Has anyone successfully negotiated a lower commission with their estate agent?

[Despondenthouseseller]

We have reduced our house by 18%, now have a buyer very interested, but they only have an offer on their property, not a firm buyer. They have offered significantly less than our already reduced asking price, £50,000 less. Looking at the figures, this means that we are struggling to buy anything within our reduced budget. So, I'm thinking of asking our agent's to take a lower commission? Has anyone else done this successfully?

If their commission is % based they will be getting less?

Or have you agreed a fixed fee?

Yes, but I did it up front and it was fixed fee.

I've never done it but you could have that conversation as part of the discussion over whether to accept this lower offer theyve managed to get you but, with the figures you are talking about, will it really make any significant difference to actually being able to find somewhere to move to?

i think.I would want them trying to see if they can get this offer substantially increased so there's enough money to find a property to move to.

Do you think they originally overpriced it? What did other agents say? Or have you been on the market for a while during the recent interest rises?

You could try asking on the basis that if they don't reduce their fee, then the sale will fail to go through and they'll get nothing!

Yup do this. It will work, they desperate right now.

That’s a huge price drop, would make me wonder if they valued it correctly in the first place. Did other agents value it at a similar price. Have you had lots of viewings but only this offer? Or very few viewings? I’d be more inclined to switch agents and try and get another buyer. There’s no point in selling unless you can then buy your onward purchase.

the trouble with a fixed fee is that they have no incentive to get you a higher offer.

They have offered significantly less than our already reduced asking price, £50,000 less.
You are probably talking about one percentage point on EA's fees. On £50k, that's only £500. It's nothing in the grand scheme of things.
You should be directing your attention to your selling price, not the EA's fees. You are trying to negotiate with the wrong person!!

As already pointed out the agent will be getting less anyway unless you have a fixed fee contract. If you have a % contract as most are - then it would be a waste of time. You simply need to negotiate a purchase at a better price or trim your onward expectations. I would expect your onward purchase to be open to negotiate. It's not easy to sell at the moment and may get harder next year.