They usually are the cheapest fees-wise: some even offer their basic listing package completely free, and make their money from selling added extras. The paid online firms generally charge a one-off fee upfront, some have now moved to the 'no sale, no fee' model though not all of them, so this is worth checking. But often their lowest prices are reserved for their minimum service packages, which will leave you doing a lot of legwork in the house sale process.
Most good estate agents will offer no sale, no fee. This approach could sell your home faster, for a higher price. Find out more in our in-depth article, Should I use sole or multiple estate agents?
Creating competition between estate agents encourages them to really put in the hard yards. Instead, it pushes them to hit the phones and work their buyer database to get in the right viewings. The very short answer to this is, yes. In fact, you absolutely should negotiate. For tips on how to go about it, see our article on negotiating fees. That being said, do look out for agents who are quick to drop their fees significantly. It might also tell you their approach to selling your home and negotiating offers on it — also not a good sign.
Good estate agents should be pitching their fees about right — with the potential for a little wiggle room. However, we put our customers in the lucky position of not needing to negotiate — we do it all for them. Why not take a look at how our process works for finding the best agents and negotiating the best fees. Get a better deal with Movewise — a faster, multi-agent home sale with all the hassle handled, at the same price as using a traditional agent.
Take the first step by contacting us today. We respect your privacy. Unsubscribe at any time. Estate agent fees: the essential guide, updated for Get fee quote from Movewise. In this guide: Estate agent fees — the bare essentials The basics of estate agent fees and contract terms What do estate agent fees usually include? Online estate agent fees — are they always cheaper?
Online estate agent fees are typically charged at a flat rate, rather than as a percentage. Find out more: online estate agents. You should always invite several estate agents ideally three to value your home and quote you a fee.
Make sure you grill them on their recent performance and what's included as part of their service - download our checklist for the key questions to ask:. Estate agents will not want to lose your business, so you can often negotiate on the fee or other aspects of the service for example the notice or tie-in period.
If one agent has quoted you a lower fee but you'd prefer to use another firm, mention that you've found a cheaper deal and see if they're able to offer a reduction. If your favourite estate agent refuses to lower their fee, see if they'll compromise by offering a sliding scale, where you pay different rates of commission based on how much the agent gets for your property.
This can act as a strong incentive for them to achieve the best possible price. Some estate agents also offer a reduced service for a fixed fee that's payable upfront, whether your property sells or not. When we spoke to recent home-movers who had sold a property through an estate agent in the past two years as part of the Which? One important way to ensure that the relationship between you and your estate agent remains positive is to read the contract before signing and question anything you're unsure or unhappy with.
The bottom line is that if you don't understand the contract, you shouldn't sign it. Here are some of the typical contract terms you'll come across, what they mean and how you can make sure you get the most for your money. You can find more terms in The Property Ombudsman's glossary online. Some estate agents will offer their services for a fixed fee, rather than as a percentage of what your home sells for.
This generally works out cheaper but you often have to pay upfront, meaning you'll pay the same amount regardless of whether your home sells quickly or slowly, for above or below the asking price, and even whether it sells at all. Fixed fees are particularly common among online estate agents. This means that several estate agents act for you, but only the agent that sells your property is entitled to receive a commission.
Given that any estate agent worth their salt will list your property on portals like Rightmove, and being advertised several times in the same place can seem a little desperate, it's probably not worth paying extra for this kind of contract. This is the period of time you have to wait between telling your estate agent that you want to terminate the contract and it happening. The notice period is often two weeks, but you'll also have to factor in the tie-in period see below if it still applies.
With open-ended agreements the agent can claim commission if you sell to someone who they originally introduced to your property, even if months or years have passed since. Sole agency is the most common type of estate agent contract. This means that the estate agent is the only agent with the right to sell your home during the term of the contract. We don't recommend signing a contract with sole selling rights. Choose an agency that allows a few days for the money to transfer before they start charging interest.
This is the period of time that you are tied into the contract for from the date you first sign. If you change agents during this time you will still be liable to pay fees to your original agent. The shortest contract you will typically be able to get is six weeks; try to avoid anything over eight weeks. Remember to factor in the notice period, too often around two weeks - see 'Notice period', above, for more information.
Legally, your estate agent's contract must use clear terms. They must pass on all offers promptly in writing, reveal any personal or financial interest they have in offers made on your property, keep records for six years and be a member of The Property Ombudsman, The Property Redress Scheme or Centre for Effective Dispute Resolution. If you suspect that an estate agent has acted in breach of these regulations, you should complain to your estate agent first. If you're not satisfied with their resolution, or eight weeks have passed since you first made the complaint, you can refer it to either The Property Ombudsman, The Property Redress Scheme or Centre for Effective Dispute Resolution, depending on which scheme your estate agent is registered with.
Ombudsman Services: Property withdrew from handling complaints on 6 August If your estate agent was registered with OS:P, ask for the details of its new provider, which will be one of the above schemes. Valuation and quote from high street estate manager. Is this genius or not true. Please reply. My husband and I are joint owners of a flat. My husband signed a confirmation of instruction which included the fees to be paid if the property is sold.
I did not sign this and am not happy with the fees. Real estate transactions involve one of the biggest financial investments most people experience in their lifetime. I am currently a buyer and was under the impression no evidence yet!
Please advise. Regards, Victor. Can I afford to buy a home? Should I sell my home before buying a new one? How to buy and sell at the same time The hidden costs of buying and owning a home What is gazumping and how to avoid it Rightmove, Zoopla and the rest: which is best?
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