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The bloke selling my house is a small estate agency with him and his wife running it and freelance photographers and social media managers. He doesn't have a high street ground floor glass plated office like most of the others. He Said it costs him 26k in fixed costs a month before he starts to make any money.
Some huge % of that agent fee goes to Rightmove these days. We looked at buying an estate agency chain for work and the economics are far shittier than you would expect, even in London. Earnings are volatile as well.