Estate agent fees in Dublin

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Seneca

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Hi

I'm selling my primary in Dorset Street, Dublin. It's where I've lived since 2002.
It's being sold vacant possession.

I've never sold a property before.

I need to negotiate with some estate agents in the area.
What terms should I look for ?

The property is likely to sell for €310k. What's a fair fee for the estate agent for selling it ?
1% would yield the estate agent €3,000, perhaps they will ask for more than this.
Should I ask for a fixed fee ?
Naturally I want the fee to be as low as possible, whilst still motivating the estate agent to work to get the highest selling price.

Any advice to help this clueless seller !

thanks
 
1-1.5% is pretty standard plus costs. (Advertising etc). You may get less but I doubt it in Dublin.
 
I'd imagine that there'll be very little effort needed - given demand for property and the price point.

I'd be trying for 1%, on the basis that you really just want it up on the websites and someone to show it, a couple of times.

I haven't used them, but you might like to check out Auctioneera.ie

- they appear to be offering a discounted service, no sale no fee, have a number of offices, staff profiles on their website, appear to advertise properties on Daft My Home etc.
 
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I would say once the property is on Myhome.ie that is the main criteria.
Friend used these guys recently and was pleased with the service, they are based in Fairview; fee was 0.8%; you will also need to stump up for a marketing/advertising package - this is never included in the Agents fee
 
1.5% is the going rate as far as I am aware (6% in the US :oops:...but then, they don't have deemed disposal over there :rolleyes:). You would have no chance of them reducing their fee on a property worth €310,000. I remember speaking to an estate agent who said there was no chance of him reducing his fee on anything under €1m and he would strongly resist reducing it at all. There are fixed fee estate agents, you are better off using them from the get go rather than trying to haggle with the % based EA.
 
Surprised by the above comment. Got the percentage reduced from 2 EAs recently. Got the fee reduced to 1per cent from initial 1.25 I think. It was so easy that I just thought that it was standard practice. (Dublin and North co Dublin)
 
1% is your target. Under that and you've done very well.

You don't just want to go on price alone, but ideally the buyer who will not mess around. Assuming tis an apartment, it's likely an investor will be the buyer.

To get the best price, have it uncluttered and effectively ready to live in. That may need some painting and a deep clean, but it will be worth it.

I'd go very local and GWD have been in Dorset street for decades - https://www.gwd.ie/residential/dublin/apartment-for-sale?status=2|3
 
Leo said:
Try to attend a viewing run by the agents you are considering, see how well they engage with prospective buyers.
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Very true. Saw one estate agent who was so laid back it was hard to believe. When people were asking to see large back garden he was not willing to go outside on a beautiful summer's day. Didn't have the key according to him for back door and was not willing to even look for it despite many requests.

Another important subject is to put away and valuables for viewing as have heard a few people say that items went missing. These days people ramble around unsupervised while agent is inclined to stay downstairs. I saw one house where owner stayed around to keep an eye on things!
 
I am not sure anyone will give less than 1% unless perhaps you are a builder giving them rights to a full housing estate
 
T McGibney said:
The problem with a fixed fee estate agent is that they have a vested interest in selling your property as quickly as possible and no incentive to hold back in order to maximise the selling price.
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Not disputing that but, FWIW (and I understand that this is anecdote and not data):

After considering a few "regular" EAs quoting 1% + VAT, I decided instead to go with Auctioneera who charged a fixed fee of €2,995 + VAT (there are different fixed fees for different price brackets). All EAs also charge a few hundred in marketing costs for photos, plans, video walkthrough. I was very happy with the service and the process. Two up/down, c. 60 sqm, mid terrace, former council house in Cabra, D7. Of course, in the current market properties are arguably selling themselves but unless you're going to do a completely DIY sale you probably need an EA.

Property listed for €395K (same asking price suggested by the regular EAs), someone offered that at the first viewing so the Auctioneera two week countdown started immediately, and after several more viewings and bids it went sale agreed after the end of the two week period at €450K in early May and is closing tomorrow. Judging by the Property Price Register and other sales/listings in the area/adjacent roads it's a fair price for this type of house.

I found the Auctioneera agent assigned to my property very professional and responsive and their online platform where most of the process is managed very clear and easy to use. I appreciate that their fixed fee business model presumably depends on volume to make money but I didn't find that a drawback in my specific case. Maybe if it was less of a seller's market it might be a different matter? I don't know.

To summarise (ignoring marketing costs of a few hundred in both cases):
  • Auctioneera: €2,995 + VAT = €3,684
  • Other EAs: €450K x 1% = €4,500 + VAT= €5,535
  • Savings: €1,851
Just passing it on in case it helps anybody else.
 
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People forget about George Akerlof's famous "Lemons" paper from 1970.

Simply put, if most people in a market are using an EA then someone not using an EA is signalling that they are not a serious seller.

I'm in the trade-up market at the moment. I would probably view a self-listed house but I'd be wary of putting on a bid.
 
Dr Strangelove said:
I'm in the trade-up market at the moment. I would probably view a self-listed house but I'd be wary of putting on a bid.
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Why? You're going to need the same level of inspections off the title and property for a sale by owner as by a sale by agent so I'm not seeing the disadvantage.

Shouldn't affect the price you're willing to pay either really. Although given a sale by owner might not becas familiar with local price trends it could offer some scope to lowball a little.

ClubMan said:
I appreciate that their fixed fee business model presumably depends on volume to make money but I didn't find that a drawback in my specific case.
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You should also recognise that on a 1% commission it also doesn't pay a traditional auctioneer to break a sweat to get your sale price up €10 or €20k if they have to wait for their money. At absolute best a €20k increase in price is worth under €100 after tax etc to the agent on a 1% commission...
 
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BIG-notorious said:
You should also recognise that on a 1% commission it also doesn't pay a traditional auctioneer to break a sweat to get your sale price up €10 or €20k if they have to wait for their money. At absolute best a €20k increase in price is worth under €100 after tax etc to the agent on a 1% commission...
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By that logic they shouldn't bother putting any effort in to selling at all. :confused:
 
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