Estate agent fees - how much did you negotiate?

[OhpoorMe]

I'm about to get my flat valued for listing and wondering what people are paying in fees at the moment, and how successful you've been in negotiating them? I'm zone 2 London if it makes a difference, flat c£500k

the good ones won’t negotiate on their percentage. they have no need

Really? I thought it was standard to negotiate?

I’ve always negotiated. Get valuations from at least three agents, then go back to the one you want to instruct telling them what the lowest percentage is that you’ve been offered and ask them to match it.

any of those agents the likes of savilles? foxtons? etc

i doubt it. they won’t negotiate

unless at very very top end

But Foxtons are known for being rubbish?

I'm more likely to go with a local estate agent who specialises in the borough. Seems to be how it works best in London.

indeed

but irrelevant to the question!

if local and independent - then more likely to
but the really popular well regarded ones will believe in their value and they won’t, nor will they need to.

Unless you’re coming up with a very very tasty property

This was with Savills and Hamptons, both in London but different areas. It’s worth a try anyway!

what value property out of interest?

More than the OP and each was a house. Maybe that’s the difference.

I did a deal where I paid for online listing, energy efficiency cert, photographers etc and then a flat £500 fee to the EA to vet buyers (ie check they are proceedable)
i did viewing and negotiated final sale price.

i could have paid £1k and they’d do viewings or I could have paid for them to do viewings on an ad hoc basis.

unused a small independent
my flat was £500k zone 3.
I think I paid about £1-1.5k total

foxtons kfh and winksworths all wanted between 1 and 2.5% of sale price… so significantly more

so you paid for credit checks and references?

It varies so much no one can really tell you @OhpoorMe

Savills in central London wouldn’t negotiate at all even when we threatened to walk away. Yet other EAs we’ve used in other areas have been open to a small negotiations. You need to get 2 or 3 EAs round and try it, the worst that can happen is they say No.

We didn't.
They offered 0.66% all in and we jumped at it.

Wow that's amazing!!!

Yep and for them to list it on zoopla and rightmove (which was basically all I needed) you can’t do that as a private individual.

Does everyone thing the rest of these fees are in the right ballpark or am I way off on any?

We sold a flat valued at £600k in zone 2. We used an agent in SE London with a few branches. Can’t remember the percentages but it would have cost roughly £12,500 and we negotiated it to £7k. In the end had a private sale so didn’t pay anything.

I'd say your conveyancing fees are probably a bit low for the prices you are looking at, but given the stamp duty, it's probably neither here or there as to the total cost!

Fees were 1.5%

We negotiated them down to 1.5% if they achieved valuation or above. 1.25% if within 97.5% of valuation. 1% if within 95%. 0.75 % if within 90%. 0.5% if less than that.

good heavens

london conveyancing on £850k property… unless you’re getting mega mates rates… no chance £1k.

Our conveyancing fees were about £4k in total on a much less valuable sale not in London so they look extremely low.

I have a friend who is an EA and he advises you shouldn’t pay more than 1.25% in EA fees.

I would aim for 1% if they are good agents and all other costs are included. Some seem to charge more for better photography etc

I negotiated 0.75% on the sale of v well presented house at 500k in Bristol. The house sold the day it was opened for viewings and I told the agent that I wouldn't approach another agent if they sold at my request rate.

If you know the market and what your house is worth is easy to negotiate rates.

Thanks everyone - you're right re conveyencing, I've only just thought to see what I paid before and it was £3k inc all searches and VAT so will up my budget.

God stamp duty is so unfair!