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What's a reasonable estate agent fee?

(29 Posts)
MrsMerryHenry Fri 27-Feb-09 14:26:22

We're about to sign a contract to sell our east London property (value: about £180k) and they've suggested a sole agency fee of around £4500. This seems a huge amount to me, I know it's negotiable but as a starting point I think that's absurd. I had thought fees used to be around 1.5% - thoughts, anyone?

Lulumama Fri 27-Feb-09 14:27:27

we are in the north west and are paying 1 % fee and no listing fee . we are also selling a more expensive property.

PestoMonster Fri 27-Feb-09 14:29:00

Too much, shop around and don't forget to haggle

georgimama Fri 27-Feb-09 14:29:41

I thought fees were usually 1-2%. That sounds absurdly high.

MrsMerryHenry Fri 27-Feb-09 14:30:32

You mean there's a listing fee as well? They have been great so far but haven't mentioned this. (Better get organised and dig out paperwork before I embarass myself in angry phone call).

The agency used to charge by percentage but have now changed their fee structure - a response to the economic meltdown, I'm sure. Nonetheless their fees should still be based on the old percentages, shouldn't they?

Lulumama Fri 27-Feb-09 14:30:50

have you had other agents round? is there a particular reason you want to use this agent?

unless they start off at a really high fee, and then go down to 1 - 1.5 and then you feel like you got a bargain...

rempy Fri 27-Feb-09 14:31:23

is that foxtons?

they are v expensive, v aggressive, and do get the job done. how much do you need to sell?

i paid 1% up north, and my grans home in wiltshire is also on with an agent for 1%.

Lulumama Fri 27-Feb-09 14:32:46

you should check what other agents are offering ,but it sounds really far from the norm

unless they are going to live in your house, do the tidying, conduct the viewings, do your packing and then unpack in your new home !! and let you put your feet up grin

and what about your hipps? that is another thing to pay for

Lizzylou Fri 27-Feb-09 14:33:08

I work in an estate agents part time and that fee is extortionate, thought we were pricey!
1-1.5% is standard, no listing fees either

LivingLaVidaLurker2 Fri 27-Feb-09 14:35:49

Much too high, especially at the moment. I would ask for 1 - 1.5%.

MrsMerryHenry Fri 27-Feb-09 14:44:31

Hmm..thought of est agency providing tidying, cleaning and removal service - maybe it's not such an extortionate fee after all!

We have yet to contact other agents but will do so right away. Most likely Lulu, you're right - they're expecting to negotiate down to a reasonable number.

Ta for advice!

georgimama Fri 27-Feb-09 14:51:26

A high street solicitor firm will do your HIP for about 300 quid max so even if it includes the HIP, they may be over charging for it.

Lulumama Fri 27-Feb-09 14:52:19

good luck ! i think we are going to find selling this time v v v stressful. last time we went on the market and 16 weeks later we had sold and moved out and had started renovations..

poopscoop Fri 27-Feb-09 15:06:58

push for 1%, accept 1.5% no more

BennyAndJoon Fri 27-Feb-09 15:09:56

oh Lulu - are you selling?

Where you going?

<<sorry for hijack>>

MrsMerryHenry Fri 27-Feb-09 15:32:03

Lulu, where are you? Parts of the country aren't as bad as the papers say. We've not even got our place officially on the market but have had 4 viewings in 2 weeks, and just had an offer today (which we've turned down) from someone who popped in this lunchtime.

Lulumama Fri 27-Feb-09 17:07:18

we are selling, (god willing!! ) staying in the area though..schools , work etc... we are in merseyside, mrsmerryhenry

wombleprincess Fri 27-Feb-09 17:41:26

0.85%

MrsMerryHenry Fri 27-Feb-09 19:58:49

Fingers crossed for you, Lulu!

Wombleprincess - that would be a brilliant rate! Reckon I could haggle them down to anywhere under .5%? wink

Actually they came back this avvo and said they'd be happy to go down to a more reasonable percentage, surprise, surprise. Thanks for your advice, everyone.

wombleprincess Fri 27-Feb-09 20:13:29

well, i tried to go as low as 0.75... but settled at 0.85, i am sure he really regretted it as i was a complete pain in the netherregions right until we exchanged.

Lulumama Fri 27-Feb-09 20:14:28

thanks, and to yuou !!

glad they are coming down

i guess they did not get a single client to bite at that sort of fee !

MrsMerryHenry Fri 27-Feb-09 20:34:08

Thanks! I find it so irritating to have to play the game over these things - such a waste of time and energy.

rodgershawk Fri 27-Feb-09 21:16:38

MrsMH

I live in North London and had ours on for 170K. Just accepted an offer this week after it had been on for 4 weeks.. (works out £2460)

I had 4 estate agents around and none were under 1.5%. Maybe its a London thing?

I pushed and eventually negogtiated a scaled fee:
Asking price: 2%
165k- asking price: 1.75%
up to 165k: 1.5%

That way they have to earn the higher percentage. Worth a go?

JamSandwichCream Sat 28-Feb-09 08:19:29

GAWD am envy envy envy at you lot selling so quickly. Our house has been on for 5 months. Things seem to have been picking up recently so fingers crossed.

brettgirl2 Sat 28-Feb-09 09:02:21

I think that sometimes it is worth paying a little bit more if they are more likely to sell it.

4.5% is very high though.

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