​Estate Agent fees are the biggest pain in the backside along with falling down the stairs. The estate agent fees can be a huge sting in the tail at the end of the sale, especially if you are having problems selling and have had to take a hit on the sold price. The large estate agent fees will only push you further into debt so it’s important to get the right price. So why they are so high and what do they cover?

Traditional agents typically charge around 1.8% on the sale of the house. Work this out against the price of your average house price in the in the UK and you are looking at a fee of over £3000. This is before you have even added the dreaded 20% VAT. So what have you got for your money?

An estate agent is essentially a marketing company for your property. They will look at the best way to market your property and negotiate with potential buyers. In the old days an estate agent would have insight knowledge of the area and know the best way to market your property in that particular area. These days it’s much different! But how different is it? How does this affect the market today?

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Today the internet has changed the game completely. According to Rightmove 80% (and growing) of potential buyers start searching online first and it’s a trend everyone is noticing. The days where you would have to walk down the local estate agent or pick up the phone to find out if a property that you liked in a certain area are long gone. These days you can simply logon to any one of the numerous property portals and find out information on a property for sale in seconds, and you don’t have to be in the house to do this. With smart phone usage increasing you can be literally be anywhere to find information on a property for sale. What does this mean for the marketing of a property? With powerful portals such as this we’re not saying that the old ways are gone (yet!) but you can’t afford to be with an agent who is not using these portals.

Estate agent viewings can be a very random and awkward experience and is sometimes a deal breaker. Some estate agents are good at this some are absolutely terrible. We’ve all been to the viewing where the agent clearly hasn’t been to the property before and rather than turn up 10mins early to get a look around they rock up and pretend like they know the place inside out. That’s why we believe the vendor is the best person to do the viewing. Think about it, who knows the property best an agent or the person that has lived there for the last 10 years?

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Negotiations have not changed much for estate agents over the years and to be honest we feel no amount of technology will ever take over from people talking it out together. This is where your estate agent fees are earned (partly) a good negotiator will work hard for you to get the price you want out of the property. But be warned just because you want a set price for your property doesn’t mean that you can achieve it. Some properties with the best negotiator in the world will not achieve a price if the price is ridiculously overpriced. Everyone wants to make a profit but sometimes as hard as it is to swallow some properties will simply not perform. In this case it may be worth looking at renting options until the market shifts or if time is against you reducing the price significantly.

So why pay large estate agent fees? You can sell your property with an online estate agent for just £445 + VAT. When you compare estate agent fees the savings are huge but you get the same service. It’s a no brainer really!!