Estate agents are often labelled as being the least liked of professional service providers in the UK, but it is really not obvious why as the vast bulk of us persist in using them whenever we want to sell a property, particularly if we are looking for a Quick Property Sale. One reason may be the fact that fees can seem quite large in comparison to the amount of time and effort put in to completing that property sale. There would appear to be a general idea that estate agents more often than not make a big profit for very little effort and that might the origin of much of the national dislike.

However, the issue of excessive profits may well prove to be unfounded. In the recent economic situation the housing market has been particularly badly hit with transaction numbers falling to about half of normal levels. This means that the commission from house sales by estate agents is down by a similar percentage and has caused genuine problems within the industry. Some estate agents have gone out of business, a lot have closed a large number of their offices and estate agency staff have been laid off all in an effort to lower costs in line with the reduced commission amounts. That would imply that most agents fees are not excessive, if they were we would see the industry riding the recession more easily.

Also there is the competition aspect. House sellers have a reasonably wide choice of which agent to use in most regions and can seek out the best rates. This healthy market competition will guarantee keen pricing by most agents. Without a doubt, there are often instances of up coming new agencies which come into the market at much lower than average fees, but these hardly ever seem to last very long. It seems that such low fees are basically unsustainable and it suggests that the present average fee of around 1.5% of sale price is most likely a good deal.

Comparison with estate agency charges in other countries is interesting. Fees in America for example are around 5%, more than 3 times the UK average. It seems that the UK has one of the cheapest estate agency fees structure amongst equivalent property markets.

There has been little to test the traditional estate agency. Recent launches of DIY property selling websites have made little progress and in any case estate agents have all embraced the web as an aid to selling properties. So though we continue to grumble about estate agents and their costs, we all continue to use their services. That would suggest that we normally consider what they do to be reasonably good value for money and that they can usually Sell Property Fast, or at least faster than attempting it alone. For people currently asking that the estate agents to“Sell my Home fast” it is reassuring to know that their aim is precisely the same as yours i.e. to earn some commission as quickly as possible by selling the property fast.

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This entry was posted on Monday, August 31st, 2009 at 10:54 am and is filed under Real Estate. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.