With the various different ways you can sell a property these days, it’s an absolute minefield!
Options to do it yourself, request online agents to list, or go the traditional route of using a local estate agent.
Through this journey, I’ll explain the pros, the cons, and everything in between to guide you in making an informed decision on what you should do, and who you should use!
A Local Estate Agent
Even within using a local estate agent, there are variations on the type of agent they are, the type of marketing orientation they follow, and the type of fees they charge.
Check to see if they have a database of searching clients who have provided requirements in a property and have a set budget, these are prospective qualified buyers that are actively searching for a property at that time.
There are tools online to check how fast an estate agent sells a property, and how far off the asking price a selling price was achieved.
Be cautious of over-zealous agents, that give you unrealistic over-valued figures. These are the type of agents best not worked with, as over-valuing, a property is done for one reason, to draw you in with a high figure that you hope will generate more money from the sale than you thought.
The reality is that it will sit on the market for longer than anticipated, not drawing the right number of enquiries coming through, for the agent to reach out to you and have the awkward conversation that the price needs to come down as they ‘didn’t get the response they’d hoped’.
A good agent will charge a fee in the region of 1% to 2% of the final selling price. Although this sounds pricey, it’s the price you pay for a good agent that provides a good service with a streamlined process.
Abbey Property have property experts to assist you in the sale of your property in the Bedfordshire area, get in touch for a free valuation!
Online/Hybrid Estate Agents
Perfect if you are on a squeeze, want to minimise your costs where possible, and are willing to compromise on level of service.
Whereas it will mean a little inconvenience to you in terms of communication and small changes, it can help reduce your costs if that is a determining factor of your move.
Depending on the type of agent you use, many on the cheaper end of the scale use automated online valuations for your property, which just aren’t generally accurate.
They don’t take into consideration the current condition, aspects of the property such as landscaping, as well as others that would be best determined by a human being.
Some of the more popular agents such as PurpleBricks do have the options for local advisors to visit and conduct their processes in person. Bringing a more human feel into the process, giving you some peace of mind that you have someone there to guide you.
With a fixed fee of around £1200 (depending on where you live), it seems a good deal.
Be mindful that PurpleBricks for example, don’t operate a ‘no sale no fee‘ agreement. So regardless of whether your property sells or not, you are still liable to pay their fees.
Although they give the option to pay the fee in advance, or when your property sells. That fee is still chargeable regardless of whether you manage to sell or not. Many online agents operate this way.
Selling It Yourself!
If you’re feeling brave, you could look to sell the property yourself.
I say brave, as you’ve got many of the aspects of selling a property pitted against you, whether it be where you can market it, the way you conclude the asking price, and the legalities surrounding a sale might be a completely new topic for you to become well versed in.
But as long as you’re willing to learn the ropes, the money you’re saving from using an agent could be worth the time you spend DIY!
The use of these property portals comes at quite a hefty cost to agents, hence why the cost to use an agent will be significantly higher than if you were to sell up yourself.
Relying on word of mouth, posts on social media such as Instagram and Facebook Marketplace, maybe even hard copies in your local newspaper and in the window of local businesses will be the avenues you market your own property.
Off the back of your listings, you’ll likely generate some enquiries. Arrange viewings, and be prepared for answers to the questions viewers have.
Next is negotiation, a common practice when it comes to many sales. You’ll have an idea of what you’d like to get for the property, consider offers you’d actually accept.
Accepting the fact that as you do not have anywhere near the same marketing reach as an agent would, you may have to come round to the idea of taking a lower price for your home…
But don’t be afraid to turn down offers you aren’t happy with, you’ll regret making an impulse decision.
A solicitor or conveyancer will help you through much of the hefty paperwork, it’s likely you can expect additional costs to verify the buyers identity, and to verify the deal they bring to the table is legitimate.
You’ll also have the responsibility to chase the status of the chain, if there is a chain.
Ultimately taking on the job of selling your property yourself is a lot of work. It can cost thousands in terms of a reduced selling price, and take much of your time doing so.
The information I’ve provided above is a good basis to start your research from, however we’d suggest looking into each option further and have a clear discussion of your wants and needs so that there are no unpleasant surprises on the horizon.
Just as many things in this world, you get what you pay for. Chasing the smallest price or fee in order to save costs could mean you’re sacrificing on the level of service being provided, and corners being cut.
If you are interested in selling, and would like some clear advice and some comparible figures to compare again, get in touch with our property experts to schedule a time and day to visit and answer any of your questions.