SOMETIMES it doesn't pay to be too honest, as Sherry FitzGerald found last week when it scored a spectacular own goal by owning up to fee increases.
On the quietest news day of the year - the day before the election when RTÉ observes a moratorium - Montrose was in its element when it broke the story that Sherry Fitz was increasing its fees by 50 per cent, having made a fortune in fees for the best part of a decade. Chairman Mark FitzGerald was typically upfront in admitting the fee hike, but he'd forgotten that people simply don't like estate agents and their greedy ways. There was no way he could make the story look good, and so he became the whipping boy for the industry. Fees around town are pretty fluid at the moment, and Sherry FitzGerald will negotiate anywhere between 0.5 per cent and 1.5 per cent depending on the property and its location. Vendors often ask for and get a flat fee arrangement but, with property now taking a lot longer to sell and requiring more visits and more negotiating, it was inevitable that fees would be bumped up. Still, competition is alive and well, and vendors will continue to shop around looking for the best deal.
