Estate agents - NOT a legal requirement!

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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?

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  • 1 month later...

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.

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  • 2 years later...
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...

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  • 10 months later...
  • 1 year later...

It really depends if you are in a hurry to sell your property.

Estate agents will include your property on their websites, associated sites such as Rightmove, newspaper advertising. in their window, by word of mouth to any new and existing clients. As an individual you are limited in what you can do, if you are on a busy street you can put your own board up and advertise in the local paper but you will have to ask yourself "How would I look for a property ?" and that is normally via the agents.

Also your agents can and will take the painful process of viewings away from you if you so wish. They will follow up on a sale and chase parties for outstanding paperwork etc

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  • 6 months later...
Guest gissle

Yes, no legal requirement at all. But they do advertise your property for you and do viewings if you are not available.

My father in law sold his property without an estate agent.

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