Where have all the fees gone?

The trouble is, thinking like everyone else, only gets you the same result as everyone else. 

Let me share some information with you, which just might make you consider a different perspective. 

The Voice of the Agent survey analysed the answers from over 800 estate agents, and I cross referenced this information with Land Reg data from 2023. I will spare you the in-depth stats and get to the important bit (being a self-confessed geek about this, I am more than happy to go in detail with you, drop me a message!). 

Firstly, here is the 'mirage': being paid on transactions, you'd think it would make sense to position your estate agency where the most transactions are, i.e., around the average house price:

However... Agent fees are NOT equal across price bands; the more expensive the property, the higher the commission percentage, so an exponentially higher fee for the agents who can provide the service to justify this:

Put these two facts together, and voila. Notice how the 'green patch' has drastically moved up the price bands? 

Still think its a niche market? Well:

With 51% of the fees awarded for selling properties above £500,000 (despite only being 17% of all transactions), arguably the 'niche' market for agents is the residential/average house price market! 

So if you're wondering where all the fees have gone, look up! Or up the market, at least... 

If you'd like to talk about how we can help you win this business for yourself, just get in touch. 

Till next time!