Picking an estate agent on who has the cheapest fee isn’t often the best idea (nor on the highest price) but, after being sent the latest figures (data for BA2 in the last month) in the image below from GetAgent, we thought it would be worth a quick maths exercise to prove it
The average house price in Bath was £384,386 by July 2017 (according to Halifax reports as reported by the Bath Chronicle).
Applying the % of Asking Price listed above for each agent to this average price would give the following;
Madison Oakley – 99% or £380,542 = £3844 below asking
Other Agent – 98.5% or £378,620 = £5766 below asking
Other Agent – 98% or £376,698 = £7688 below asking
Other Agent – 97.2% or £373,623 = £10,763 below asking
£6919 difference between highest and lowest % of asking price achieved
Example fees based on average house price (excluding VAT)
1.25% = £4804
1% = £3843
0.75% = £2882
£1922 difference between highest and lowest fee
If you picked the lowest ranked agent at the cheapest fee, you might save £1922 in fees but it could cost you £6919 on the price achieved on your property = a net loss of £4997
Still think you’re saving money?
For another method to research which estate agents are really successful, have a look at our blog article – https://www.madisonoakley.co.uk/2018/02/09/sold-really-mean/
For more information on our services, visit our main website or follow us on Facebook – MadisonOakleyEA
At Madison Oakley, we believe every client deserves outstanding personal service and honest advice from real local property experts. If we can help you, pop in for a chat to our Moorland Road office or call us on 01225 466525.
Carey Gilliland FNAEA – Partner & Residential Sales/Appraisal specialist
Willum Long – Partner & Investment/Development specialist
Sarah Carpenter – Partner & Client Relations specialist
Amanda Doyle – Partner & Client Engagement specialist