Selling or letting out your home privately is a huge undertaking. Working with an estate or lettings agent can make the whole process faster, smoother and easier. If you’re looking to work with an agent, it’s important to understand how agency fees work and what they cover.
Becoming a private seller or landlord might sound tempting in theory, if you are looking to avoid added expenses.
But in practice, selling or letting privately means you will need to independently handle the valuation, photos, marketing, viewings, communications, price negotiations and contracts, with zero support or expert guidance. The whole process can be complex and time-consuming, and going it alone often leads to much slower results.
Working with an estate or lettings agent takes the bulk of the work off your plate – and often for just a small percentage of the final sale price or monthly rent.
How Do Agency Fees Work for Sales?
When selling a property through an estate agent, you will usually be charged a percentage of your home’s final sale price. The exact number will vary depending on the estate agent you choose and the services covered, but in Cambridge, you’ll usually be looking at a fee of around 1% plus VAT.
While many traditional high-street agents charge a percentage of the final sale price, some estate agents may choose to charge a fixed upfront fee instead, regardless of how much your property sells for. This is more common with online agents, and the final cost will depend on the agent and package you opt for.
Services Covered by Estate Agent Fees
The services covered by estate agency fees will vary depending on the agent you choose, but usually include handling property valuation, online marketing, photography, viewings, negotiations and getting the sale to completion.
At Bush & Co, we offer clear, transparent pricing and a full management service – meaning we handle your sale from initial valuation to completion, with no hidden fees. We also offer a free, no-obligation market appraisal to help you get started.
Speak to our experienced sales team to find out more about our estate agency fees and services.
How Do Agency Fees Work for Lettings?
If you’re looking to let out a property, the agency fees will work slightly differently. Depending on the type of service you’re after, a letting agent will either charge a one-off set fee or take a percentage of the collected rent each month. You might also be charged an additional letting fee when the property is let or re-let.
The costs involved will depend heavily on the level of support you’re looking for. For example, if you only want help with finding a tenant, you’ll probably be charged a one-off fee for a let-only service. In comparison, if you’re looking for comprehensive, ongoing support, a monthly percentage is more likely.
What’s Covered by Letting Agency Fees?
The services covered by letting agency fees will vary depending on the agent and level of support you choose.
If you opt for a let-only service, you will usually be charged a one-off fee to cover advertising the property, running viewings and referencing applicants. With this type of service, you will then be responsible for collecting the monthly rent, communicating with your tenants and handling ongoing repairs and maintenance.
If you’re looking for a more hands-off approach, a full management service might suit you better. This typically costs a percentage of the collected rent each month and includes advertising the property, sourcing tenants, collecting the monthly rent, communicating with tenants, organising repairs and handling legal checks.
At Bush & Co, we offer two main service packages for landlords, depending on the level of support you’re looking for. Find out more about our let-only and full management services here.
