Estate agent commission central London

20
Posted 17th Jan
Hello,
I am selling my property in London. I am aware of the low fee providers (Purple Bricks etc) but tempted to go with one of the big brand estate agents, as I think they might help me get the most for the property.

My question is - they have quoted a commission percentage that is very high. I am wondering how low I might get them down to.

Does anyone have experience of talking down the big agents (Foxtons, Hamptons, Knight Frank etc).

Thanks
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Ring few agents and book 45 minutes apart from each other on same day as they have a chat with you too which can take extra 15 minutes. If your in popular place and there’s lots of demand in area go for purple bricks.
Iv chosen a agent whose fees will be extra £1,200 than purple brick but in my area there’s lots of mixed people and I thought because purple bricks is online booking I thought some people may struggle booking appointments online etc so I thought of it that way. It’s been 2 months and half now, had 4 non turn up appointments from buyers and 2 turned up. No offers atm
1.5% is usually the fees?
We are being charged 1.25%
We opted for a “proper” estate agent due to work commitments, we didn’t want to feel pressured into being home all the time and tried for it not to interfere with everyday life.

Anyway, after speaking to the in-house mortgage advisor she did mention the selling fee was negotiable. (Which I was unaware of at the time. First time seller here! ) and I did go back to haggle on her advice. Was originally 1.5%.
Edited by: "Chrisstara" 17th Jan
We went with Foxton's 3%. They had more visible marketing and achieve a higher sale price than smaller local independents.
LostRolo17/01/2020 20:24

We went with Foxton's 3%. They had more visible marketing and achieve a …We went with Foxton's 3%. They had more visible marketing and achieve a higher sale price than smaller local independents.


3% seems extreme!
Chrisstara17/01/2020 19:41

We are being charged 1.25% We opted for a “proper” estate agent due to wor …We are being charged 1.25% We opted for a “proper” estate agent due to work commitments, we didn’t want to feel pressured into being home all the time and tried for it not to interfere with everyday life.Anyway, after speaking to the in-house mortgage advisor she did mention the commission fee was negotiable. (Which I was unaware of at the time. First time seller here! ) and I did go back to haggle on her advice. Was originally 1.5%.


Who is the agent if I might ask?
LostRolo17/01/2020 20:24

We went with Foxton's 3%. They had more visible marketing and achieve a …We went with Foxton's 3%. They had more visible marketing and achieve a higher sale price than smaller local independents.


3% is disgusting. It's your home, not theirs and estate agents are barely skilled.
LostRolo17/01/2020 20:24

We went with Foxton's 3%. They had more visible marketing and achieve a …We went with Foxton's 3%. They had more visible marketing and achieve a higher sale price than smaller local independents.


3% (+20% VAT) seems a hell of a lot.
My mum just sold her house in leafy Surrey for 1% fee with a joint agency.

For properties over a certain amount better to get a fixed fee (to include VAT) rather than a percentage.
how much did they quote you?
LostRolo17/01/2020 20:24

We went with Foxton's 3%. They had more visible marketing and achieve a …We went with Foxton's 3%. They had more visible marketing and achieve a higher sale price than smaller local independents.


foxtons are infamous for overvaluing properties and have a high rate of reducing prices on their books. I know people who work for Foxtons and their personalities match the brand perfectly
justingalore18/01/2020 00:31

1.75%


The going rate is anything between 1.5% to 2%. The 3% mentioned in one of the reply is on the high side.

The rate varies from the agent depending on the value of the property and how much they want your property on their books. That is, how easily they think they can shift it.

What you have been quoted doesn't sound unreasonable.

You would only be able to get that down to 1.5% if you got other agents round who offer you that rate, then go back to your agent and ask if they are willing to match. They often won't do so, but may be worth a try.

You should get a valuation from 5 local agents anyway. That way, you get a better understanding of the sale value as you may find they will differ widely. You will also be able to see the different commission rates.
mutley118/01/2020 00:44

The going rate is anything between 1.5% to 2%. The 3% mentioned in one of …The going rate is anything between 1.5% to 2%. The 3% mentioned in one of the reply is on the high side.The rate varies from the agent depending on the value of the property and how much they want your property on their books. That is, how easily they think they can shift it.What you have been quoted doesn't sound unreasonable.You would only be able to get that down to 1.5% if you got other agents round who offer you that rate, then go back to your agent and ask if they are willing to match. They often won't do so, but may be worth a try.You should get a valuation from 5 local agents anyway. That way, you get a better understanding of the sale value as you may find they will differ widely. You will also be able to see the different commission rates.


Thanks for the long reply. I have already got them down to 1.5% + VAT but it seems an awful lot on a relatively expensive property.

if I look online it shows an average more like 1.4% including VAT. Now I would expect to pay more given it’s a bigger agent, but then maybe less to reflect its a bigger property.

I don’t know. It’s just been a long time since I sold somewhere and there are so many more options now..
If the agent gets you 5% more on the selling price an extra 1.5% in commission is worth it in my book. If you have an agent strong at selling who is charging less and you're confident they will get the best price then go with them. Foxtons are notorious for being pushy and getting as much as they can. Remember they are commission driven and they compete against one another in their own team ! Personally I would sell through someone like Foxtons and do my best to buy through someone else.
justingalore18/01/2020 08:40

Thanks for the long reply. I have already got them down to 1.5% + VAT but …Thanks for the long reply. I have already got them down to 1.5% + VAT but it seems an awful lot on a relatively expensive property.if I look online it shows an average more like 1.4% including VAT. Now I would expect to pay more given it’s a bigger agent, but then maybe less to reflect its a bigger property.I don’t know. It’s just been a long time since I sold somewhere and there are so many more options now..


we have sold a few properties in london and the agent rate can vary widely depending on the value of the property. the more expensive the property, the lower the rate as they get more real money. the lowest rate we have had to pay was 1.25% but that was on a very expensive property. when i turned down an agent that was keen to take on the property, they dropped the rate from 1.25% to 1% but i still chose the 1.25% as i had more confidence in them. when i asked the others to reduce their commission as i got a cheaper commission elsewhere, they said they couldn't reduce their commission rate.

for the cheaper properties we have had to pay 1.75% so if you have got them down to 1.5% that is pretty good going i would say.

i choose the agent on the commission rate and how much confidence i place on the agent as not all agents are the same when it comes to selling a property. some work harder than others to sell your property while others don't really do a lot of work and are not pro-active. so choosing the cheapest is not always the best as it is important how much they can get you and how quickly they will sell the property for you. the commission become minuscule in the grand scale of things.
mutley118/01/2020 10:47

we have sold a few properties in london and the agent rate can vary widely …we have sold a few properties in london and the agent rate can vary widely depending on the value of the property. the more expensive the property, the lower the rate as they get more real money. the lowest rate we have had to pay was 1.25% but that was on a very expensive property. when i turned down an agent that was keen to take on the property, they dropped the rate from 1.25% to 1% but i still chose the 1.25% as i had more confidence in them. when i asked the others to reduce their commission as i got a cheaper commission elsewhere, they said they couldn't reduce their commission rate.for the cheaper properties we have had to pay 1.75% so if you have got them down to 1.5% that is pretty good going i would say.i choose the agent on the commission rate and how much confidence i place on the agent as not all agents are the same when it comes to selling a property. some work harder than others to sell your property while others don't really do a lot of work and are not pro-active. so choosing the cheapest is not always the best as it is important how much they can get you and how quickly they will sell the property for you. the commission become minuscule in the grand scale of things.


Thanks! I might see if I can get 1.25%!
Got them down to 1.25%. Think that is OK for a big brand / local expert. I did speak to the Purple Bricks guy but they seemed a bit generic / to cover a wide area.
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