Selling your house is a stressful enough experience before any money changes hands, so when it does you’ll want to be sure that you know exactly what to expect.When you‘re selling your house the aim is to make as much money as possible, so any cost that cuts into that profit needs to be clearly understood – it may even help reduce them. This is especially true when it comes to estate agent fees; the better you understand what your money is going towards, the more chance you have of minimising the amount that you pay.
Estate agent fees are essentially the amount of money that an estate agent will charge you for their services of helping you to sell your house. The estate agent fee often equates to a percentage of the sale price of your house; and in the UK, this will generally be between 1.5% and 4% of the property’s sale price.
There are a number of factors that can vary the amount that an estate agent will take from your profit; the primary determiners are the services that the estate agent provided for you during the selling process and the price that you sold the house for. In other words, you can expect the fee to increase alongside the comparative value of your house.
We’ll take a look at the potential services that an estate agent can provide for home-owners in the next section. The price of your house will depend on the results of a thorough evaluation, which will take into account factors like the condition of the property, and its location.
Keep in mind throughout the process that the field of estate agent is largely unregulated by any external bodies. This means that the fee charged by any single estate agent could differ massively from the fee charged by another. They could charge for different services, or simply charge a higher or lower sum for the same. In essence, it pays to shop around!
There are a large variety of services that an estate agent will potentially charge you for. Some may not elect to charge you for every service that they provide, and some may not offer all of the services offered by their competitors. Regardless, we have provided a list of potential services below, to give you a better idea of what to expect.
If it’s not immediately clear what your chosen estate agent is offering in exchange for your payment, it’s important to ask; you’ll have no way of knowing if you’re being overcharged if you don’t know what your money is going towards. When you know all the facts, you’ll be better able to negotiate, potentially saving yourself a lot of money.