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Buying agents’ fees vary from company to company. Comparing the company and the service is essential rather than deciding on the figure alone. A low cost may sound appealing, but it will be a false economy if the company does not deliver. Wasting time in a rising market or losing your sale due to delays can be extremely costly.
Instead, base your decision on the company’s ability to find your ideal property. Consider the following when assessing buying agents’ fees.
Experience
Ability
Resources
Reputation
Process
You should also clarify what the fees include and if there are any abortive costs.
The Registration fee is paid in advance before any work starts. The retainer shows commitment to the buying agent and lets the selling agents know the buyer is serious. The retainer is deducted from the success fee.
The purchase fee is a percentage of the purchase price and is due on “exchange of contracts”. Some buying agents will work on a fixed or capped fee for higher-value searches.
Paying upfront – Avoid paying the purchase fee upfront. The buying agent should be motivated to work for you. If you pay them upfront, you will be a low priority.
Percentage of savings – Some buying agents calculate their fees as a percentage of the difference between the sale price and the asking price. This option is open to abuse for two reasons;
The asking price is rarely the actual market value and is often as much as 15% more. This fee structure could be more expensive for the buyer.
A higher fee could influence a buying agent’s advice.
Registration fee – £600 (£500 + VAT)
Purchase fee – 1.5% (+VAT) of the purchase price
Acquisition Only fees start from 0.5% of the purchase price depending on the level of service required.
Registration fee – £600 (£500 + VAT)
Rental fee
The Rental Fee is a pre-agreed fixed fee and is dependent on the value of the property. Please call to discuss your requirement and timing.
THE BUYING AGENTS
57 – 61 MORTIMER STREET
LONDON
W1W 8HS
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