Estate agents fees - update

A

anastasia

Guest
Hi all,
I have searched the various threads etc on this topic but can't seem to find any up to date info on this.
From my experience, i am getting quoted 1% by all the big boys, and as low as 1/2% with a newcomer on the scene (who has incidentally completed the last sale on our development). I've never sold before. so was disgusted by the 1% quotes (until i saw that according to what I see on here, 1.25% was the norm last year). I mean, what is there to it? Stick it on myhome.ie with a few pictures and off we go - 4K in the pocket.
Now my question is this, do i go for the the lowest commission or do i take the guys who know the business best to try and eke out a few grand extra? According to any agent I've talked to, there is plenty of interest in the development. The low commission guy reckons that 381K is my limit, whilst the others feel that 381K will be breached and 390K should be expected, with a reasonable chance of 400K.
Could I negotiate some scheme whereby the agents get an increasing commission based on the price achieved?
 
We have been quoted 0.5% (by Property Partners), 0.7% by Sherry Fitzgerald (who said if we got a better quote we could bargain) and 1% by Remax. VAT @ 21% in all cases. Signage and Myhome.ie included in the price.
 
I think it varies in different parts of the country but 1% is definitely the norm now if the agents can get it. Ask about the extras like advertising and internet placement as these can add up but some agents have them included in the price. Make sure they tell you exactly how much advertising costs per week/per newspaper ad etc.

Have you gone back to the ones that quoted 1% and asked them to improve their price on the basis that another agent is giving you a better price? I did this and ended up paying 0.7% plus vat with 5 weeks advertising included.

Also if you have the time to do it...consider putting it on daft and in your local paper and selling yourself. I would have loved to do this as I think you are a better salesperson for your home than any agent (especially if your market is first time buyers) but just couldn't manage it as I travel a lot with work.
 
Depends on the value of the house but recently for a house we are selling circa €400,000 got quoted 1.1% and 1%. so seems to be the norm. Obviously the higher value your home is the better position you are in to bargain.
 
Sell the thing yourself on Daft.ie and don't be wasting your money on estate agents.
Offer a contents sale and you'll get far in excess of €381K. Trust me.
 
For me, I don't mind paying someone to field and screen calls, show the place, provide ad erect a sign, deal with offers and describe it in more glowing terms than I ever could. The fact that you can't access Myhome.ie without an estate agent is also a factor.

We had considered going it alone and using DAFT (a recent thread suggested that people have been successful in selling in a quick period going this route), we didn't mind paying for the 'convenience' of using an estate agent. Also, if we had sold it ourself, it looks like we would have put it up for sale at a substantial discount compared to the asking price several agents have given.

Each to their own I guess.

Prices do seem to vary quite a bit depending on where you are selling.

(BTW-I am not an estate agent, and have no connection to estate agents through either family or friends).
 
CCOVICH said:
For me, I don't mind paying someone to field and screen calls, show the place, provide ad erect a sign, deal with offers and describe it in more glowing terms than I ever could. The fact that you can't access Myhome.ie without an estate agent is also a factor.

We had considered going it alone and using DAFT (a recent thread suggested that people have been successful in selling in a quick period going this route), we didn't mind paying for the 'convenience' of using an estate agent. Also, if we had sold it ourself, it looks like we would have put it up for sale at a substantial discount compared to the asking price several agents have given.

Each to their own I guess.

Prices do seem to vary quite a bit depending on where you are selling.

(BTW-I am not an estate agent, and have no connection to estate agents through either family or friends).
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Why would you have to do this? It's either worth X amount or it's not, regardless of what price the agent or you advertise it for.
 
Ballyman said:
Why would you have to do this? It's either worth X amount or it's not, regardless of what price the agent or you advertise it for.
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We obviously didn't have a proper appreciation of what it was 'worth'-even by looking are 'recent' asking prices.

I guess I should add that you can get your place 'valued' for free by an estate agant-you have no obligation to use their services after that.
 
Just to prove a point that it doesn't matter one jot how much you advertise your house for, the market will decide.

In Sallins, 4 weeks ago there were two 3 bed semi-d houses in the same estate up for sale with two different agents. One was advertised at €315K and the other at €335K. The bidding on both surpassed €350K. If one was advertised at €10 it would still surpass €350K when all was said and done.

ANyway, you know my feelings on EA's and why people would waste money on them. If the charges were a couple of hundred euro then I could understand but thousands and thousands????

Sell it yourself would be my advice. Wear sunscreen.
 
For me, I don't mind paying someone to field and screen calls, show the place, provide ad erect a sign, deal with offers and describe it in more glowing terms than I ever could. The fact that you can't access Myhome.ie without an estate agent is also a factor.
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I agree with CCOVICH (despite Campbell's antics on sunday!), it would appear to be more hassle going it alone, and at least with an agent, they should have a bit of experience. If they can get another few grand, sure that pays them anyway. 1% seems too high, the closer to 0.5% you can get the better.
 
anastasia makes a good point about negotiating a sliding scale for the EA's commission. I tried this myself when I was selling and the EA rolled his eyes at me, but I still think there is something in it.

If the property is worth about 381K, it is fair to assume that any idiot could get, say, 360 for it in the current climate and, at 1% "earn" 3,600 euros. Yet if you get a really excellent agent who pulls out the stops, publicises it widely, presents is superbly, and negotiates wonderfully, they might get, say, 410 for it, earning 4,100 commission. This means in effect that they are only getting 500 euro extra for all their extra work. Is it any wonder they can't be bothered?
 
golden mean said:
anastasia makes a good point about negotiating a sliding scale for the EA's commission. I tried this myself when I was selling and the EA rolled his eyes at me, but I still think there is something in it.
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Yeah, it certainly makes sense, but estate agents have it too handy, i may be selling shortly myself, and i'll definitely be proposing something along these lines - i can see him telling me where to go - but sure, there's plenty of agencies about!!
 
I had thought about something along the same lines myself, but that might give them the incentive to drag out any sale. I'm happy enough to pay 0.5% plus VAT (including signage and Myhome, DAFT, nicemove etc.).
 
I agree with you completely Golden Mean. The agents just want to show it maybe 2 weekends and a couple of weekdays and just take an offer. The extra thousands for the Vendor is not worth the extra work for the agent. Plus you just hear so many horror stories about estate agents not making an effort at all but I won't go into that as it's going off subject probably.
 
got house valued today at 325,000 in wicklow by sherry fitz and they said fees would be 1.5% plus vat.


Is this too much and what should we be paying?
 
funlovin said:
try this new estate agent www.movehome.ie new kids on the block ,reduced fees ,not bad concept
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funlovin-could you clarify whether or not you have any connection with that site?

It's worth pointing out that movehome.ie only seem to operate in Dublin 22 and 24 for a reduced rate, and do not seem to advertise on Myhome.ie or DAFT, using only their own website.
 
Movehome.ie do put properties on myhome.ie. My brother is currently selling with them in D22 and wouldn't have gone with them if they weren't using myhome.

As for whether they are any good or not will let you know over the next few weeks. I was considering using them myself but went with one of the more experienced in my area however I do think they will get better with time if they expand into more locations. I quoted their fees to an estate agent I was put in touch with through a friend of a friend and he said that every time they have to show your property they are losing money as the fee is fixed whatever sale price they get you. Hmmm. Anyway, like I say will be interested in seeing what they're like.
 
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