Concerned about estate agent fees and how they might add up when you decide to sell your property?
To help you combat hidden fees and unexpected costs passed on by others in the market place, the experts at Mistoria Estate Agents have created this essential guide to estate agent fees.
Types of estate agent fees
Regardless of whether you’re looking to buy a new-build property or sell your small family home for something you can grow into, one of the most significant costs you’ll encounter are estate agent fees.
While these fees will naturally vary depending on the property, location, and services you require, we explore the different types of estate agent fees you should be aware of in more detail below.
Some estate agents, typically traditional estate agents, will charge sellers a commission fee for their services. This exact fee varies depending on how much the property sells for, but is usually between 0.75 and three per cent of the agreed sale price.
Online estate agents, on the other hand, tend to accept a flat fee (an amount that is fixed and doesn’t change according to how much work has been done) instead of a commission fee. A flat fee can range between £1,000 and £3,000 and covers the cost of the estate agent’s property-selling services.
Listing and advertising fees
The listing and advertising estate agent fees should cover everything from taking photos of the property to the creation of floorplans and any other marketing activities required to help advertise your property.
While some administration estate agent fees can no longer be charged to individuals letting a property following The Tenant Fees Act that came into force on June 1, 2019, a property agent can still charge property sellers and buyers for their administration-related services.
Additional services and charges
Additional services that a property agent might offer and subsequently charge you for includes the use of an in-house conveyancers or solicitors. These additional charges can add up, so it’s important to check what’s included and what’s going to come at an additional cost to their standard fees.
In many cases, most estate agents are open to negotiating their fees and will offer some kind of flexibility. Even if a property agent seems unwilling to reduce their estate agent fees outright, you could suggest a sliding scale.
For example, if the property agent achieves a final sale offer above asking price, they receive full commission. If not, they agree to lower their commission fee. Most elements of a contract are negotiable, so don’t shy away from asking your potential property agent if there’s any flexibility.
If the estate agent is adamant about sticking to their fees, you can always explore alternative options.
Understanding value versus cost
However, before you get too focused on negotiating a lower commission price or cutting out additional services and charges, it’s important to weigh up the value against the cost.
If you can pay higher estate agents fees but achieve a quicker sale and higher offer that saves you money in the long run, it often makes sense to choose a property agent with slightly more expensive fees.
Instead of immediately opting for the property agent with the lowest estate agent fees, it therefore makes sense to consider a range of additional factors when choosing the right estate agent.
Choosing the right estate agent
Searching online for an ‘estate agency near me’? Choosing the right estate agent isn’t always a straightforward decision. Some people might look for local and convenient estate agents, while others prefer to scout out the agencies with the best reviews.
Reputation, credentials and qualifications, awards, reviews and testimonials, successes, location, and values are all important areas that shouldn’t be overlooked when deciding which estate agent is best for your needs.
Contact Mistoria Estate Agents today
As one of the leading independent estate agencies in the North West of England, Mistoria Estate Agents have opened several branches across the region to support clients throughout this extensive area with their property buying and selling expertise and guidance.
We have offices set up in prime locations in the North West including Salford, Bolton, Worsley, and Liverpool, so feel free to pay your closest branch a visit to find out more about our services and estate agent fees.
Alternatively, you can always give our friendly and knowledgeable team a call today on 0800 500 3015! We also welcome email enquiries sent to firstname.lastname@example.org as well as any queries sent in using our handy online contact form.
Once you’ve registered your interest in our services, an experienced property agent will be in touch soon to find out more about your specific property requirements.