estate agent fees
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Latest property news
89% of vendors choose agents on knowledge not how much their fees are
Surprising claim is made by sales progression platform Mio following research among 350 home movers about their attitudes to estate agents.
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Supplier News
Fee avoiders beware
MIL Outsource, a monitoring, investigation and litigation service recovers a £4000 fee for a Basildon agent, from a vendor who found their own buyer.
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Latest property news
Times research suggests links between high estate agent fees and over-valuations.
Newspaper's researchers looked at 200,000 recent sales transactions and concluded many leading agents with high fees over-value homes.
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Regulation & Law
Not happy, not paying!
Chris Hamer (left), The Property Ombudsman, discusses agents, commission fees and legal action. A feature of many sales complaints referred to me is the seller’s belief that the commission fee should be waived, in whole or in part, due to the perceived shortcomings in the agent’s service. Agents’ fees can be a significant part of the costs in moving house, so I understand why a seller may reason that the level of service received does not reflect the level of fee charged. It’s not unusual that a seller may apportion what they consider to be a fair amount and paid that, expecting the agent to accept it; that rarely happens. When considering a commission fee complaint, I always explain that it is not my role to re-write the agreed contract terms to reflect the complainant’s perception of the service. If the contract terms are unambiguous and the fee clearly stated (as per section 3, TPO Code of Practice), I will usually uphold the agent’s contractual entitlement to the stated and agreed commission fee. Should I uphold a service complaint and make an award, it will reflect the actual financial loss and/or my assessment of the aggravation, distress and inconvenience caused…
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