Estate Agents commission / fees

[Sorrytodisturbyou0]

Can anyone let me know what to expect (I’m a first time seller). And are there any benefits / pitfalls of listing with more than one agent?

Thanks all

Commission can be negotiated down with a sole agent. I can't see the advantage of being with more than one agent as all properties are listed on RightMove. I've also heard people think you have had difficulty selling if you list with more than one agent.

Yes it put me off properties that were on with more than one agent. Usually it's because the first agent has failed to sell it in the 12 week contract period, and the vendors list it with another agent.

We went with our local agent solely because they sell loads of properties locally, and I always see their sold signs. They weren't the flashiest, and the photos could be a lot better - but they clearly have good local knowledge.

Thanks for the advice. Can someone give me a ballpark figure of the % commission we should expect to pay? SIL mentioned 1.5% to me but that seems high.... Are there other fees too?

I had the house valued by four estate agents and all said 1%. No other fees

Between 1-2% is the norm depending on where you live

Commission varies. I'm paying 0.75 + vat but I think that's quite low. And we're doing the viewings ourselves.

I'd get a few quotes and valuations and compare. They all know what the others charge, so if they think your house will be easy to sell you can negotiate on commission.
Have a look on Rightmove at the properties for sale near you. Look at the photos, are they good (lots aren't), floorplans (extra?), descriptions - and see how many are sold quickly. Does the agent do the viewings? Will you be tied into a contract? If so, how long? You'll get a feel for the service you can get for your money. (And the expensive ones always say they can get a higher asking price so that's why they charge more commission. They often value high to win the business then drop the price after a month - you can see the asking price movements on RM).

Recently sold ours at 1%.

Fourth property and it's always been %. One tried to ask for 1.5 but I haggled them down by saying other agents were 1. They wanted the business.

Always go with one agent for residential property. Ask them (and check on Rightmove) how many properties they've sold that at similar to yours recently. Meet the person who will be handling your sale. If you don't like them, go with another agent. You will spend quite some time talking to this person and if you hate them, it makes the process even more stressful.

If you have friends or family who've sold recently too, ask for recommendations.

And unless you're selling something massively unusual/enormous, choose a local agent.

We’ve just listed our house for sale. We had four agents to value it - three of them quoted 1% +VAT. The other quoted 1.5% +VAT but negotiated to 1.35% +VAT (but we went with one of the 1% agents)

They charge higher commission if you go multi-agency.

Like others have said, make sure they advertise on Zoopla, on the market and Rightmove.

So many shockingly don't

My first estate agent was a sole agency and she couldn't afford to advertise on RightMove, I'll always regret going to her.

Thanks for the useful tips, didn’t even think to ask if they advertise via Rightmove et al - I just assumed they would - I don’t actually know anyone who goes and looks in an estate agent window as their primary search anymore (esp in these times)

You probably won't get a high street agent much below a fee of 1% as they have quite high fixed costs that need to be covered. I'd consider using a fixed price online only agent - so long as your house makes it onto Rightmove with good pictures you will get viewings - is the extra service offered by a proper agent really worth it nowadays?

I think that money is better used to pay for a good solicitor personally.

is the extra service offered by a proper agent really worth it nowadays?

Absolutely it is!

I’m not keen on online agents tbh, have heard a fed bad things about purple bricks

Zoopla as well as Rightmove.

A good agent will do as much to keep the sale progressing smoothly, sort out issues etc as much as the original marketing.

A good busy agency will also know buyers to target, have contacts with people who buy and flip or are landlords looking for new properties. They will do due diligence and check out whether a buyer can proceed etc.

Reading with interest....

Do ‘buy and flip’ purchasers tend to only buy wrecks? Or to put it politely ‘in need of modernisation’?

Ours is in pretty good knick so not sure if we are ruling out that market.

I still retain a deep distrust of estate agents from my dad slagging them off when I was growing up

We’ve just sold ours through Strike, exactly one month on the market and no fees to pay!

Couldn't disagree more @FurierTransform. I renovate properties and have only dealt with a couple online agents- Purple Bricks being the biggest. They are awful. Know nothing about the property, and the online offer system is painful. And i also steer clear of properties advertised with pictures that look like they were taken with a disposable camera and a shaky hand. Give me an agent who know his/her area inside out, knows not only all their own properties but all the rivals that are on the market, and all the comps. An agent should come to your house having already done their research and be able to show you similar houses currently listed and recent achieved prices. 1-1.5% is normal. They should advertise on online portals plus have a high st presence.
@Youngatheart00 There is not much point flipping a house unless you can add value (the whole point of it) so yes I tend to buy at auction or probate sales houses that need the works doing. But I want to buy low, so do not see why you'd want to aim for that market.
There are great estate agents and poor ones - like in any profession. But they don't get the money unless they make the sale.

We sold a house that was 'in need of some modernisation' / 'in need of cosmetic updating' (ahem, complete new kitchens and bathrooms needed) - it was bought by a small developer company who paid a v good price for it and clearly work hand in hand with the EAs.

They turned our 4 bed terrace into 3 flats. They had a well practiced formula for the types of houses in the area, which was in itself a fast-gentrifying area. But we did get v close to the asking price. Maybe even the actual asking price. And it was an asking price that had been checked with other agents we interviewed.