How to Negotiate On Estate Agents Fees

When one is preparing to sell a property, they often find that estate agent fees can be high, but with a little negotiation, you can actually lower them to an affordable level. While bargaining is generally uncommon in the UK, below are a few pointers on how you can negotiate and you might be surprised on how much you can save eventually.  The key factor to remember even as you negotiate is that you need the agent to be able to save anyway.

Things that you must keep in mind

Often times, you find that a successful and dominant estate agent within an area might be harder to negotiate that one who has a smaller market share. However, remember that simply because they are established does not mean that they are unwilling to negotiate; this is usually a part of their best business practice, allowing you to voice your idea. Interview a number of estate agents, who are established and even those who have a smaller market share. The reason that you need to interview them is because they will actually be working for you, you deserve the best service delivery, and consequently you should only work with an agent that you are comfortable with to facilitate smooth negotiations.

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You must also ask them about their business terms since fine or hard to read print might deceive you, and you end up paying additional costs while intending to save. Regardless of how charming or charismatic an estate agent is, judge them by their business terms.

Performing the negotiations

When it comes to negotiations with estate agents, asking for a reduced fee will simply not work. You must maintain a strong position, and leave the estate fees negotiations for near the end of the appointment rather than the beginning. This will allow the agent to get their mind set on the property and the potential commission it can yield.

Ask what their sole agency contract fee is, and when they give the figure, pretend to be shocked at it. This will be an indicator to them that you disagree or are uncomfortable, and at this point, you might even suggest bringing it down and watch how they react. Regardless of whether they give in to your request immediately or not, do not forget to thank them for their time, and say a warm goodbye. You can also let them know that you have a few more agents waiting to look at the property before you can make the final decision, and if you do this with each of the agents that you meet, you will eventually get a good deal on the fees.

If amongst these estate agents, you find one that you like and feel you can work with, though they have not quoted the lowest fees, you can invite them again and inform them that you have to decide between their services, and those of a competitor who is offering a lower quote. Explain to them that the fee is the only determining factor, since you are comfortable working with either of them. At this point, chances are that you will get a long list illustrating why this is impossible, but most often, the agent will be willing to give a better offer. After this discussion, it is the up to you to decide on whether the fee is low enough or not, which means, you end up working with your choice agent, and at a lower fee.

In conclusion, we can say that negotiation has the potential to save you a lot of money if you follow through and not give up. All that you need to do is stand your ground and persist as you start negotiations, and you will eventually succeed in getting lower estate agent fees.