TALKING PROPERTY:THE COST of selling property these days is probably a lot harder on your nerves than it is on your pocket.

However, as one way or the other the price must be paid, I thought I would find out exactly how much it does cost these days, both to your pocket and to your general wellbeing.

Beginning with the latter, start by being honest with yourself. Why are you considering selling at this particular time?

If your back is to the wall and you are being forced to sell, then admit it and pitch the asking price accordingly.

If you are under no real pressure to sell, but would consider it if you received a reasonable offer, then say so, and don’t have both the estate agent and potential purchasers believing that you will eventually lower your asking price, if you have absolutely no intention of doing so.

Then accept the fact that most people have three prices in mind when they put their house on the market.

The first is the price that they would be happy to accept; the second is the price which would exceed their dreams; and the third is the one which they would prefer not to have to consider, the price below which they would not accept. This, unfortunately, is the only price which really matters.

The next step is to obtain valuations from at least three local estate agents and query them on their fee structure. Fees are still charged on the completion of the sale and will vary depending on the value of your property. The higher the property valuation, the lower the percentage you will be charged.

If your property is worth up to €500,000 then expect to pay around 1.5 per cent. The fees would drop to 1.25 per cent for a property worth approximately €1 million and, if it is valued at €3 million or more, then you can negotiate the fees down to 1 per cent.

If the agent is desperate for instructions, they will suggest a high asking price (which they will later reduce) and a low fee, in the hope of getting the sale. If, however, the agent is trying to judge how much you will accept, they will start talking in high figures (1.75 per cent or more) and will carefully watch the expression on your face.

This is neither the time to display your deadpan poker face, nor indeed, the time to find yourself expressionless through overuse of Botox. This is the time to give an Oscar winning performance of absolute horror.

When the estate agent looks utterly cast down (around 1.25 per cent), think about accepting. The days of being able to barter the fee down to .5 per cent and under are over. Those low fees were based on their ability to sell a high volume of property quickly. These days some agents will not budge below 1.5 per cent, knowing that the campaign will be a long and frustrating one. At this point you have to make a judgement call as to whether these agents are worth the extra 0.25 per cent or not.

Many vendors relent, possibly because they feel that, if the agent is tough about holding out for their own fees, then they are likely to be equally tough about getting you your asking price.

Performance-related fees (the higher the selling price, the higher the fees), which were once popular, are for obvious reasons no longer suggested.

As the marketing period has increased from the (virtually guaranteed) three or four weeks of old, to upwards of 10 weeks today, the same advertising budget is being stretched out to cover the extended time frame.

Including photographs, brochure and board, the average spend for a property valued at under €500,000 is between €500 and €1,000. In the case of properties worth several million, the budget is usually between €5,000 and €7,000. Although these days, many “trophy” homes are sold “below the radar” therefore advertising is not applicable.

Vendors are now asked to pay their advertising costs in advance, as the estate agents can no longer afford to carry these “out of pocket” expenses for the duration of the sales campaign.

Viewing patterns have also changed. The once popular Saturday open viewings disappeared for a while, but are gradually being reintroduced. Generating quantity, but not necessarily quality, some agents consider them poor use of their time and negotiating skills and prefer viewing by appointment.

Vendors are unsure, as either way they must spend time, effort and money “presenting” their property for public inspection. Naturally, they would prefer if their efforts were not all wasted on nosy neighbours and time wasters.

Further expenses include the BER (energy rating) certificate at €200 to €450 and legal fees, which bored conveyancing solicitors are now prepared to reduce.

These days the cost of selling property is still high, but more on your stamina, patience and sanity, rather than your pocket.