Estate agents - NOT a legal requirement!

DIY Guy · 16-07-2007, 08:59

Right, well despite what you may have heard or been told, Estate agents are a fast dying breed as there is absolutely NO legal requirement for them at all in the purchase or sale of a property.

All you need is a good solicitor (Preferably both parties using the same company) and everything goes so much quicker.

Especially as they charge these nutty rates of around 3%

So what have you heard or been told about estate agents and there requirement in any sales / purchases?

ajwt2 · 09-09-2007, 19:08

there are plenty of online estate agents now who charge maybe £50-£100 for listing your home on their site. Other than that they dont get involved.

Of course the main issue is that if you dont market your house effectively you wont get such decent offers, I hate to say it but estate agents may well earn their 3% by managing to sell your house for that little bit more.

andy123 · 08-02-2010, 15:07

Quote:

Originally Posted by DIY Guy

Right, well despite what you may have heard or been told, Estate agents are a fast dying breed as there is absolutely NO legal requirement for them at all in the purchase or sale of a property.

All you need is a good solicitor (Preferably both parties using the same company) and everything goes so much quicker.

Especially as they charge these nutty rates of around 3%

So what have you heard or been told about estate agents and there requirement in any sales / purchases?

This something I most definitely didn't know! I suppose I assumed they covered things that your solicitor couldn't but it doesn't seem so after all. Agreed, any rate above 1% is frankly extortionate and ridiculous IMO.

DIY Guy · 08-02-2010, 22:27

Quote:

Originally Posted by andy123

This something I most definitely didn't know! I suppose I assumed they covered things that your solicitor couldn't but it doesn't seem so after all. Agreed, any rate above 1% is frankly extortionate and ridiculous IMO.

I think a better "trade name" for an estate agent" is probably "Property marketing specialist" because really, the only thing an estate agent does is to find you a buyer using their existing marketing and advertising.

Just like a car showroom, you dont need a car salesman to sell you a car so you can get it legally on the road.

If you do use an estate agent, its always wise to push for negotiated rates too, the longer it takes them to sell, the less they get, so 3% if they sell it in 4 weeks, 2% if 4 to 8 weeks and 1% after that, or just advertise it on ebay and set the auction at £500 buy-it-now as a deposit thats non-refundable