the same price quoted by 2 other agents. If they get more we'll pay more. Problem is it's right on the 500k mark.

It's 3 bed, turn of century, stone build, 1/3 acre, on a private estate with no associated cost. 1/2 mile private drive, AofONB but not listed and has had planning in the past for conversion to 5 beds. Detached, Garage, close to the sea but on top of a hill. I think 500k at this time is the right price.

[welshbikerduck]

If the house is on a busy road why not opt for self sell?

No need to pay agents fees, and you would be surprised at the amount of people that find their house from the board in the garden and not on the internet or in the local press. For the sake of a few quid it must be worth a try.

[Olf]

welshbikerduck said:

If the house is on a busy road why not opt for self sell?

No need to pay agents fees, and you would be surprised at the amount of people that find their house from the board in the garden and not on the internet or in the local press. For the sake of a few quid it must be worth a try.

About 2 cars a day pass the house and they are the neighbours!

[Pugsey]

Olf said:

Pugsey said:

Olf said:

Per a couple of other threads I'm advising a relation who is going to sell soon (hopefully). What's a fair fee at the moment? They are asking 1.5% + vat.

I was thinking about 1.25% if they get an offer that proceeds to sale within 6 weeks and then 1% after that.

IMHO MUCH more important than the odd 1/4% is choosing the right agent. On top of that some cover all advertising and brochures, some charge for brochures/larger brochures etc etc etc. That said I'd say 1.5% isn't bad for a good agent round here and it seems to be the 'white socks and Next suits brigade' who get down as low as 1%. Consider agreeing a sliding scale too - ie as the sale agreed price drops below guide then so does the fee whereas if they achieve over guide the fee goes up. That's assuming you're confident enough in their initial valuation of course!

Yes, we think we've got the right agent. These guys get the proportion of good property in the area.

We're going to go with their guide price which corresponds to a brief of a realistic to sell price and is also the same price quoted by 2 other agents. If they get more we'll pay more. Problem is it's right on the 500k mark.

It's 3 bed, turn of century, stone build, 1/3 acre, on a private estate with no associated cost. 1/2 mile private drive, AofONB but not listed and has had planning in the past for conversion to 5 beds. Detached, Garage, close to the sea but on top of a hill. I think 500k at this time is the right price.

Just to clarify, I meant the % is on a sliding scale. In other words you agree say 1.5% at -/+ £10k within guide but below that their fee drops to 1.25% (and so on) and above that it rises to 1.75% (and so on). Gives them an added incentive to get a good price rather than 'just sell it'. Good luck!

[Olf]

Pugsey said:

Olf said:

Pugsey said:

Olf said:

Per a couple of other threads I'm advising a relation who is going to sell soon (hopefully). What's a fair fee at the moment? They are asking 1.5% + vat.

I was thinking about 1.25% if they get an offer that proceeds to sale within 6 weeks and then 1% after that.

IMHO MUCH more important than the odd 1/4% is choosing the right agent. On top of that some cover all advertising and brochures, some charge for brochures/larger brochures etc etc etc. That said I'd say 1.5% isn't bad for a good agent round here and it seems to be the 'white socks and Next suits brigade' who get down as low as 1%. Consider agreeing a sliding scale too - ie as the sale agreed price drops below guide then so does the fee whereas if they achieve over guide the fee goes up. That's assuming you're confident enough in their initial valuation of course!

Yes, we think we've got the right agent. These guys get the proportion of good property in the area.

We're going to go with their guide price which corresponds to a brief of a realistic to sell price and is also the same price quoted by 2 other agents. If they get more we'll pay more. Problem is it's right on the 500k mark.

It's 3 bed, turn of century, stone build, 1/3 acre, on a private estate with no associated cost. 1/2 mile private drive, AofONB but not listed and has had planning in the past for conversion to 5 beds. Detached, Garage, close to the sea but on top of a hill. I think 500k at this time is the right price.

Just to clarify, I meant the % is on a sliding scale. In other words you agree say 1.5% at -/+ £10k within guide but below that their fee drops to 1.25% (and so on) and above that it rises to 1.75% (and so on). Gives them an added incentive to get a good price rather than 'just sell it'. Good luck!

I was with yo the first time! But good advice anyway and It's the way I'm suggesting the vendor should go.

Cheers.

[Pugsey]

Olf said:

Pugsey said:

Olf said:

Pugsey said:

Olf said:

Per a couple of other threads I'm advising a relation who is going to sell soon (hopefully). What's a fair fee at the moment? They are asking 1.5% + vat.

I was thinking about 1.25% if they get an offer that proceeds to sale within 6 weeks and then 1% after that.

IMHO MUCH more important than the odd 1/4% is choosing the right agent. On top of that some cover all advertising and brochures, some charge for brochures/larger brochures etc etc etc. That said I'd say 1.5% isn't bad for a good agent round here and it seems to be the 'white socks and Next suits brigade' who get down as low as 1%. Consider agreeing a sliding scale too - ie as the sale agreed price drops below guide then so does the fee whereas if they achieve over guide the fee goes up. That's assuming you're confident enough in their initial valuation of course!

Yes, we think we've got the right agent. These guys get the proportion of good property in the area.

We're going to go with their guide price which corresponds to a brief of a realistic to sell price and is also the same price quoted by 2 other agents. If they get more we'll pay more. Problem is it's right on the 500k mark.

It's 3 bed, turn of century, stone build, 1/3 acre, on a private estate with no associated cost. 1/2 mile private drive, AofONB but not listed and has had planning in the past for conversion to 5 beds. Detached, Garage, close to the sea but on top of a hill. I think 500k at this time is the right price.

Just to clarify, I meant the % is on a sliding scale. In other words you agree say 1.5% at -/+ £10k within guide but below that their fee drops to 1.25% (and so on) and above that it rises to 1.75% (and so on). Gives them an added incentive to get a good price rather than 'just sell it'. Good luck!

I was with yo the first time! But good advice anyway and It's the way I'm suggesting the vendor should go.

Cheers.

Good oh. My problem is I always think people are as slow as me.

[astroaracdia]

I just paid 1.6% inclusive of all marketing costs which was a little more than I wanted to pay. As others said its more about the quality of the agent especially in these times.

I could have paid 1% for another local agent but opted to go with the more expensive one. Did it pay off? I sold my house this week within 7 days of going to market. The danger, especially with xmas coming is that you dont get enough initial interest and the proprety stays on the market into the new year. Then you will be looking to drop the asking in line with market falls and you are back to where you started and feeling alot more stressed too.

The important thing to consider is the value the agent offers and the price you market at. Agents tell you one thing but once you have a few viewings and people start to make offers you have a reality check. Buyers want their 10% discount to allow for further drops so hard negotiating at this point is where paying for a good agent pays off. Make sure the agent pulls out all the stops when you go to market to create that buzz about house.

It sounds like a great house!

Edited by astroaracdia on Sunday 9th November 17:02

[Chrisgr31]

It really is not worth trying to scrimp on agents fees. A good agent might cost more but they will sell the house quicker.for a higher price than a poorer agent.

At £500k a 1/2% difference in agents fees is £1,250 which is peanuts on the scale of things. The more important thing is to get the house marketed well and away fast before it is perceived to have been on the market for ages and hence a bargian waiting to happen.

[Olf]

Chrisgr31 said:

It really is not worth trying to scrimp on agents fees. A good agent might cost more but they will sell the house quicker.for a higher price than a poorer agent.

At £500k a 1/2% difference in agents fees is £1,250 which is peanuts on the scale of things. The more important thing is to get the house marketed well and away fast before it is perceived to have been on the market for ages and hence a bargian waiting to happen.

I hope you're not an accountant.

[zuffenhausen74]

Olf said:

Chrisgr31 said:

It really is not worth trying to scrimp on agents fees. A good agent might cost more but they will sell the house quicker.for a higher price than a poorer agent.

At £500k a 1/2% difference in agents fees is £1,250 which is peanuts on the scale of things. The more important thing is to get the house marketed well and away fast before it is perceived to have been on the market for ages and hence a bargian waiting to happen.

I hope you're not an accountant.

No an estate agent ;-)