Who pays the commission?
An important piece of information to know is that as a buyer it’s common practice to be informed not to worry about Estate Agency commission as the seller pays it. The reality is that in many cases the vendor will ask how much they want to receive for their property. Once the figure is known common practice is for the agent simply to put their commission on top, this figure often ranges between 5 & 10%.
Should I make cash payments?
If you are asked to make part of the purchase payment in cash you should ask for confirmation in writing what this payment is for and who ultimately will be receiving this payment. Our opinion is that cash payments should be avoided.
How many agents are involved?
If you are being taken from collaborating agent to collaboratimg agent you should question this. The stock answer is that the commission is simply shared by all of the agents involved in the sale, in such circumstances if you are asked for any part of the payment to be made in cash for furnishings or any other component our advice would to be think carefully before committing to a purchase under these conditions.
Can I talk to the vendor?
You should feel free to talk with any vendor during a property viewing and to ask any questions that you feel are appropriate. We can’t think of any logical reason why potential buyers and vendors shouldn’t be allowed to speak to each other.
What questions should I ask?
You should be looking and asking for complete transparency throughout your enquiry process and even more so during any purchase process. Wherever you are buying property it is a major investment, understanding the full process is very important so don’t be shy to ask questions.
Do you really know the selling price?
Insist that you have in writing from both the buying and selling solicitors the full purchase price, the commission to be paid to the selling agent and the full disclosure of any cash element even if it is for furnishings or any other component.
Should you sign an exclusivity agreement?
We recommend that vendors do not sign any exclusivity agreement with an estate agent. Exclusivities are usually just a form of locking in the vendor and benefitting the agent. If the agent tells you that they will drop their fees for exclusivity then you should just politely ask them to drop their fees anyway.
Is there a benefit to driving down agency commission?
Strongly consider whether it is worth listing your property with an agent who is offering you lower fees than they do as standard to their other vendors. Do you think they want to prioritise selling properties with the lowest rate of commission or the highest?
Where are your keys?
Who has your keys? Many agents collaborate together in very large numbers, do you want your keys being passed around such a large group of different agents and subsequent staff? If the answer is no you should insist that if the listing agent is holding your keys that they should attend every viewing at your property to give access to collaborating agents and their clients.
Should you recieve information on viewings?
Request written information for every viewing on your property including date, time, the selling agents representative who showed the property and the prospective clients feedback
You should also…
consider that with our no commission model every vendor pays us exactly the same, €999 regardless of the selling price. Therefore we never prioritise one property over another based on what we can earn on a sale. All of our vendors are equally important to us and we will do our level best to sell every property that we list based on equal merit. If you would like us to sell your property for just €999 contact us today to arrange an appointment.