Estate agent fees vary from one agent to another, but you can expect to pay around 1.5% – 3% of the sale price of your home. This includes VAT and any other charges.
Estate agent selling fees are typically paid by the seller to the estate agent for their services. These services include listing your property, marketing it well, negotiating with potential buyers, and assisting in the conveyancing process. For these services, an estate agent will charge a percentage of the sale price of your home. These fees can be difficult to comprehend and confusing, as they vary vastly between agents and locations.
So how much are estate agent fees? In this article, we will examine estate agent fees and discuss some of the factors that affect them.
If you are selling a house in South Wales and want to avoid estate agency fees, call me today on 02920 501 001 or click the button below for a quick cash offer for any property in South Wales. We buy any house regardless of condition, and there are no fees to pay when selling to me.
How much do estate agents charge?
Estate agent fees are usually calculated as a percentage of the selling price. This means that the higher your home selling price, the greater your estate agent selling fees will be.
In the UK, most properties are sold via an estate agent. They will normally charge a percentage of the final sale price of your property. This is called a commission fee. The average estate agent fee is (1.5%, including VAT), but many offer discounts for higher percentages.
This may seem like a hefty chunk of money, but using an estate agent can speed up the process of buying or selling a property. In other words, it can save you time, money, and stress in the long run!
Factors that can affect your estate agency fees
It can be difficult to understand what factors influence how much you will need to pay in fees when selling your home. Here we run through some of the biggest factors that will affect how much you will need to pay.
Location of the property
Where your property is located can play a role in determining your estate agent fees. Properties located in popular areas, or areas with high demand, may be considered more valuable by the estate agents. The higher the value, the higher their fees may be.
Type of the property
You might think that all houses are created equal, but they’re not! Your agent will consider how big and old your home is when setting their fees. For example, if you’re selling a large house in an expensive area, you’ll probably pay more than someone selling a small flat in a rural area.
The current market
If many properties are available on the market, it will be harder to sell your property. Therefore the fees will be lower. If there is high demand for similar properties to yours, then expect higher prices!
Accreditation and qualifications of your agent
The level of accreditation or qualifications your estate agent holds may impact your fees. Agents with more qualifications and accreditations will charge more because clients value their expertise. So if you want to save money on your agency fees, hiring someone with less experience is one way to do it.
Time of the year
The typical estate agent fees also depend on the time of the year. Peak times tend to be in spring and summer. This is when most people are moving house. Therefore estate agents will likely charge more during these times (because they know they’ll get more business).
Other factors that may influence estate agents fees for selling a house include:
- Whether you have a sole selling rights contract (exclusive) or not
- Whether they are a member of the Property Ombudsman scheme
- Marketing costs
- Administration charges
Types of estate agents
There are several types of estate agents, and each has different methods for charging fees. The type of agent you choose will greatly impact how much you end up paying.
Online estate agents
Online estate agents often have a fixed fee, which means they can be less expensive than the traditional alternative. This fee covers all of their work, from taking photos and listing your property online to contacting prospective buyers and putting together paperwork for contracts and offers.
High street estate agents
High street estate agents are the traditional type of estate agents, with physical branches in cities and towns across the country. They charge higher fees than other types because they have more staff working on the premises.
Local estate agents
Local estate agents are smaller agencies that cater only to people looking for property within certain areas or regions. They usually provide lots of support for their clients and are very experienced in helping them sell their homes quickly.
Because they cater only to a limited audience, they can charge lower fees than high street agencies while still making a profit. Some local agents work on a fixed fee basis instead of charging a commission, meaning their costs are more predictable.
Do you need to sell your house fast? All you need to do is fill in our online form, and our team will contact you shortly: Click the button below to get started, or call me directly on 02920 501 001