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Wed 9 April 2014
Research by Estate Agent Today shows British estate agents charge some of the lowest fees in the world. With agents charging variable fees in the UK – most believed to be 1.5% to 2% but as high as 3% in parts of central London comparisons are difficult.
Their research shows, based on information provided by different national estate agency authorities and government statistics organisation, higher fees in most other locations:
Australia at least 4%
Ireland 3% or higher
Netherlands 5% or higher
Spain 6% or higher
Switzerland 4.5% up to 10%
United States 6% up to 10%
Most agents do have discretion to charge less in a competitive market and sometimes you do get what you pay for. Some of the countries mentioned do have more stringent laws and are more tightly regulated, for example to open a branch in Australia agents must undertake 30 days of courses and pass 16 individual training modules and in Canada agents are not allowed to practise without 200 hours of specialist training. Britain is more loosely regulated than other countries but there is fiercer competition from rival agencies as you will see from most high streets.
At McCartneys every office is represented by a fully qualified member of the National Association of Estate Agents or the Royal Institute of Chartered Surveyors resulting in professional advice every time. All members of staff undergo training from the first day of employment right through their career with the company.
To incentivise achieving the best price for our clients our typical fee structure continues to be on the basis of a percentage of the sale price agreed. Fixed fees can seem more tempting but are more often than not, NOT the best deal for the client.
For further advice on marketing your property and the competitive fee structure contact your local McCartneys office.