What should I pay an estate agent?
Published: 06/03/2020 By Jane RobathanHow much do estate agents charge to sell a home? A survey for Which? Money tells us the average fee agents quote for every UK postcode. The accompanying tool is a fair indication of what an agent may quote, but as fees are rarely made public, you’ll get a better result in person during a valuation.
Generally, fees depend on how many estate agencies you instruct. If you use one estate agency, this is called sole agency. Joint agency is when you use two agents and multi-agency is when three (or more) agents are employed. The more agents you use, the more expensive it is. Crucially, agents will incentivise you to sign up with them exclusively, so you’ll save just by using one agent.
We can reveal typical charges for selling in East Dulwich, Peckham and Nunhead. One agency charges 2.5% for sole agency (a large London chain). All other agents in these areas charge between 1-1.5% for sole agency. The 0.5% discrepancy depends on the perceived ease/difficulty of the sale, the current market and, sometimes, the prestige of the property.
Most people will get three valuations. These agents will compete for your business, so it’s entirely possible to negotiate on a fee you’ve been quoted. People who have problems associated with their property (subsidence or an absentee freeholder) will find it harder to negotiate, as the sale will present problems and take far more time. As with many things, you do get what you pay for, so don’t expect a fantastic service from the cheapest agent. It’s far better to choose the agent who:
- can back up their valuation with recent sales data
- is knowledge able the market and local area
- is someone you feel you can trust
If you have any other questions about selling your property, our FAQs page might be useful or you can always drop us a line.