How much do estate agents charge?
Traditionally, here in the UK we only move once every seven years, however more recently we’re staying in our homes for even longer than this. Understanding how much estate agents charge and whether it’s a fair fee for their service is a question very much worth exploring before taking the plunge.
I can help with this. I’ve worked my whole career within the property industry and I’ve seen huge changes in the range and choice of estate agents.
Traditional High Street Estate Agents
Once upon a time, you would have found estate agents on the high street, all close to each other, with neat lines of photographs displayed in their shop windows. Their fees were usually based on a percentage of the value of your property, ranging from 1% to as high as 2.5%, many on a no-sale, no-fee basis; so they only got paid when the sale of your property completed. They all focused on selling homes locally, with a service primarily dedicated to the traditional opening hours of nine-to-five, five and half days a week.
Online Estate Agents
The creeping decline of the high street and corresponding incline of the internet has now led to a new breed of estate agents. Their shop window is online. Their fees are rarely on a percentage basis of your property. They tend to be a single fixed fee, most payable whether they sell your property or not. They spread their potential buyer-net wide with national TV campaigns and people in the field who are usually supported via a UK head office and web portals.
Boutique Estate Agents
Then there are boutique estate agents, providing a service that not only gets your property rapidly on the market but works closely with you to maximise its potential and unlock its true value. Boutique agents will typically charge you a fee to get your property onto the market, the exact figure will vary according to how much support you and your property need to unlock its value. They then charge a fee when your sale completes, usually a fixed figure, and only payable when they successfully take you right through to completing your sale.
You’re much more likely to find a boutique estate agent locally, based from their private office, rather than on the high street. And, a huge bonus is that their office hours extend way beyond those of the traditional high street agents with their rows of static pictures. Boutique agents work with you at a time that suits you rather than them, answering your calls for advice and laying to rest any worries that occur to you. It cannot be underestimated, the personal service offered by a boutique agent that would never be matched by other types of estate agents.
How can their prices vary so much?
But, all I want is for them to sell my house so how can their prices vary so much? At myplace, we think this is a fair question. Yes ultimately all estate agents are there to get you a sale on your house. As one of the most stressful experiences known to modern life, how you get to that sale, and what that experience will be like, varies hugely. This is where the difference lies, and why charges vary.
Join me for the next post to discover more about why estate agents’ fees vary so much and why you will get more out of your experience and your sale with a boutique estate agent.
Remember at myplace we are here to make your life easier, including the choices you make even before you put your house on the market. If a chat would help, then we’re here anytime. Drop us a message, or give us a call, whatever works best for you.