Before you begin the process of to buy property in uk, you should take the time to research and compare real estate agencies. There are many different advantages and disadvantages to each agency type so it is important that you understand the best choice for your situation and needs.
It is always a good idea to find a reputable agency early on in the process in order to get successful in property investment uk, as this will help with planning nights out and having someone knowledgeable on hand when complications do arise with paperwork. In addition, if not choosing an accredited real estate agent then there might be some additional costs involved when dealing with any issues related to contracts, inspections or negotiating bids with contractors etc.
- Commission Rates
The very first step to choosing a real estate agency is to understand the different commission rates involved and what each range means. This will help with deciding on the best agency for your needs.
Real estate agencies fall into one of three main categories:
- Flat Rate – The flat rate real estate agencies charge a flat fee, regardless of the total sale price of your property. The average cost per percentage point varies between 1% and 2% of the purchase price. This translates to an average fee of $4000 to $6000 per sale with a value less than $3 million or $12000 to $18000 per sale with a value greater than $3 million. A flat rate agency is typically the best choice for property sales below $30,000.
- Percentage of Sale – The percentage of sale real estate agent is also popular and provides a guaranteed minimum fee for their services. Expect to pay anywhere from 1% to 5% of the purchase price. This is best suited for property sales between $30,000 and $60,000 or those with a value greater than $3 million.
- Percentage of Value – Another type of real estate agents are known as percentage of value and they charge a fee based on the final selling price of your property in addition to whatever commission they receive from the buyer’s agent. The fee is usually set at 1% to 2% of the selling price. For more information you can access Clear, one of the leading online real estate agency comparison websites.
- Favourable Local Buyer Reputation
It is important that you find an agent known for a good local reputation and business success as this will help with avoiding scams as well as negotiating on your behalf with contractors and other parties involved in your home purchase process.
A good agent will also have adequate knowledge about their local area, properties for sale and other necessary information that will assist you in the buying process such as schools, amenities, transport links, shopping centres etc.