Thread by @YorkshireProps

What will happen to estate agency fees in 2022?

We've posted before that it's currently a great time to be a vendor. Agents are desperate for stock so them offering a lower fee to secure the instruction becomes a widespread tactic.

But you want a motivated agent, right?

That person who agrees to gardening work for £60, when most others were quoting £100, although happy to have the job, he knows he's under-sold himself. He's not a happy bunny and, yes, he'll complete the work to a satisfactory standard but they're not going to give it their all.

Yes you can secure a low selling fee, there's even one company offering to do it for free (we'll see how that's going when their latest accounts appear), but this is your biggest asset. To maximise return, however, it's essential to have a truly motivated agent working for you.

Low fees combined with low stock are not compatible with long-term commercial viability. It doesn't matter that property is selling readily at the moment, there aren't enough units to feed every mouth in the industry!

Savvy, capable agents can stand behind & secure strong fees.

In a deteriorating economy such as we face in 2022, the vendor & the agent will approach the agreed fee level from different directions.

The worse the economy gets, the less the vendor wishes to pay; at the same time, however, the agent must achieve the very best fee for them.

When it comes to selling in 2022, we'd advise people to get as much advice from as many agents as is possible. Focus on the service offered & results achieved ahead of the fee they will charge. Whether their fee is on the high, or low, side ask them exactly how they qualify it.