Our research shows that an increasing number of home owners are looking to the internet to sell homes privately vs instructing a high street agent.
In this article, we look at the pitfalls and benefits of the two.
Once upon a time, people sold their houses privately and then one day estate agents were invented and a whole industry and a number jokes were born. The internet has changed the world of business over recent years and the housing market is no exception. New technology has provided a convenient and money saving option for the housing sector while encouraging competition for high street estate agents. Selling a house privately is an easier proposition than it was once was, but it doesn’t suit everyone’s taste, so let’s look at the options and see which is best for you.
What will the high street estate agent do for their money and what will it cost?
Firstly they will visit the house to value it and decide on an asking price with you. You should ask more than one estate agent to value the house many firms offer this service free of charge and without commitment. If you’ve already decided to sell privately make use of this service too. Check the price that the estate agent suggests by comparing it to similar houses in the area.
The estate agent will then prepare details of the house for advertising to potential buyers. This includes the number and size of the rooms and all the fixtures and fittings which will be left in the house. You will then be required to show potential buyers around the house yourself but, you can arrange for them to do it for you.
The estate agents fee is usually between 1% and 2% of the sale value. Alternatively you might choose a fixed fee option. Here is where you have to do your sums and work out which is best for you.
Be clear about the fee. Does it include advertising costs, photographs, the For Sale sign and VAT? Sellers are also legally required to produce an Energy Performance Certificate (EPC), if that is not included then the certificate will cost you around £100. Added to the estate agents fees a conveyance service will charge around £500.
The estate agent will carry out negotiations for you and guide you through to completion.
Is selling privately a viable alternative?
As a seller you will need an EPC approx £69 + vat and a conveyance service will cost around £500. The expense of advertising the property will depend on you. Time is the most costly aspect of selling privately because you are the one looking for a buyer. How you find the buyer and how quickly will depend on the effort and time you put in. Remember that you will have to value your property competitively and negotiate with potential buyers. You may find you have a knack for sales but, if you don’t…..
Online Estate Agents – Is there another way?
The online estate agent, surf4aproperty.com is one way of saving you time and money. They provide everything a high street estate agent can while marketing your house on the nation’s most popular property websites and all for a competitive fixed fee. Their property consultants will guide you through to completion at a fraction of the cost and ensuring that the sale of your house has a happy ending.
See how much we can save you with our estate agent fees calculator
