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Estate agents normally charge the seller, on a ‘no sale, no fee’ basis, so that if the property doesn’t sell, then the customer will not pay anything to the estate agent and the agent will have worked for the customer, free of charge. If the seller does sell the property and complete the sale of their property to a buyer that was introduced by the estate agent, then the estate agent will charge anything from 1% to 3.5%, with the average in 2018 being reported as 1.42% including VAT and this is calculated based on the sale price of the property.

Some estate agents are members of the Royal Institution of Chartered Surveyors (RICS), the principal body for UK property professionals, dealing with both residential, commercial, and agricultural property. OFT approval for the Code of Practice for Residential Sales in 2006 and as of December 2018 claims to have over 15,897 sales offices and 14,746 letting offices registered with TPO. Members, known as “Chartered Surveyors”, are elected based on examination and are required to adhere to a code of conduct, which includes regulations about looking after their clients’ money and professional indemnity insurance in case of error or negligence.

Archived from the original on 2010-02-21. Retrieved 2010-03-05. Archived website. Pay, Amy (6 October 2017). “How the property sector is using technology to innovate”. Look up estate agent in Wiktionary, the free dictionary. By using this site, you agree to the Terms of Use and Privacy Policy. Text is available under the Creative Commons Attribution-ShareAlike License 3.0; additional terms may apply. Wikipedia® is a registered trademark of the Wikimedia Foundation, Inc., a non-profit organization. This page was last edited on 9 January 2023, at 16:32 (UTC).

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