Consumers are calling for high street estate agents to be “much more transparent and end the confusion” surrounding commission fees, Purplebricks has revealed.
The agency’s latest research revealed that 83% of homeowners want high street agents to be “more upfront” about their costs on commission.
Meanwhile, data from 1,500 agency branches revealed that 93% of agents do not currently list their commission rates or fees on their websites. Only 2% publicised an exact percentage or fee.
Some 63% of agents failed to provide a quote or figure over the phone, and a further 83% stated that they would need to see the property first.
Purplebricks said that sellers are “being left in the dark with what is a fair price and made to negotiate the cost with estate agents face-to-face in their homes”. Upon surveying homesellers, the agency found that 72% agreed the first fee quoted to them.
Lee Wainwright, CEO, Purplebricks UK, said: “The lack of transparency from high street estate agents around their commission fees is the reason why for some, homeselling is not fair at all.
“With no regulation currently in place around the publication of commission fees, two next-door neighbours with identical homes could easily pay completely different rates, for the same service, from the same high street agent.”
He added: “That is completely unfair and why we at Purplebricks clearly display our fair, fixed fees on our website. We are now calling for high street estate agents to do the same and end this lack of transparency in our industry once and for all.”
Alice Beer, consumer rights champion, said: “With such a lack of clarity over commission rates, consumers run the risk of overpaying when it comes to selling their home.
“If high street agents simply displayed their commission fees online, sellers would have the opportunity to do their research before inviting agents to their homes for valuations, thus allowing them to make an informed decision on which agent to proceed with and what price to pay.”