Estate Agents Frequently Asked Questions

Frequently Asked Questions relating to the role of estate agents in UK property sales.

What is an Estate Agent?


The term estate agent describes a person or group who is employed to assist with the buying, selling or rental of a property. The majority of property transactions conducted in the UK are made via estate agencies.

What do Estate Agents do?

Typically estate agents will offer a variety of services relating to the selling of a property. Most estate agents will begin by valuing the home being sold. After setting a selling price estate agents will advertise the property for sale. This advertising will take various forms from traditional media such as newspapers and magazines to other sources including the internet. A third service offered by estate agents is to arrange viewings of the home by prospective buyers.

What fees do Estate Agents charge?

Traditionally estate agents set their fees at a percentage of the value of the property being sold. Most estate agents will charge between 1-3% of the selling price of the property. Therefore for a home being sold for 100,000 the estate agents fee will be in the region of 1000 to 3000. On the other hand a property being sold for a 1 million will incur estate agency fees of 10000 to 30000.
In recent years a different type of estate agency known as fixed fee estate agents has emerged. Fixed fee estate agents will charge the same fee whatever the value of the property being sold. Many home sellers find that with a fixed fee estate agent they can make a significant saving.

Are there any alternatives to Estate Agents?

Although most property sales are made via estate agents there are other options. An increasing number of home sellers attempt to save money and avoid estate agency fees by selling their home independently. There are a number of websites that allow home owners to advertise their property for sale online. A further alternative to estate agents is property auctions. There has also been an increase in this type of property sale in recent years. However property sold at auction tends to be homes that have either been repossessed or are in need of significant renovation.

How are Estate Agents regulated?

UK estate agents are not directly regulated although they are expected to comply with the governments Estate Agency Act. Many estate agents choose to become a member of a professional body such as the National Association of Estate Agents or the Royal Institute of Chartered Surveyors although there is no legal requirement to do so. An Ombudsman of Estate Agents has been set up to help settle disputes between estate agencies and their clients.

By: Rich Bendall

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