All estate agents work to a commission; most usually based on the final selling price of a property. As a rule, these will be between 1% and 2%, though it should always be possible to negotiate on these. Agreeing a fixed fee is also possible with some agents, which could be better for some sellers. However, there is another option to consider too.
Using a ‘fee ladder scheme’ can work to really give local estate agents an incentive to market the property to its absolute maximum potential. It works by having a sliding scale on the commission, referencing directly to the price the property eventually sells for.
There are benefits to this process for both the agent and the seller. For their part, the agent can significantly increase the commission they get by achieving a higher price. The seller meanwhile can benefit directly from the higher price achieved of course which, at times when the property market is challenging, can be brilliant.
Another benefit for the seller is that they are likely to receive a far more accurate valuation at the start of the process. After all, the best estate agents will not set an unrealistic figure that is then not reached, essentially negating any profit they would hope to make.
It is also possible to offer those viewing the house an incentive or two to purchase the property. This could be including certain items of furniture, white goods, or even offering to pay or contribute to the Stamp Duty; particularly attractive to First Time Buyers.
Securing a sale is very much down to the agent though and, in that regard choosing the best in the area to work with is important. At Meet My Agent we can help with this, with advice on what to look for and independent estate agent reviews from our members.