A league table drawn up by a quick buy property firm claims that some estate agents' average commission has hit 2.32 per cent in parts of the country.
Yes Homebuyer says the average absolute commission charged by agents varies across England and Wales, starting as low as £1,809 in the North East and climbing to £9,199 in London.
Of greater interest to the industry, however, is the claim that in high-end areas of London - specifically Kensington & Chelsea, and Westminster - agents earn commission of 2.32 per cent and 2.16 per cent on average. Another London borough, Hammersmith & Fulham, has an average 2.06 per cent.
An unexpected high performer in the league table is Cornwall, where the quick buy firm claims agents earn an average of 1.78 per cent.
In a statement accompanying the league table, Yes Homebuyer founder Matthew Cooper says he believes agents more than earn their fee.
But then he says: “However, estate agent fees can be a bit of a minefield for home sellers. As it’s usually based on a percentage of sale price, many won’t know what they owe until the final bill comes through. The best way to battle this is to be upfront, ask for all fees incurred and what they equate to in monetary terms if you’re not sure.”
He goes on to tell vendors to haggle.
“Don’t be afraid to negotiate on fee either. The vast majority of sellers settle for the first quote they find, but you can often secure a better deal if you’re prepared to haggle or by researching other agents in the local area.”
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Who are these people?
First they tell us that it is great to buy people's houses at "marginally" less than the asking price to beat the problems with private treaty when in reality they are buying them at thousands of pounds less and and flipping them, and now they are knocking their competitors for charging - wow - an average of 1.78% commission and encouraging people to shop around for the cheapest deal with no mention of quality, efficiency or service.
If there are any members of the house selling public reading this, it is worth noting that an agent who states they are selling your house at or "marginally" below the market value and then resells it quickly at a materially higher price can be successfully sued in the courts and most of the difference plus costs recovered from that agent.
Whist you are correct in your assumption they are not an estate agent, there is room for everyone at the table and if someone wants to sell below market value then good luck to them. A fool and his money are easily parted.
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