Estate agent fees vary. Depending on if you are choosing a fixed fee or a variable fee. Usually, a fixed fee is a lower price, with a set expectation of what will be done for that fee. A variable fee is a bespoke package that is paid on completion of the sale and varies on the price of the property.
According to TheAdvisory, a house-selling advice website, the average estate agent fee is 1.42% of the final selling price of a property (including VAT). Charges like these that agents calculate as a percentage of the final selling price are known as a commission.
UK estate agent fees are some of the cheapest in the world, in America, they charge around 6%
Fees at love2move
The estate agent fee at love2move is a fixed fee of £895 inclusive of VAT. The reason for this, is the vendor does the viewings & talks direct to the buyer, so has direct communication. Usually, when selling a property there are approximately 18-22 hours of work involved in negotiation and communication between sellers and buyers. The beauty of love2move for our sellers is they cut out the 'middle man’ and can talk directly with buyers.
At love2move the fee covers the valuation, measurements, photography, brochure, legal checks, marketing on Rightmove, Zoopla, other estate agent websites, social media, sales progression and support from head office with access to a great easy to use technology platform.
So ‘How much are estate agent fees?’ It really depends on what they do for you and what you want from them. Some estate agents can give your property extensive marketing packages; e.g drone filming, paid advertising, magazine editorials, but this all depends on the property, the property value and what you want to spend. Most traditional percentage fee estate agents don’t offer an all singing all dancing marketing package if it isn’t reflected in their overall estate agent fees.
How estate agents work?
GOOD or even GREAT estate agents should provide you with choice when selling your home, different marketing packages and different price points, above all their service, should make you want to use them again or refer their services.
Estate agents work with the same core priority: to SELL your home and get you the BEST price for your property, this applies for both fixed fee and percentage fee agents - or at least it should.
Love2move works by providing clients with great tech, through great people allowing sellers to control their sale and their costs, however, they can always convert to their love2move agent’s core brand full service at any point if they need more marketing - without losing their fixed fee as they simply pay the balance of the traditional fee on completion.
For further information read our in-depth guide on how estate agents work here