Estate agency fees are often a hot topic for discussion and have on many occasions been the subject of media attention. With the average commission fee of independent estate agents in Bishop’s Stortford currently at 1.25% + VAT, do they really represent great value for money? Are estate agency fees to high? Or is it worth every penny?
Moving home can certainly be an expensive process with conveyancing costs, removal company charges and not to mention stamp duty to fork out. With estate agency commission on top you may be thinking that the whole process really is a rip off. Many people think that in the current seller’s market, that estate agents don’t need to do an awful lot and yet get paid a huge fee for the privilege. You could probably sell it yourself, right? Let’s face it, standards of service in the estate agency industry are not considered high amongst the general public, so many people resent paying these fees to your average high street estate agent.
Across the world though, estate agency fees are far higher than in the UK. The average commission rate in the USA is 6%, 3% in Australia, 5% in France and 7% in Spain to name but a few. With an average commission rate of 1.25% in Bishop’s Stortford, we have some of the most competitive fees in the world. Not to mention that estate agent fees have dropped dramatically over the last 10 years in not only the Bishop’s Stortford area but across the world.
Behind the scenes, the work undertaken by your estate agent is immense. Hours spent perfecting your Rightmove listing, drawing floor plans, putting the perfect marketing plan together, taking and editing photographs, arranging and conducting all viewings, hours and hours spent chasing solicitors to make sure your sale happens on time; all of this goes on behind closed doors and is what you pay your fees for. Add up all the hours and expenses and you’ll soon work out the value your estate agent provides (a good one anyway). Perhaps if standards of service were raised in the industry, the fees would represent a greater investment?
I would love to hear what you think about this controversial topic – why not comment on Facebook or drop me an email at angela@thepersonalpropertyshop.co.uk.
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