How Much Are Estate Agent Selling Fees In Wales?

How much are estate agent fees in Wales? To achieve the maximum sale price, most homeowners need some help selling their homes. This is especially true if the property sale is more complex and requires additional knowledge and experience. Your house is your most expensive asset, and the selling process can be time-consuming, daunting and stressful. This is why sellers hire an estate agent to help.

Estate agents will advertise the property, conduct viewings, and manage negotiations. Once an offer has been accepted, a good estate agent will keep things moving and ensure the sale is completed.

If you are considering hiring an estate agent to sell your property in Wales and want to know how much this will cost, then keep reading for a breakdown of estate agent fees.

What is the typical estate agent fee in Wales?

Not all estate agents are the same, some are better than others, and their fees vary accordingly. There are three types of estate agents, high street, online and hybrid.

Online and hybrid estate agents usually charge a one-off fixed fee which you will pay whether they sell your home or not. Avoid nasty surprises by checking that the price you are quoted includes VAT.

High street estate agents typically charge a fee based on a percentage of the sale price and many, but not all, work on a no-sale, no-fee basis. This means that if the sale of your property fails, you are not obliged to pay any fees. The average estate agent fee for a high street agent in Wales is between 1% and 3% plus VAT.

Here at Williams & Goodwin, we are neither the cheapest nor the most expensive estate agents based in North Wales. We are a no sale, no fee estate agent and are proud of our exceptional results in a highly competitive market.

What factors influence the estate agent fee I will pay?

Estate agent selling fees can vary based on several factors, including the area, the experience of the team, the level of services provided and how established the estate agent is. Current market conditions and the number of other properties available can also influence fees.

Homeowners selling a premium property will pay more estate agent fees because their property will achieve a higher selling price. That said, some estate agents may be willing to negotiate a smaller percentage for higher-value properties or properties they believe they can sell quickly and for a premium.

In Wales, like many areas around the UK, coastal and picturesque areas such as Menai Bridge to Beaumaris and Rhosneigr round to Trearddur Bay on the Ynys Môn tend to have higher than average sale prices compared to more urban and populated areas of say, Llangefni and Caergybi or Bangor in Gwynedd.

Multi-agent vs sole-agent fees

Another factor influencing estate agent fees is whether you opt for a multi-agent or sole agency agreement. Multi-agent means that you can instruct more than one estate agent to sell the property, with the agents competing to complete the sale and earn the fee.

Using the multi-agent approach can help achieve a faster sale, but one of the drawbacks is that it can be more expensive, as the agents charge a higher fee for this arrangement to incorporate the risk of receiving no fee.

The sole-agent method is the more common agreement and typically what most people start the process with. It is also less complicated, as you instruct only one agent.

What services will I receive for my estate agent fees?

The services included in the estate agent selling fees will differ considerably between an online or hybrid estate agent and a high street estate agent.

Valuations/Market Appraisals

Whilst most people ask an agent to “value their home” – estate agents actually provide “market appraisals” discussing asking prices and anticipated selling prices all based around your individual circumstances. High street estate agents will visit your home to discuss your sale and give you an accurate market appraisal. They should know the local property market inside out and be able to provide examples of homes they have recently sold that are similar to yours. The best high street agents will also discuss the optimal method of marketing and selling your home.

Online estate agents often conduct valuations (market appraisals) via video calls or using online pricing tools that are computer generated. They rely heavily on sold price information online – this can be outdated as recent sales take time to appear on the internet. Most online agents only offer one method of marketing your home.

Included services

Online estate agents may charge extra for services such as installing For Sale signs, photography, floorplans and hosting viewings. Make sure you check what is included if you are considering using an online estate agent. Most local estate agents include all marketing resources in their fees, but do check that they are no sale no fee and that there are no hidden withdrawal fees or costs. Finally, check if the high street office is open on Saturdays too as that can be a busy day for viewers.

Communication

Online estate agents often operate big call centres, enabling you to contact them 24/7. However, you are unlikely to be able to speak to the same person each time.

High street estate agents provide their customers with a personal service and are committed to achieving outstanding results. The local high street agent will usually employ a team that lives and works in the community. Naturally, an important aspect to Williams & Goodwin on Anglesey and in Gwynedd is the ability to communicate and offer a bi lingual service – in Welsh & English. This is one of the reasons the static pages of our website are available in both languages.

Price negotiation

Online estate agents will leave you to manage the price negotiation. When an offer comes in below the expected price, sellers often feel anxious and uncertain about whether to accept it. High street estate agents are specialists in the negotiation process and act as a go-between between potential buyers and the property owner. Estate agents will assist vendors through the process of offers and counteroffers.

Auction or Tender services

There isn’t a one size fits all solution to sell a property which is why some estate agents also offer auction or sale by tender services. Some types of property are particularly suited to selling at auction and can achieve a higher selling price than if sold via a ‘normal’ estate agent. For example, properties that are dated and need modernising or with the potential for development, small parcels of land, commercial properties or unusual properties like churches or advertising hoarding. If you are looking to sell a property like this, an estate agent that offers a traditional in room or online auction service could be a good bet. Please be aware though, the “modern method of auction” service offered by some agents is not the same as the traditional auction service.

Here at Williams & Goodwin (All Wales Auction), our auctioneer has been selling properties at auction since 1995 (that’s over 28 years).

Sales progression

High street agents that work on a no-sale, no-fee basis are incentivised to ensure that the sale progresses smoothly. A good estate agent will ensure the sale moves forward and unblock issues in the property chain as they arise. Considering that one-third of sales fall through, having someone on your side to keep the sale going through to completion is crucial.

Online estate agents working on a fixed-fee basis may not offer a sales progression service. Even if they do, they’ve had their fee paid up front, so may not have the same incentive for the sale to compete.

What type of estate agent is right for me?

Don’t just look at the fee when deciding on your estate agent. Consider how successful the estate agent is at attracting buyers and completing sales.

Qualified or not?

You may not realise, but not all estate agents are qualified. Always ask if the agent has passed relevant industry qualifications and are backed up by a team of people who are also qualified and have many years’ experience in the local property market. Examples of industry qualifications are Property Mark NAEA, RICS or The Guild of Property Professionals.

Ask questions

During the sale process, you will have to work closely with your estate agent, and you are about to trust them with your biggest asset. Ask the following questions:

• What percentage of the asking price do they achieve?
• How quickly do they sell homes?
• Do they have a buyer database with people interested in houses like yours?
• What are their fall-through rates?
• Are they qualified and have experienced in your type of property?
• Do they have their own web site that attracts great enquiries?

Check out what other house sellers think

Read reviews to hear about the experience of other customers. Here at Williams & Goodwin, we are proud that around 40% of our business comes from recommendations and repeat business. Click to read our reviews from real customers.

Check out industry awards too. Those, like The ESTAS, based purely on customer feedback, are particularly relevant. We don’t like to brag, but we have been pretty consistent for many years, having been awarded not only the best local agents, but also best Welsh and top UK awards in sales, lettings and auctioneering.

Check industry credentials

Check that your estate agent is a member of a professional body such as the NAEA Property Mark, RICS or The Guild of Property Professionals. This gives you the assurance that you are working with a trustworthy and honest estate agent committed to the highest possible customer service standards. Every agent should also be a member of the Property Ombudsman (TPO) that gives you the reassurance of an independent redress scheme.

We can help

If you are looking to sell a property in the Ynys Môn or Gwynedd, our team will be happy to answer any questions you have about fees and any other aspects of selling your home. Contact us today for a quick chat so we can help you.