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

When I worked with London developers, the motto was "Buy through independents, sell through Foxtons."

IIRC, data shows that Foxton's achieve more, like for like. This was the source of much debate, and the prevailing theory seemed to be that Foxton's cater to the whims of the 'cash rich, time poor yuppies' who gravitate towards being ferried around for multiple viewings at any difficult time of their choosing whilst the independents mostly soak up the lower (poorer) end of the market who are more value-driven. That, and superior photography, greater number of registered buyers etc.

When I sold my flat in London, I stupidly went multi-agency, but Foxtons managed to get me about 12% higher an offer than all the rest. The (high) 3% fee is often worth it, IMO.

Why do you say "stupidly" went multiagency? What was the downside?

An obvious downside is that you pay more for multiagency. And it can look a bit desperate like you anticipate your property being hard to sell.

Seeing as all good agents use Rightmove anyway & all buyers look on Rightmove, what’s the advantage of the property being listed with two separate agents?

It gave an air of desperation especially after they all put boards up despite being told not to. I also paid more on commission. One agency said some agents are less motivated because they fear putting in the same work but having only 1/3 of a chance of selling it.

Got quotes for estate agents fees in October - we are SSTC, North London Z2 - three of them were 1.25% and another was 1.5%. The 1.5% said he never negotiated on this as he felt they offered a great service for that. We went with the one we liked the most at 1.25% and didn't negotiate on rate further.

Looking at your budget:
Conveyancing fees look very low - I think I've budgeted 6k to buy and sell (selling around 470k, buying around 750k)

Survey - If you're buying a house you might want a level three survey rather than a Homebuyers, I've just paid £1350 inc VAT for one in London.