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Estate agent fees

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  • 20-08-2009 5:04pm
    #1
    hick
    Registered Users Posts: 788 ✭✭✭


    Hey Folks

    We're thinking of selling our house at the moment and trying to do up the figures. We have 2 agesnts coming out over the next few days to view the property but prior to them coming in I'd like to know what the typical margin is.

    As much as I'd like it to be 1% I believe this is a by gone age and it's probably closer to too. Would be very interested in hearing negotiation points also.

    The house in in dublin so would be interested in hearing others in the area as rates are couty specific (based on volume) but by all means comments on other areas are worth hearing as I did a search for this in the forum and the most recent post I could find was 2005 (although there has to be more recent) so an updated estimate would be useful!

    Cheers Hick

    Estate Agent fees 18 votes

    below 1%
    16% 3 votes
    1% to 1.49%
    22% 4 votes
    1.5% to 1.99%
    22% 4 votes
    2% or more
    38% 7 votes


Comments

  • Options
    #2
    hick
    Registered Users Posts: 788 ✭✭✭hick


    anyone?


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    #3
    Plus 10
    Registered Users Posts: 137 ✭✭Plus 10


    Looking to sell our house - quoted 1.75% (one of the main estate agents). Rang around a few they all seem to want to call out discuss the property, etc. 1.75% seems like a lot - anyone out there got any recommendations on a decent agent at a decent %.

    Call me a cynic but don't think they have to do a lot for their not insignificant fee.


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    #4
    D3PO
    Registered Users Posts: 7,879 ✭✭✭D3PO


    sell it yourself. They dont do anything that you cant do yourself.

    1% or more is daylight robbery for what they do.


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    #5
    hick
    Registered Users Posts: 788 ✭✭✭hick


    Sherry Fitz ended up at 1.75%
    Lisney were 1.4%

    Out of 5 called these there the only 2 that called back, don't think these folks have learned much since August 2007


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    #6
    Plus 10
    Registered Users Posts: 137 ✭✭Plus 10


    D3PO wrote: »
    sell it yourself. They dont do anything that you cant do yourself.

    1% or more is daylight robbery for what they do.

    Thanks for the replies - any idea which is better privateseller.ie or sellityourself.ie?

    Also I wonder why Sherry can command a higher % than Lisney?


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    #7
    D3PO
    Registered Users Posts: 7,879 ✭✭✭D3PO


    get a for sale board and what not from www.privateseller.ie

    then pay to have it advertised on daft and myhome.ie if you price it appropriatly you will sell.

    The number of people that actually visit an EA to look for property these days is minimal and you save yourself a few thousand.


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    #8
    D3PO
    Registered Users Posts: 7,879 ✭✭✭D3PO


    Plus 10 wrote: »

    Also I wonder why Sherry can command a higher % than Lisney?

    exactly the same reson tesco charge more than dunnes stores. they know people dont bother to shop around so they can get away with having a higher margin


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    #9
    Victor
    Registered Users Posts: 78,387 ✭✭✭✭Victor


    I've restructured the poll to make the bands clearer.


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    #10
    Paddyontherun
    Registered Users Posts: 104 ✭✭Paddyontherun


    You could offer to go with a flat fee of say €5k depending on the value of the house. I've heard of this being done. I agree with previous posts in trying to sell it yourself. You can always turn to agents if it doesn;t work out. They do very little for what they charge. Also personally I've always felt charging % is a complete load of ***** which doesn't happen in other professions. The costs (and effort) to the estate agent are the same whether the property is worth €300,000 or €1m It costs the same. Why should they get €6,000 fees for one and €20,000 for the other (based on 2%)


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    #11
    Victor
    Registered Users Posts: 78,387 ✭✭✭✭Victor


    Paddyontherun wrote: »
    Why should they get €6,000 fees for one and €20,000 for the other (based on 2%)
    Incentive.

    Much of the construction and financial industries work on percentages - architects, engineers, stock brokers. Of course fees expressed as a per cent are only a benchmark, it is often agreed at a fixed amount.


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    #12
    Plus 10
    Registered Users Posts: 137 ✭✭Plus 10


    D3PO wrote: »
    get a for sale board and what not from www.privateseller.ie

    then pay to have it advertised on daft and myhome.ie if you price it appropriatly you will sell.

    The number of people that actually visit an EA to look for property these days is minimal and you save yourself a few thousand.

    Can an individual advertise on myhome? - I assumed that you had to be an estate agent. I agree very few people visit an estate agent but i'd reckon most people use myhome.

    Anyway could anyone recommend an estate agent in the Terenure/Templeogue/Rathfarnham area? (and their fees if you know them!)


  • Options
    #13
    hick
    Registered Users Posts: 788 ✭✭✭hick


    the ones I got in touch with are in your area


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    #14
    antoinolachtnai
    Registered Users Posts: 9,787 ✭✭✭antoinolachtnai


    Don't be surprised if they don't ring you back. They already have too many houses to sell and not enough buyers. They may not want any more properties in your area.

    The different auctioneers have different 'positioning' in the market. My own feeling is that I would only sell something with Lisney if it were 1m+. This is where Lisney traditionally played.

    If Lisney are quoting 1.4, then they are being aggressive about this. They certainly do seem to be trying to move into the middle market. Are they providing a good service? They are certainly selling stuff here and there.

    Sherry FitzGerald - depends on your area. In some areas they are strong, in some they are not. However, they are much more across the board than Lisney. I would certainly not discount the possibility that SF would be a better bet than Lisney.

    At the end of the day, it depends on the person you are working with.

    The way it works in estate agency is that you can use low fees to break into new segments and areas. A large UK agency famously offered a free service in order to break into the business in certain areas of West London.

    Now, I have to say, there is some crazy talk being done around town at the moment. One building (edwardian, in three flats) I am familiar with, in Dublin 2, with a rental income of around 32k a year and in good condition was valued by a well known agent at 450k. This is just a ridiculous, indefensible undervaluation.

    I would try again to get one of the smaller agents to look at your property. See if you can figure out if there is any small agent who specializes in your area.

    Best,

    Antoin.


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    #15
    bangersandmash
    Closed Accounts Posts: 686 ✭✭✭bangersandmash


    antoinolachtnai wrote: »
    The different auctioneers have different 'positioning' in the market. My own feeling is that I would only sell something with Lisney if it were 1m+. This is where Lisney traditionally played.

    If Lisney are quoting 1.4, then they are being aggressive about this. They certainly do seem to be trying to move into the middle market.
    I would question relying on boom-time market positionings.

    Many agents seem to have attempted to reposition themselves in the last 12 months, including several niche agents who would have previously operated exclusively in highly desirable areas.

    In the current market a sale is a sale, even if it is "only" 450k.


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