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Agent commission, is it 10% or more?

If property is sold and the agents receive a 4k fee. How much commission does the agent who actually closed the deal receive, is it 10-12% of the 4k?

Asked on Sep 17 2009, Selling in Edgware | Report content

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    Blarmy

    Almost all estate agents in England and Wales make money from a percentage of the SALE of the property, not the PURCHASE. That means that they will charge a fee (usually 1.25% - 2.5%) of the price that the property is sold at and work for the seller, not the buyer. In return for that, they'll market the property, negotiate on the seller's behalf, walk people round the property and generally do what they can to get the property sold quickly. An average property selling at £200k, with the selling agent taking 1.5%, would therefore result in the agent being paid £3,000 upon completion. No other fees would normally be due to an agent. Agents do not, in general, operate on behalf of the buyer. Therefore only one commission is payable in any transaction. Does that answer your question?

    Answered on Sep 18 2009, Report content
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