Estate Agents Fees – the honest guide to what you get for your money
Let’s be frank, moving home isn’t cheap. So you want to be sure that you get the best possible value for money when choosing an estate agent.
But going for the agent charging the cheapest fees can be a false economy. A good agent will get the best possible price for your home, find a buyer quickly and save you lots of stress.
When comparing estate agent fees you’ll want to ask:
- How the fee is calculated
- Is it payable if the property doesn’t sell
- When is it payable
So how do estate agents charge?
Fixed Fee vs Commission
Traditionally estate agents charge commission – a percentage of the selling price.
Nowadays, a fixed fee has become more popular.
Remember that with a commission based fee, the agent has the incentive to get you the best price.
No Sale, No Fee
It’s vital to understand the agreement with your agent and whether all (or some) of the fee is payable if you want to change agents or take your property off the market.
With most commission based agents the fee is only payable when the sale completes. This is not the case with most fixed fee agreements (it’s one of the ways they keep the fees low).
Having to pay a fee to an agent who has failed to sell your property is infuriating.
Be sure to know when the fee is payable too. An up-front fixed fee is a large sum to find, while payment on completion means that the fee is taken from the proceeds of the sale.
Once you’ve worked out what the charges are likely to be you can start looking at what you’ll get for your money.
Here’s what you should look for when comparing agents and their fees:
What you should get as standard
Before you sign up with an agent they should come and give a free valuation. A good one will have extensive up-to-date knowledge of the local property market and give you an honest assessment.
The way we search for our next home has changed dramatically in the last 10 years. We no longer read the local paper and visit every estate agent. Nowadays we carry out a property search from the comfort of our sofa.
Make sure the agent you plan to use has comprehensive listings on the main property search websites. And most importantly……..
Great photographs are crucial for marketing your home online.
Steer well clear of any agent who uses photos which are not clear, bright and uncluttered.
Quiz your prospective agent on exactly what they will do to sell your property. These additional services can make all the difference between your home selling quickly at top price – or languishing unsold for months.
3D virtual tours
These are a great bonus if your agent offers them (like the Property Hive!).
Buyers love being able get the feel for a property before they book a viewing. And they ensure that you only get viewings from highly motivated buyers saving you time and stress.
There are several advantages to having your agent show prospective buyers around. We all lead busy lives and so finding the time to show people around can be difficult.
Plus buyers often feel uncomfortable when looking around someone else’s home while the owner is there.
Support from start to completion
We all know how fraught property buying and selling can be. Especially when there are several links in the chain.
A good estate agent is pro-active in keeping things moving, chasing up those who need chasing (they know who they are!) and ensuring everything gets completed in a timely fashion.
Here at the Property Hive we really go the extra mile to sell your property and earn our fees. And to prove it, we promise to sell your home in 12 weeks, or half our fees! (subject to a valuation by our experts) Interested? Give us a buzz on 01302 247754