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Inflation running at 50%

Well, it is if you’re selling your house through Sherry Fitzgerald according to this report on Ireland.com earlier today. They’re increasing their commission when selling a house from 1% to 1.5%, a 50% increase.

The useful intervention from the National Consumer Agency was “”estate agents had had ten years of a “gravy train” and were looking for an increase that amounted to 50 per cent after just six months of a downturn in the housing market”.

And that’s it. Not even a “shop around” quoted there anyway, but I haven’t heard the full text of the interview on RTE.

Hooke & McDonald have said they won’t be increasing their commissions – though I don’t know what their rates are to say whether or not people should use them instead of Sherry Fitzgerald.
Chances are most people using Sherry Fitzgerald know that they’ve a big name, see lots of “for sale” signs around with their name on it, and assume that that high profile will get their house sold. Unfortunately, there’s no guarantee – though, if the 0.5% increase in fees gave that guarantee, then it might be worth while.

People selling their houses should speak to several estate agents, and should more particularly ask for recommendations from other people they know, before selecting an estate agent. Word of mouth, combined with full information, should dictate who to use – and if it can be done better than at 1.5% commission, then avoid Sherry Fitzgerald.

Or, as per Dermott Jewell of the Consumer Association of Ireland on the radio this evening, people could take advantage of the growing trend here in Ireland of people selling their own homes, saving themselves the full commission altogether.

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