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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

To Pay Estate Agency 2% fee plus 20 week tie in

14 replies

dolchisweet · 12/04/2022 11:14

I have never heard anyone pay this much. Would you? What considerations should I make.

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AnGofsMum · 12/04/2022 11:18

We paid 1% and no tie in. We know one of the directors of the company well and I think this was mates’ rates. Think their usual terms are 1.5%. We are in the South West - not sure if London etc higher?

The 20 week tie in is really excessive in my experience.

FleurDeLizz · 12/04/2022 11:19

I wouldn’t pay that - mine was 1.25%

HotToddyColdSauvignon · 12/04/2022 11:20

We negotiated down to 1% plus VAT
Anything higher, walk away. There are hundreds of estate agents, if one doesn’t want your business, many more will

icanonlydosomuch · 12/04/2022 11:30

I think 1.5% and a 16 week tie in is about average.

We negotiated down to 0.9% and 12 weeks.

We live in quite a big house so they are still making a lot of money from me. They don't really do any more work to sell my house than a smaller house down the road.

You could otherwise negotiate a fixed fee!

Maternitynamechange · 12/04/2022 11:58

Ours was 0.75 and I think that’s all.

onemouseplace · 12/04/2022 12:03

I wouldn't pay that. We've had 1.1 - 1.25% + VAT from 3 agents - and then Foxtons wanted 2.7% + VAT or something horrific like that - and they can obviously jog on.

dolchisweet · 12/04/2022 12:17

I am in West London. I had my 1 bed ground floor maisonette on the market before with an agency. I negotiated 1% and 8 week tie in. However, they were useless and lazy. Got me one silly offer and that it.

I just had 2 valuations.

Agent A said that she couldn't negotiate on the percentage but could offer a flat fee of £5,000 plus VAT. She said she could negotiate on tie in however.
I liked her, she seemed enthusiastic about my place and said there are a shortage of garden maisonette with own front door and direct access onto garden and side gate.

She mentioned that an The Times had run an article this weekend on how my area was the best place to live in London. I liked that as it shows me they keep their finger on the pulse of things.

They recently sold a property that is on the same road as mine but is unmodernised, first floor and no direct access to garden. It went for £15,000 cheaper than the asking price.

I asked her about how they sell and market and she said that she has a team of 4 and they do not get group commission so they are proactive in their efforts to sell.
She told me about how they tap into their other 2 branches nearby too.

Agent B: is a family run business. He went on about knowing my family and how he's straight up with his valuations. I didn't like him. The receptionist was supposed to confirm the time he would come and didn't. I thought he was coming later, but came really early but apologised for being 15 minutes late. HmmI didn't like that.

Unfortunately, I didn't have time to hide the brochure the first agent left and he saw it and began his negativity against said Agent A . He said he used to work for them years ago. He told me their tactics are to price high and then reduce. Which is probably correct but if their are a shortage of my kind then you never know. He said they bring potential buyers in cars and he had heard people refuse to get out of the cars as it's not what they want. But I rented a flat when an estate agent did that with me, so that tactic can work. I feel that is proactive.

I asked him what his sales and marketing strategy is and he impatiently said I've just told you. He said I price right and get head though the door and market on Rightmove.

He said there is no chance I would get what the other estate agent suggested £25,000 more than he would put it on for. But he also said that he hopes that he wouldn't get too much less than what he put it on for.

He said the other Agent could sue me if I had a friend who wanted to buy it!

I found him to be very negative (some might say realistic)? But I found I was in a really bad mood when he left. He was kind of snobby and rude about the part my place is in as it's not as salubrious. He also mentioned about when I'd bought it and how I would have made a good profit. I didn't like that comment.

I asked him about fees as he mumbled about waiting to see what to get me as I had said that I have other agent coming round. He did mumble something about 1.25% and a reasonable tie in.

When I mentioned that the other agent had at least sold the property near mine when it had been on for another agent he said yeah well not for the asking price and it's been on for months.

The thing is there are not many other decent agents. One was so rude I cancelled the valuation. Others have bad reviews.

Is Agent B just more realistic.

Agent A is just extortionately priced.

What would you suggest?

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Candleabra · 12/04/2022 12:21

Are there any other agents? Neither sound great to be honest.

Candleabra · 12/04/2022 12:24

Do you know anyone who IIves in your area who had sold/bought recently who could recommend someone?

dolchisweet · 12/04/2022 12:37

No Candleabra I don't live in that area anymore. However, I did put a note through the door of the flat on my road that Agent A just sold. I said I would appreciate if they could advise me in their experience with Agent A and would they recommend them. It was a probate property so it is empty but hopefully they will see my note when they go to the property.
Because their people was on for months with another agent and didn't sell, I think they may be enthusiastic that it sold in about 2 or 3 months with them.

I should probably have a few more valuations but the thing that is swaying me is that Agent A did sell the one nearby albeit for £15,000 under and in a few months.

Urgh it's so hard.

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JurasicPerks · 12/04/2022 12:39

I wouldn't use B.
A is ££££. If the current agents havnt brought in sensible offers, presumably on rightmove, what are either of them going to do?
Weve had genuine interest and (low) offers from rightmove, but no shows and cancellations from agent brought in viewers......

Candleabra · 12/04/2022 12:48

So difficult. I think if A aren’t highly recommended and offering a top notch service then that’s too high. I paid a lot for my last estate agent, but they got me a great price which more than covered their fees.
Are there any other good estate agents just outside the area who might sell your house? They generally don’t turn down business.

dolchisweet · 12/04/2022 12:51

I took it off the market a few months ago and completely refurbed the garden with brand new gate and 6 foot fences and low maintenance gravel. It was in a right state before. That is the main difference now. I decided to spend on it because all the agents say that the garden is my unique selling point.

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dolchisweet · 12/04/2022 13:02

Candlebra I think I will have have a look what else is out there.

Jurasicperks how long has your been on for?

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