How Much Are Estate Agent Fees?
Estate agent fees are one of the many costs associated with selling a property. But how much are estate agent fees? We’re exploring how much you can expect to pay in this helpful guide. Oftentimes, people who are selling are also looking to buy so it’s important to factor this particular cost into your overall budget.
How are estate agent fees calculated?
Estate agency fees are typically calculated based on your location and the value of your property, and can range from as little as 1% up to 3.5%.
Can you negotiate estate agent fees?
It can be worth shopping around for the best estate agent fee, but we wouldn’t necessarily recommend settling with the cheapest. You should take customer service and value for money into account.
As Agentis goes the extra mile, we can help negotiate a slightly cheaper estate agent fee on your behalf.
What do the costs cover?
If you’re being charged a fee by the estate agent you’ll want to know exactly what they’re providing:
- Professional valuation
- Floor plans and measurements
- Professional photographs
- Marketing of the property – this may include several different channels such as online listings and newspaper adverts
- Installation of for sale sign
- Viewings
- Negotiation costs
Does the buyer or seller pay estate agent fees?
As the seller is the person who employs the estate agent, they are responsible for paying the estate agent’s fee. The buyer does not pay this fee.
When do you pay estate agent fees?
Estate agent fees are usually payable once the contracts have been signed and exchanged. If your sale falls through before the contracts are exchanged you may not have to pay if you have a ‘no sale, no fee’ agreement with the agent. However, some agents charge a flat fee for their services which you have to pay whether your sale goes ahead or not. It can be a cheaper option though, especially if your house is worth a lot.
In conclusion
Knowing ahead of time how much estate fees are will help you to budget accordingly and avoid any nasty surprises. Knowing that you can negotiate this cost could also help you save a little money.
