Selling home without using Estate Agents....
Discussion
...what are the pros and cons (apart from saving on their commission) from anyone whose actually sold a house/flat in the UK, without using the bloodsuckers?
I've recently taken my London suburbs flat off the market to find another Agent, but just had the brainstorm of selling it myself!
(Spacious 2 bed, 2 bath in Pinner, for £240k, in case anyone's interested!)
I've recently taken my London suburbs flat off the market to find another Agent, but just had the brainstorm of selling it myself!
(Spacious 2 bed, 2 bath in Pinner, for £240k, in case anyone's interested!)
I spent about 10 years working as an Estate Agent. It is actually a bloody hard job. I worked a 6 day week usually for at least 10 hours - people always want to view property in the evening.
Only advantage is that you save commission.
Disadvantages are numerous - here are just a few.
Purchasers expect to pay less as they know you are saving on agents' fees.
You need a good understanding of the conveyancing system to progress the sale.
If you are involved in a chain (which is more likely these days) you will also have to spend lots of time checking the progress of the chain.
Private advertising in papers is expensive - a 'For Sale' board is usually the best bet but only works if you are on a busyish road.
It has been established that a private sale will take on average much longer to reach an exchange of contracts.
You cannot check out your buyer in the same way. An agent should establish his financial means to purchase your house. His Building Society will not give you his personal details.
A lot of people think that all the Agent does is introduce a buyer to your property - however a professional agent will also spend a considerable amount of time progressing the sale and the chain.
Only advantage is that you save commission.
Disadvantages are numerous - here are just a few.
Purchasers expect to pay less as they know you are saving on agents' fees.
You need a good understanding of the conveyancing system to progress the sale.
If you are involved in a chain (which is more likely these days) you will also have to spend lots of time checking the progress of the chain.
Private advertising in papers is expensive - a 'For Sale' board is usually the best bet but only works if you are on a busyish road.
It has been established that a private sale will take on average much longer to reach an exchange of contracts.
You cannot check out your buyer in the same way. An agent should establish his financial means to purchase your house. His Building Society will not give you his personal details.
A lot of people think that all the Agent does is introduce a buyer to your property - however a professional agent will also spend a considerable amount of time progressing the sale and the chain.
Pros and cons;
Pros
1. Save commission
2. er, that's about it.
Cons
1. You have to advertise the flat yourself.
2. You have to show people round (and usually to suit their schedule).
3. You have to arrange the legal stuff once sold.
4. You have to make arrangements for the deposit to be lodged with a solicitor (or similar).
5. Estate agents are usually goosd at selling property - they know wehn a prospect is ready to bite and can normally extract a little extra cash.
6. Estate agents lend credibility to the sale.
7. They usually have a list of prospects looking for similar properties (obviously not in your case)
8. They act as a go-between creating a feeling of "offer close to the asking price or risk losing this fine property".
9.etc etc.
IMHO. rogues as they might be (IYHO) your best bet is to find a good one and let them sell for you.
Good luck with the sale. That £240k will buy a few T350Cs, Tuscans etc
PS. I'm not an Estate agent
Pros
1. Save commission
2. er, that's about it.
Cons
1. You have to advertise the flat yourself.
2. You have to show people round (and usually to suit their schedule).
3. You have to arrange the legal stuff once sold.
4. You have to make arrangements for the deposit to be lodged with a solicitor (or similar).
5. Estate agents are usually goosd at selling property - they know wehn a prospect is ready to bite and can normally extract a little extra cash.
6. Estate agents lend credibility to the sale.
7. They usually have a list of prospects looking for similar properties (obviously not in your case)
8. They act as a go-between creating a feeling of "offer close to the asking price or risk losing this fine property".
9.etc etc.
IMHO. rogues as they might be (IYHO) your best bet is to find a good one and let them sell for you.
Good luck with the sale. That £240k will buy a few T350Cs, Tuscans etc
PS. I'm not an Estate agent
Selling your own home isn't half as difficult as some estate agents would like you to think. Sold my home myself about 5 years ago and found a buyer prepared to pay the full asking price in less than a week.
In fact in between work for Pistonheads I've actually written an e-book on the subject, which should be available very soon...
In fact in between work for Pistonheads I've actually written an e-book on the subject, which should be available very soon...
Selling your home yourself does depend on the location, desirability etc. As has been said the problem is actually promoting the fact that the property is for sale. If you are in a cul de sac with no passing traffic, and no other houses for sale then it becomes more difficult.
If on a busy road, or where there is a lot of turn over of houses then your own board ouside may do the trick.
I am a surveyor (not an estate agent!) and although I kknow how the estate agent market works I'd still be reluctant to sell my house myself. Its just a hassle to do it yourself, and of course whilst you save the commission this only works if you get more than 97 1/2% of what the agent would have got!
If on a busy road, or where there is a lot of turn over of houses then your own board ouside may do the trick.
I am a surveyor (not an estate agent!) and although I kknow how the estate agent market works I'd still be reluctant to sell my house myself. Its just a hassle to do it yourself, and of course whilst you save the commission this only works if you get more than 97 1/2% of what the agent would have got!
chrisgr31 said: Its just a hassle to do it yourself, and of course whilst you save the commission this only works if you get more than 97 1/2% of what the agent would have got!
Some Estate agents are negotiable on their commission. I paid 1% when I sold my place last year. The future Mrs Plipton sold through the same agent and got the same rate. We then bought a place together.
...what are the pros and cons (apart from saving on their commission) from anyone whose actually sold a house/flat in the UK, without using the bloodsuckers?
I've recently taken my London suburbs flat off the market to find another Agent, but just had the brainstorm of selling it myself!
(Spacious 2 bed, 2 bath in Pinner, for £240k, in case anyone's interested!)
Try LOOT for starters, nothing to lose really (except your sanity of course). Get a set of photos and details up on your own website, otherwise your gonna have a load of timewasters not keeping to appointments.
Be prepared to screen out people who just want to be nosey and look round your house, do what the estate agents should do.
I'd say unless you can get onto Rightmove don't bother signing up for some of the websites offering to market your home.
Get a sign of your own in your window or outside your house, and make use of local noticeboards and the like.
Its not exactly rocket science, much as the estate agents would have you believe. Although be prepared for hassle.
plipton said:Some Estate agents are negotiable on their commission. I paid 1% when I sold my place last year. The future Mrs Plipton sold through the same agent and got the same rate. We then bought a place together.
They are indeed, I just gave that figure as it was easier. My fiancee is about to put her house on the market, one agent wants 2 1/4% the other wants 1 1/2%. Apparently we get a lower rate because its the Halifax and we both have mortgages with them. Alternatively might be desperation!
Really depends what the property being sold is worth. Clearly 1% on a 2 million quid propery is a fek of a lot and frankly there's a lot of room to negotiate there
Once had George Soros look around my parents house. He wanted to do a swap with a house he had in chelsea to completely avoid stamp duty. Anality like this is probably why he's so bloody rich, but he was a complete pain in the arse and it all fell through.
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