Selling A House Without an Estate Agent
If you’ve ever sold a property before, you’ll know how it usually goes. You get some valuations from estate agents, choose one, and allow them to market your home. They usually find buyers and do viewings, which is convenient, but many people are left wondering whether it’s worth the exorbitant fees. That’s why estate agents are becoming less popular, while alternative ways to sell houses are on the rise, allowing people to save money, and market their home independently. Here are a few ideas for cutting out the estate agent, and potentially saving yourself thousands.
Estate agent fees
Estate agent fees are variable, and usually up for negotiation. In the UK, most charge a percentage fee based on the final sale price. This can be from 0.75% to 3%, or even more, plus VAT. So, for example if you sell your home for £250,000 and have agreed a 1% fee, that’s £2,500 going to the estate agent on completion, and that’s at the low end of the scale.
One method that’s becoming particularly popular is to sell your home online. Although billed as ‘online estate agents’, these companies basically just offer some support and list your home on sites such as Rightmove and Zoopla. You have to do a bit of extra work yourself, and deal with viewings and the hassle they can bring, but generally you can sell your home for a fixed fee of £300 to £800.
Aside from saving money, there are quite a few advantages to selling this way. You can set the price that you think is fair, negotiate directly with potential buyers, and don’t have to deal with the intrusion of estate agents visiting your home. You do the viewings, and so can feel more in control.
Selling to a cash buyer
Another option, one that’s especially useful when you’re in a hurry, is to sell via a cash house buyer. There are lots of companies that promise a quick sale, but it’s important to find one that’s a genuine cash buyer and has the funds in reserve to buy any house quickly. The process of selling via these companies couldn’t be easier. You just phone up, get a valuation, and they’ll often cover things such as fees.
It’s worth bearing in mind that you may get a lower than market value offer for your property through these companies. However, one advantage is that they’ll often cover fees, which means you don’t need to pay solicitors or worry about paying estate agents from the final price.
Selling at auction
With many areas experiencing a property boom, selling via auction can get you a good price. However, it’s often a gamble, and although you can set a reserve price, there’s no way of knowing how much your property will bring in. However, there are some advantages. For starters, it’s quick, and once someone wins a property at auction, there’s very little chance of it falling through. It’s also a good way to sell properties that are unusual, and perhaps wouldn’t sell on the open market. Even properties that are unmortgageable are regularly sold at auction.
If you want to sell your home fast, then it may be best to step away from the estate agent, and look at some non-traditional ways to sell. It can mean a faster sale, lower fees, and much less hassle in the long term.