If you are currently thinking about selling your home, you might be wondering whether you can do it yourself. This is certainly a possibility, as there is no legal requirement to use an estate agent for property sales. Estate agents usually charge a percentage of your home’s value for selling the property and whilst fees vary substantially, this can feel like a large expense. Many homeowners believe that selling their property themselves will save money in the long-run – but is this actually true? From time and energy to professional expertise and marketing, we take a look at some of the main considerations when thinking about selling your home yourself.
What does an estate agent help with?
Using an estate agent to sell your property is the most common route for homeowners. A good estate agent can be the deciding factor between a quick, hassle-free sale and your home languishing on the market for months. Estate agents traditionally help with aspects such as:
- Preparing for sale – arranging for professional photography and advising on the best way to present your property.
- Market knowledge – making recommendations on the best asking price for your property, considering your home, the area and current market demand.
- Sales and marketing – estate agents are incredibly familiar with the process of putting property listings online, also having a dedicated sales team responsible for negotiating and communicating offers.
- Legal assistance – many estate agents will assist the sale through liaising with solicitors, conveyancers and others in the property chain.
How much do estate agents usually charge?
The amount estate agents charge varies significantly, and the final fee will also depend on the type of contract you have agreed (for instance, sole selling rights, joint or multiple agency representation).
Some estate agents charge a fixed fee upfront. This is often a cheaper option but one that can remove the impetus for a quick sale. Most estate agents charge fees in the form of commission (i.e. a percentage of the property’s final selling price). This generally ranges from around 0.75% to £3% of the purchase price.
Do make sure to read and understood your contract carefully before signing, as some agents may charge extra fees for advertising, photography, for sale boards and added VAT.
Can I sell my property without an estate agent?
Anyone, given the appropriate time, energy and marketing know-how can sell their property themselves. This can be done offline via traditional methods, such as placing an advertisement in a local newspaper, magazine or noticeboard, or simply raising awareness through word of mouth. You can also go high-tech, creating and marketing your own mini website. This means you are in charge of the entire process and won’t have to pay any fees (although you may still have to pay to register with online listings, as well as factor in all your own marketing costs). Whilst this may seem initially appealing, there are several important issues to bear in mind.
What are the key factors to consider?
It is possible to sell your property without an estate agent, but before you decide to take the plunge – make sure you have considered all the pros and cons. Estate agents have experience with dealing with property sales day-in, day-out and can ensure that your home is sold quickly and stress-free.
Pricing and valuations
Estate agents are true market experts, able to provide an accurate and realistic valuation for your property. Pricing homes too high is one of the most common mistakes vendors make, and one that can mean your property doesn’t sell at all. If you are looking to make a quick move, consider whether professional advice could help you avoid pricing at either too little or too much.
Marketing and advertising
Unless you are a professional marketing whizz, the chances are that most of us don’t have the in-depth knowledge to advertise a home. Print and digital marketing costs money, so make sure you’ve factored these costs into your plans. Most buyers use large websites such as Rightmove as their first port-of-call, and an estate agent can help you reach this audience. They may also have an existing database of buyers searching for properties like yours.
Buyer confidence
Consider if “sale by owner” might detract from buyer confidence in your property. Many buyers are more comfortable knowing that professionals have been involved in setting the price as well as the eventual sale process. Estate agents will handle offers on your behalf, as well as liaising between the respective parties. This can be especially useful to avoid any awkwardness associated with direct negotiations between buyers and sellers.
Deciding whether to use an estate agent or sell your home yourself often depends on how much time you have to spare (both in terms of marketing and a potentially slower move) as well as weighing up the costs involved. Whilst they do charge fees for their services, estate agents help take the pressure off vendors, making sure your property sells as quickly as possible for the best price.
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