How much (or how little) should I pay an estate agent?
The average high-street estate agent fee is 1.3% including VAT, according to conveyancing firm MyHomeMove as reported by Which?
However, this figure can vary from 1% to 3.5%, depending on a number of factors including whether you are using one agent or multiple agents.
Should you choose the cheapest estate agent?
The Which ? home movers guide states “while the estate agent’s fee can seem like an eyewatering sum, it’s not always advisable to choose the company offering to sell your home for the
lowest fee. Getting the highest price possible for your home isn’t always possible while paying the lowest fee.
The best estate agents often do charge slightly higher fees than their rivals and have high quality property adverts and skilled sales negotiators. You’re likely to have a lot of contact with your estate agent over the coming weeks and months, so it’s also worth thinking about who you’d be happy to do business with. Getting an acceptable offer for your property is also only half the job done. Progressing the sale through to completion also requires a lot of effort and experience.”
If keeping costs to a minimum is a priority, you might want to consider using an online estate agent or “listing only” agent. Here you will only pay for the advertising or “listing” and will need
to do the rest yourself. Be aware though, initial studies show that Listing Only property sales obtain a lower % of the asking price and have a higher fall through rate than the conventional Full Service estate agency sales. Another factor to keep in mind is that online agents are paid to list the property with little or no commission at all for selling it.