How to lower estate agency fees

When it comes to selling or letting a property estate agency fees are just another pricey expense to factor into the overall costs of the whole operation. But do they really need to be? If you want to avoid paying them you could try for a private sale or let and see where a card in the post office window gets you, but in this day and age of the internet you will probably find it won’t get you very far at all! There is a middle of the road option available between a DIY approach that restricts your access to large property portals such as Zoopla and Rightmove and your high street estate agent who will give you good marketing exposure but at a pretty hefty price. So how can those dreaded estate agency fees be reduced without compromising on service?

The answer is to make use of one of the newly emerging internet estate agents. There is a huge variety of choice now available in this relatively new industry with companies listing property both for sale and to let for fixed fees with no commission to pay on completion, or a package price with another small fee to pay on completion. Either way there are huge savings to be had for the savvy shopper.

As with more traditional high street agents it is vital that sellers and landlords take the time to do a little research before they decide which internet agent they wish to instruct. You need to make sure your agent will provide the right service for your needs. The main things to look out for are...

Customer Service – The agent you instruct needs to be contactable and approachable so make a few calls to find out what your money will buy and be sure to consider the following questions.  Are you able to get through to a staff member without being put on hold and passed from pillar to post? Do the staff members seem friendly and knowledgeable about the products and services they provide? What are the opening hours? YOU need potential buyers and landlords to be able to get in touch easily so look for an agent open seven days a week, preferably with a free phone number to call.

Affiliations & Qualifications – As an industry estate agency within the UK is not regulated, therefore it is always advisable to instruct an agent that is well established, within internet estate agency look for five years plus. Also ensure your chosen agent is affiliated with the main professional bodies. So when you are doing your research logo spot for ARLA and NAEA to reassure you that your agent will be knowledgeable and well placed to deal with your sale or letting.  Also keep in mind your agent should be affiliated with both The Property Ombudsman and OFT or Office of Fair Trading just in case anything should go wrong.

Marketing Coverage – When it comes to internet marketing coverage is everything, your property needs to be seen in all the right places to grab attention. Think of the sites you look at yourself when you are searching for property and ensure your agent will list on them for you. The main UK property search engine sites are Rightmove and Zoopla who will only list property for estate agencies. There are hundreds of other smaller local sites which will be beneficial to your marketing strategy.

Price – The aim of the game here is to reduce the fees you pay your agent so price is of course a factor, but do keep in mind the old adage “you get what you pay for”.  For example you will pay more to a company with good marketing coverage and to those with extended opening hours but those aspects really are key so don’t be put off. Generally you will be looking at paying £60 to £100 to let your property and between £300 and £500 to sell.

So shop around, do your research and give an internet agent a go, you will be amazed at the amounts you can save in estate agency fees.

Written by Sarah Male, Urban Sales and Lettings