I have recently put my house on the market and was wondering if I can use more than one estate agent? Are there any laws etc. in the U.K preventing me from doing this?
2007-01-24 05:57:39 · 7 answers · asked by rattlerfortune 1 in Business & Finance ➔ Renting & Real Estate
There are no laws in the UK governing the number of estate agents marketing your property. If you have a sole agency agreement with a company you can expect to pay around 1.5%-2% commission if you are on a multi-agency basis then you generally will have to pay around 2.5%-3.% of the agreed purchase price. People think this is a horrendous amount to pay, in the rest of Europe and the States you pay around 10%!!!!
Some agents are now even offering a joint sole agency agreement which, in my opinion is a contradiction in terms.
This allows two estate agents of your choice to market the property for the sole agency agreement price. One or the other agent can sell the property and they then split the commission 50-50 regardless of who sold it.
Even on a sole agency agreement you can instruct as many agents as you like but you will be liable for those fees if another agents sells the property within the specified period of the sole agency agreement.
You can still be liable for fees up to one year after an estate agent has introduced a purchaser to your property who proceeds to completion even though it is being marketed by another agency. (you will not be liable for the new sole agency agreement fee).
Remember your estate agent should be your friend and not your enemy.
2007-01-24 22:40:33 · answer #1 · answered by Jeff V 2 · 1⤊ 0⤋
If you haven't signed a sole agents agreement with the agent you are with you can instruct as many as you like, the more the merrier. You tend to get a better price if you do use a sole agent but obviously less people will see you house so it may slow down your sale.
2007-01-25 04:30:31 · answer #2 · answered by gerrifriend 6 · 0⤊ 0⤋
There are no laws to prohibit this. Use as many as you like. Estate Agents can get a bit snotty about it, but we've always been with at least two agents.
Hope that helps. (UK)
2007-01-24 14:02:00 · answer #3 · answered by Anonymous · 0⤊ 0⤋
No laws preventing, but they would usually charge a higher commission. Check that you haven't already signed a sole agent contract first, if so they may still charge even if they didn't sell the property!
2007-01-24 14:28:28 · answer #4 · answered by why? 2 · 0⤊ 0⤋
You can have as many estate agents as you like. there is no law to stop you
2007-01-24 14:02:26 · answer #5 · answered by Anonymous · 0⤊ 0⤋
I am not sure about the UK but in the US once you sign with one agent you can't another until the contract period has ended.
2007-01-24 14:00:38 · answer #6 · answered by liz g 2 · 0⤊ 0⤋
Yes you can, although I can't remember the limit. However if you do, you have to pay a joint rate commission which can be as high as 7-10%.
2007-01-24 14:03:08 · answer #7 · answered by Anonymous · 0⤊ 0⤋