Estate agents charge too much for what they do

A recent Which? report looked at the way in which estate agents charge for their services and concluded that estate agents are deliberately vague about what they charge consumers and the kinds of commisssions quoted can vary quite dramatically. Personally I have always felt that High Street estate agents charge too much for what they do. After all, the internet, especially Rightmove, has brought down the cost of finding buyers, yet estate agents seem wedded to their 1.5% to 2% commissions (or more for joint/multiple agency). The good news is that internet is a great democratiser as it enables the little guys (ie. me) as much or – used cleverly – more power than the big guys (ie. the large corporate chains). It also allows companies like mine to innovate, reduce overheads and offer sellers something different at a price below what our competition charges. That’s why when I started BigBlackHen.com I wanted a system of fees – simple, transparent, easy to understand, the same for everyone and best of all, great value for my clients. No wonder our number one source of new business is recommendations from client’s who’ve worked with us in the past. And since starting the company in 2005 my clients have saved a collective £250,000 versus the 1.5% commission they might have paid elsewhere.