auctioneers fees - what is fair and what is not?

C

chancer

Guest
recently sold my house and was surprised at the fees i've just received from my auctioneer.

usual 1% of purchase price job but their bill includes a price on the signage they put up on the property (E150) AND the cost of "colour brochures/internet insertion" (E200).

are these fees usual or are they trying to ring me dry?

i am in galway.

ta.
 
not really but i have no proof either way. just talked about 1% plus "advertising" costs PLUS vat.

what is the conventional wisdom on this?
 
Well they should be able to produce invoices for the brochures and internet insertion. The only doubt I'd have is the property signage which is probably inflated since it is most likely their own sign? I'd ask for the invoices if in doubt and haggle on the signage.
 
I know that they charge the €200 fee for myhome.ie advertising as I am in the process. I was told the percentage plus vat, my home fee and signage fee.
Hope this helps.
 
chancer said:
recently sold my house and was surprised at the fees i've just received from my auctioneer.

usual 1% of purchase price job but their bill includes a price on the signage they put up on the property (E150) AND the cost of "colour brochures/internet insertion" (E200).

are these fees usual or are they trying to ring me dry?

i am in galway.

ta.
Click to expand...

That's standard from my experience of selling. You only pay the % fee if they sell. You're liable for the signage, brochure costs and myhome etc. regardless and in addition to the %.
 
I was quoted 1% plus €500 for advertising from the local rep for one of the majors. I haggled this down to 0.75%. Have a go, you have nothing to lose
 
When negotiating your auctioneer's/estate agents fees you should always agree the advertising costs up front. This way you never have a nasty surprise.
FYI, €150 for a signboard & €200 for brochure/internet insertion is extremely good value imho.
As was quite rightly pointed out, the physical cost of a signboard is likely to be less than €150, however signboards have to be erected and this is what costs the most. Reputable signboard companies have a safety statement, training and insurance. Many estate agents wouldn't use a board more than once as boards often have information relevant to the particular property on the market and/or can get damaged in high winds.
NB
I work for (but am not) an estate agent
 
I have recently placed a house on the market in Dublin and checked with a few estate agents - costs quoted as follows:
- Gunne 0.75% + about 500 for signage, myhome.ie etc.
- SherryFitz - looking for 1.25% + 500 for signage, myhome etc + about 1500 for their property mags
- small estate agent 0.55% to include signage, myhome.ie

I settled with the small estate agent as I feel that 99% of people who are in the property market look on myhome.ie. The advertsing in national papers etc. would seem to be a separate profit/revenue centre for estate agents

On the question of signage etc...why should the vendor pay?
 
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€500 for signage and myhome sounds high to me – given that myhome costs €200 (inc VAT), that leaves €300 for signage – seems high to me.

I was recently quoted 1% + €200 for my home by a mid size agent and was told it was non-negotiable.

Do any agents accept fees on the proviso that if they get a certain amount for the sale, say €500k you pay them 1%, anything less than €500k 0.75%?
 
Mourinho said:
€500 for signage and myhome sounds high to me – given that myhome costs €200 (inc VAT), that leaves €300 for signage – seems high to me.

I was recently quoted 1% + €200 for my home by a mid size agent and was told it was non-negotiable.

Do any agents accept fees on the proviso that if they get a certain amount for the sale, say €500k you pay them 1%, anything less than €500k 0.75%?
Click to expand...


I doubt you'll find any.
 
Yes you will find plenty of Estate Agents prepared to accept an incentivised fee structure as mentioned above. In fact I would recommend that if you're selling a high value property you always set this in place. By high value, anything over €600K.
 
I proposed the structure as previously mentioned but in the end he said he would do it for .75% - even though he said it was non-negotiable initially.
 
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