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Estate Agent Fees

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  • 25-06-2018 7:33pm
    #1
    bilbot79
    Registered Users Posts: 1,980 ✭✭✭


    Can anyone advise what to expect in terms of fees for estate agents? I had one round recently who explicitly stated the only cost to me would be 595e which was quite low I thought. Then the package came through that said the 595 was for marketing and sourcing a buyer but which also mentioned 1.5% 'sole agency' fee...

    Is that the norm?


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    #2
    noel100
    Registered Users Posts: 358 ✭✭noel100


    I had an estate agent 300 euro plus vat for fees if they didn't sell our house.
    And 1% fee of the sale price plus vat. And the initial 300 euro would be waived.


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    #3
    Homer
    Registered Users Posts: 4,265 ✭✭✭Homer


    Do your homework and you will find some traditional estate agents that will charge 1% plus marketing fee for photos etc and there are also new hybrid estate agents that offer all the same services without a traditional high street showroom for all in fixed fees that are significantly less.


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    #4
    bilbot79
    Registered Users Posts: 1,980 ✭✭✭bilbot79


    Is there any advantage to the more well known ones in, what do you get for your money?


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    #5
    annoyedgal
    Registered Users Posts: 769 ✭✭✭annoyedgal


    Also check if vat included. Ours was 1.5 per cent...plus vat. The vat added a other 1200 euro.


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    #6
    Silent Running
    Registered Users Posts: 2,818 ✭✭✭Silent Running


    Haggle on the percentage fee. I was quoted 1.5% by one of the biggest agents. I ended up agreeing 1%


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    #7
    ted1
    Registered Users Posts: 23,321 ✭✭✭✭ted1


    annoyedgal wrote: »
    Also check if vat included. Ours was 1.5 per cent...plus vat. The vat added a other 1200 euro.
    If they specialise in residential then the VAT has to be included in the price.
    Off hand it’s the VAT inclusive act

    https://assets.kpmg.com/content/dam/kpmg/bs/pdf/2017-08-VAT-and-contracts-v2.pdf


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    #8
    annoyedgal
    Registered Users Posts: 769 ✭✭✭annoyedgal


    Hmmm interesting. Ours definitely wasn't included and I'm pretty sure it's solely residential. Sorry I didn't haggle in retrospect. Was a huge amount of money! Had an excellent agent but was still hard to swallow paying so much!


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    #9
    bilbot79
    Registered Users Posts: 1,980 ✭✭✭bilbot79


    I wouldn't mind if I thought their extra skills were reflected in better prices but I can't see why they would be. Prob gonna pay upwards of 15k just to move between ea fees, stamp duty and legal fees


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    #10
    heebusjeebus
    Registered Users Posts: 3,783 ✭✭✭heebusjeebus


    I was charged €600 for the marketing and then 1% (before tax) of the sale price once the sale had completed.
    I haggled them down from 1.5%.


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    #11
    Silent Running
    Registered Users Posts: 2,818 ✭✭✭Silent Running


    They all want your money, so play one agent off against another, and another. :)


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    #12
    ford2600
    Closed Accounts Posts: 4,457 ✭✭✭ford2600


    Silent Running wrote: »
    They all want your money, so play one agent off against another, and another. :)

    Anyone try the freakonomics approach with estate agents?

    i.e. if house is worth 300k, any fool will sell it for 250k so why pay someone 2.5k -3.75k for the privilege. Also €100 is going to motivate anyone to squeeze the last 10k out of sale.

    0% up to 250k put 5% or so for ever 1k above it.

    Anyone?


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