Know Your Rights When Negotiating With an Estate Agent

When you’re moving, maintaining a tight grip on your finances is a must. Making the right option now may allow you to accomplish more with your new home once you’ve moved in. Because moving isn’t cheap, it’s important considering where you can save money. One thing you may do is bargain with your real estate agent about the costs you must pay. Bargaining and having a money talk may seem unusual to some people, but it can pay off. To know if you have hired an able estate agent, think if you know the answer to the question “how much is my house worth?“. A professional estate agent ensures you are kept informed every step of the way. But it does not make you entirely dependent on estate agents. Read on to know your rights and how to negotiate with the estate agent.

Estate Agency – an  overview

The typical estate agency charge in the United Kingdom can range from less than 1% to as high as 3.5 per cent, depending on several factors, including the number of estate agents selling your property. This means that the fees might be in the tens of thousands of dollars. If you do not agree with the fees, you have every right to negotiate them. In general, most agents are willing to be flexible. But, before you bring it up, determine how much you want to pay, so have a number in mind. Then invite an estate professional to appraise your home. Save discussions regarding costs until you’re reaching the end of the meeting since this will allow the agent time to consider how they’ll promote the home and how much commission they’ll be able to earn.

Calculating expenses

When it comes to fees, be firm, open to dialogue, and courteous. Ask your estate agent what you get for those fees and hold firm if you believe they are excessive. Consider it this way: the pricing structure is intended to serve as a starting point for dialogue. Because most individuals will not negotiate, you have a decent chance of getting a good deal, and every fee reduction will practically save you money.

There are online estate companies where you may conduct a lot of the work yourself if you think you can do a better job yourself and the prices seem excessive. But don’t forget to include the hidden charges.  Also, keep in mind that your estate agent does this daily and will have a lot more experience. Finally, check to see whether there is a local independent estate agency in your area. An independent estate agent may be more willing to negotiate than a large franchise. Remember to be courteous when discussing money. You never know, your estate agent might already have someone in mind who is looking for a home similar to yours, and everyone enjoys a quick sale.

Questions that will help you choose a good estate agent

What are your plans for the future? This is frequently how estate brokers begin a conversation, so make sure you understand why you’re selling and what kind of timeline you’re aiming for. Make a list of your necessities and wants if you’re going to buy something else.

What is the quality of their website? Is it well-designed, easy to navigate, and contains all of the essential information you require? Are you wowed by the appearance of their listings?

Do they belong to a professional organisation? Members are obligated to work to the greatest professional standards and to follow a strong code of ethics.

Are their residences featured on the most reputable portals? There are a lot of sales websites out there that have a much larger audience than an agent’s website. The more popular sites a realtor uses to market your home, the more potential buyers will see it.

Have they got properties for sale that are identical to yours? Although you may believe that having competition is a disadvantage, it can actually be a good sign that the agent is experienced in marketing your type of home to the right type of buyer.

What are your fees? Most agents do an all-in fee, but some will charge extra for things like glossy brochures, so make sure you’re clear on all the costs. And remember that a good agent will give you value for money, so don’t be tempted to go for the cheapest – you tend to get what you pay for!

How much would you charge to market our house? You’ll probably already have an idea based on your research, so compare it to what the agent says and determine how confident they are in their estimate.

Do you have anyone in mind as a potential buyer? They’re going to say yes, of course! So, after that, inquire as to what those buyers have recently looked at and what their response has been.

Bonus questions

• What if I’m not satisfied with your service? 
• What is the minimum contract length, and how much notice is required?
• Do you have to pay the agent a fee if you find a buyer on your own?
• In the event of a problem, who should you contact?