What ‘No Sale, No Fee’ Really Means!

You'll often hear the expression "no sale, no fee" which is a basis on which many estate agents like ourselves work on.

But what does it actually mean?

It means this: we are only paid by results. Irrespective of the time and money we have spent on professional photography, videos, 3d tours, countless viewings, producing marketing materials, advertising, sales progression and all other expenses. We only actually get paid if a sale is completed at a price that is acceptable to you.  Your only upfront cost is likely to be just an energy performance certificate (which is valid for ten years) and this is paid direct by you to the energy assessor.
 
If for any reason you are not able to proceed with the sale or you simply change your mind, (provided you have not exchanged contracts), you will owe us exactly, nothing.

So why am I making this point?

Because there are some agents (mainly the on-line call centre agents) who require EVERYTHING paid up front (ok, some you will enter into a credit agreement with, BUT you still have to pay them come what may) - you want accompanied viewings? Yep you guessed it - pay up front.  

There comes the biggest point:

As they have already been paid, there is little to no incentive for them to try very hard to negotiate you the best price, or even agree a sale at all, let alone progress the sale through, manage chains, deal with surveyors, lenders, and all the problems that can arise on your moving home journey.  

So the moral of the story: check the small print, and be aware that there is more to "no sale - no fee" than you might think!

Author: Christos Nikolaou

BEng Mechanical Engineering, MSc Real Estate, ETEK Property Valuer, Register and Licensed Real Estate Agent.

Christos Nikolaou is the founder and Managing Director of Property Canvas, he holds a license as an Estate Agent from the Association of Real Estate Agents of Cyprus and he is a registered Property Valuer in the Technical and Scientific Chamber of Cyprus (ETEK). He is the author of our “What ‘No Sale, No Fee’ Really Means!” and is a certified advance negotiator.