When selling a home, estate agent fees can easily eat into any revenue. However, it is possible to negotiate these down to more acceptable levels. In order to get the best deal and make the process as comfortable as possible though, it is always good to be armed with a little knowledge along the way.
Above anything else it is important to prepare ahead of starting any negotiations. Mindful of this it is good to research the best estate agents regards, how receptive they may be to such discussions, and their recent sales history, particularly for similar properties in the area.
Local estate agents will offer greater discounts on fees. However, this may prove a false economy if they are inexperienced, so, the independent estate agent reviews we provide from sellers at Meet My Agent are invaluable. They help understand how good a service an agent provides, and allows a realistic figure to be thought about ahead of valuations being conducted.
A critical part of the negotiation process is timing the discussion itself, and on no account should it be the first thing discussed. Letting the agent complete the valuation and bring it up themselves is the best strategy, whilst being surprised at the initial figure mentioned will help.
They will often push for fees between 2 and 2.5%, but, getting them close to 1% of the sale price is advisable. For valuations above £500,000, a fee of between 0.5 and 0.75% should be the target, whilst set fees could be an option. Whichever the final agreement, checking all documents and small print is essential, whilst it is also important to remember that fees will have VAT applied.
Keeping your nerve is important, and, for this reason having more than one person present usually helps. To help get focussed, it is worth considering that an agent always needs your business far greater than you need theirs; it is hard to operate without houses to sell of course.
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