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AIBU?

To balk at £27k estate agency fee and consider the online alternative

113 replies

lemsiptime · 28/02/2017 22:25

We live in silly-house-price land - aka Greater London, and the modest Victorian mid-terrace house we bought 14 years ago, and extended, is now worth an eye-watering £900K.

Our DCs are approaching their teens and shooting up in height so we want to move to something a little bigger, slightly further out. We've had one estate agent round so far, and their fee is 2.5%+VAT which works out around £27.5K Shock. To me that seems completely excessive, and could influence whether we're able to afford the step up to a bigger property.

I've read loads of bad reviews here on Mumsnet and MoneySavingExpert about Purple Bricks, and they don't seem to have many properties around our way (3 in a 2 mile radius) suggesting they're not exactly booming in popularity, but there's a huge difference between their flat fee (£1199) and £27K. I'm aware there are other online agencies too. AIBU to be tempted by that route? If so, please tell me what the more traditional estate agent will do for their money as I need to be convinced.

OP posts:
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SanityAssassin · 01/03/2017 10:59

wtf are you selling that would incur that ?

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thatdoesntsurpriseme · 01/03/2017 11:29

I sold mine in London and it was 1% inclusive of VAT (I did have to haggle). your house is worth enough that they will haggle with you on this and if they wont, go to another estate agent who will.

I wouldn't bother with Purple bricks. As a buyer, I have hated viewing properties marketed by them as the owner has to arrange it themselves and its a nightmare and just awkward. As a seller, your property is worth a lot even for London so why would you want timewasters etc who would otherwise be vetted and excluded by a proper estate agent?

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thatdoesntsurpriseme · 01/03/2017 11:30

And I didn't use Foxtons! I used one of the local ones in my area of SE London

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Musicinthe00ssucks · 01/03/2017 11:53

Hi OP when we sold our flat in London we paid 1%, although some agents were quoting 1.5%. 2.5% seems extremely high! I would shop around and definitely don't be looking to pay more than 1% - you don't need to.

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StiickEmUp · 01/03/2017 13:20

Oh my word.

We sold a glad outside of Brighton and fees were £2000+ vat the house price didn't matter!

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YippieKayakOtherBuckets · 01/03/2017 13:23

Do keep an eye out for new estate agents opening in your area, too. They will usually have a very low rate for the first few months.

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edwinbear · 01/03/2017 13:56

We sold our last house via Foxtons and paid 0% commission Grin. They'd just opened an office in our area and to get stock on their books were offering 0% commission if you sold within 6 months of them opening. I found them excellent.

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VeryBitchyRestingFace · 01/03/2017 15:52

We sold our last house via Foxtons and paid 0% commission grin. They'd just opened an office in our area and to get stock on their books were offering 0% commission if you sold within 6 months of them opening

They sold your house for free?

Or did the buyers pay them?

**

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TheBeastInMsRooneysRoom · 01/03/2017 16:02

My sister sold the house I was renting from her and used Hatched. I dealt with them on her behalf and they were fantastic. It was so easy. I am a SAHM so was available to do viewings, but it sold on the 3rd one anyway. I think the whole thing cost about £2k because it was very cheap to go on their books and then a flat rate if it sold. But they were very good, did all the photos and admin and no buyers got our phone numbers Grin

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PeaFaceMcgee · 02/03/2017 00:55

I have no clue why yous are paying thousands when we spent under £300 for our online agent Confused

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foxychox · 02/03/2017 08:58

We're in a very similar situation - had purplebricks round and it seemed ok, then had a guy from a London-wide agency round who quoted 2.5% plus VAT. Unsurprisingly he did give us a higher valuation, but to our surprise backed it up with quite a few sales in our area in that price bracket to people moving out from the more pricy central areas. The same agency got my BIL around 15% over the asking price for his property. Although the fee will be eye watering we're going with it as we've seen the proof that they can do it plus we have the time to wait for the right buyer to come along...

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BIWI · 02/03/2017 09:02

I can't believe that no-one has pointed out to you, @lemsiptime, that 2.5% of £90K is actually only £2,250 - not £27.5K!

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allchattedout · 02/03/2017 09:05

I can't believe that no-one has pointed out to you, @lemsiptime, that 2.5% of £90K is actually only £2,250 - not £27.5K!

Um.... Her house is worth 900k, not 90k.

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