Estate agent fees can be a tough pill to swallow with typical costs ranging between 0.75% and 3.0% +VAT of the agreed selling price. For a property worth £200,000 that works out at between £1,500 and £6,000 excluding VAT.
With high-costs, it’s tempting to consider doing it yourself and entering the world of DIY selling— in other words online agents.
But what are the pros and cons?
Whilst DIY selling promises to save you thousands on fees, if you’re out your depth and not sure what to do then you could lose out on a deal.
Essentially, a traditional estate agent does all the hard work for you — from photographing your property to scheduling viewings, creating floor plans, contacting buyers, and finally negotiating a deal.
Take out the middleman, and it’s over to you to steer and manage the process. Here are some things to consider though, before you take the plunge:
- Price: Price too high and you risk generating no interest. Price too low and you lose money. The market is the market so do your research and use the internet — what do other similar properties in the same area sell for?
- Listing: You need to attract buyers to your property so you need to make sure that your home is visible in the right places. RightMove and Zoopla are key — so make sure when choosing a site to list your property on, that they work with the big players.
- No sites are free though and online agents usually have a structure that is all in their favour. Simply put, they charge an upfront fee (or ongoing monthly fee) rather than a commission upon completion of sale. That means that once you’re signed up and committed, their job is done and it’s over to you to find a buyer and actually sell your home. If it doesn’t sell, it makes no difference to them.
- Photos: First impressions count — whether its business, pleasure or homes. Getting your home ready to sell and then taking professional photos is key to generating interest and securing the price that you want. A blurry iPhone snap simply won’t do. Some online agents will offer extra marketing support and help with this … but it comes at a cost.
- Viewings: You might work long hours, but you need to be flexible if you’re serious about selling and fit in with the schedules of prospective buyers. You also need to be confident at selling if you want to secure the price you’re after.
Using an online agent might save you money on the face of it but if your property doesn’t sell then it’ll cost more in the long run. Plus you’re left indefinitely in no-man’s land unable to make your next big move.
If you don’t want to go the traditional route, but want a guaranteed sale, then you need to think out the box. Property cash buying companies are on the rise, as demand for quick house sales increases in the UK. Their business model is built on making the selling process as simple and hassle free as possible: they don’t charge selling fees, usually cover your legal fees, buy as seen, and manage the process for you. They are the buyer, so once the price and timelines are agreed then it’s full steam ahead. Local companies usually offer fairer prices and better customer service than their national competitors so do your research.
If you live in Hull or East Yorkshire and want to sell your property, then call us on 01482 655346 for a free, no-obligation valuation. We make same-day cash offers on every property that we see.