Compare agents Agents by city. Estate Agents. Estate agent contracts - what to expect. Rosie Hamilton Head of Communications. What do estate agents do? Do you need an estate agent to sell your house? How do online estate agents work? How to choose an estate agent. Making a complaint about an estate agent. Online vs high street estate agents. Table of contents 1. Types of estate agent contract 2. What to look for in an estate agent contract 3. Estate agent tie in periods 4.
How binding is an estate agent contract? Can you get out of an estate agent contract? In summary 7. There are three main types of estate agent contract: Sole Seller Agreement: This type of contract reserves the exclusive right to sell your home to the agent during the term of the contract.
They are entitled to payment even if you find a buyer yourself. Sole Agency Agreement: This is the most common type of contract. Like a sole seller agreement, a sole agency contract reserves the right to sell your home to a single agent.
Multi Agency Agreement: This type of contract allows you to hire as many agents as you like to sell your home. Generally, this type of agreement comes with a higher commission rate because the winning agent shares the fee with the other agents. Multi agency agreements can work well for hard-to-sell properties.
Avoid this clause! For example, a quote of 1. Typically this will be about 6 weeks, with a notice period of between 1 and 4 weeks. However, make sure you review this detail carefully. We've covered estate agent fees here. Look out for things like marketing fees or charges for EPCs Energy Performance Certificates , which should be included as standard. How long is an estate agent contract? Sole agency agreement time limit Sole agency agreements are very common. Even if you have already decided which agent to go with, always check the small print of the contract.
Contact periods can range from 4 weeks to 4 months, depending on the agent. On the one hand, it is only reasonable to give an estate agent enough time to do their job. Drafting sales particulars, conducting viewings and managing negotiations all takes time. Potential purchasers may want to come back for a second or even a third viewing.
Asking a few key questions can help identify the best estate agent for your move, help you find a buyer sooner and get the best asking price:. Share this article. High street estate agents usually charge a percentage fee commission based on the property's selling price. Fees can vary between 0. In England and Wales, the average high street agency fee is approximately 1. Once the agent has quoted a commission - confirm whether VAT is included in the figure.
As a general rule, avoid any high street estate agents that ask you to pay fees upfront. Standard practice is no sale, no fee. Online agents tend to work on a lower-cost model, but the fees are usually payable upfront.
Absolutely - the agent will be expecting it. Even a small reduction in commission percentage could save you thousands. This is where you incentivise the agent to get the best possible price for your property by offering a higher percentage commission if they achieve or exceed a specified amount.
The key to this strategy is making sure that the higher price is set at a level where the agent really has to work hard to achieve it. Remember that the agent wants your business , so do not be shy about negotiating. Some agents may be prepared to handle the sale for a fixed fee rather than a percentage commission.
Online agents like Purple Bricks and Yopa offer will work for a percentage commission or a fixed fee. You can even choose whether to pay a higher amount to include no sale no fee, or a lesser amount where you pay whether the house is sold. A fixed fee arrangement means that you will know the exact amount the estate agent will charge you once you sell your house. However, there is no incentive to get the highest possible price. Again, you should be able to negotiate. Again, to incentivise the agent, you could agree to a higher fixed fee if your home gets a higher price.
See also: Should I use an online estate agent - what are the risks? This is where you sign up to two agents at the same time, with the agreement of both agencies.
They may agree to share the commission from your sale regardless of which agent sells the property. This involves using multiple agents but only paying commission to the one who sells your home.
This method may reach more potential buyers but incurs higher fees. Should I use multiple agents to sell my home? The pros and cons. The length of 'tie-in periods' varies between estate agents. As a general rule, you should not be tied in for more than 12 weeks.
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