Real-Life Tips – How We Cut Out The Estate Agent And Sold Our Home Privately

There will be a time when you will want to sell the home you currently live in.

For me and my daughter, that time came for us in May 2014 and what I want to share here is how we saved a small fortune on estate agency fee.

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But first, back to you…

Perhaps you have finally received that major promotion you so desperately want, maybe you’re relocating to a new town or country or perhaps you’re about to retire and would like to downsize to something more managable.

Whatever the reason for you putting your home on the market, you have two main options when it comes to selling your property.

You can either contact your local estate agents who’ll be able to handle the sale for you (with varying degrees of aptitude) or you can do it all on your own and sell your home privately.

For me, there was a lot going for the “sell it privately” route. I had the time to do the viewings, and I don’t really enjoy the company of estate agents – so for me it was a no-brainer!

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The idea is that instead of forking out a small fortune in estate agency fees (anywhere from 1-3%+VAT), you can be your own estate agent and take the commission as part of your profit as a result of the sale of the property.

However, is it really wise to do this?

It would be wrong for me not to highlight a couple of the potential pitfalls  when it comes to taking charge of your own sale.

I’ll look at what you can do to avoid these scenarios should you decide to sell your home without a traditional estate agent and share with you some excellent house selling information that I picked up from TheAdvisory.co.uk.

Keep reading to find out how by following their house selling advice I did it!

 

Will You Get The Best Possible Price?

While you might think that you’ll actually get a higher price by selling your home privately, this is not necessarily the case.

The truth of the matter is that buyers who are looking for a private purchase are the ones who are looking for a better deal.

Potential buyers who make use of a conventional estate agents are prepared to pay the market price whereas those who look for private sales will try and lower the price of your property on the grounds of you not having to pay estate agent commission.

Furthermore, the buyer that approaches you privately will probably have the assumption that you’r a bit of a “soft touch” and not as skilled a negotiator as an experienced estate agent.

He or she will be right about this which means that even though you’re avoiding having to  pay commission to an estate agent, you may not get the best price for your property.

In order to avoid being taken advantage of, you really need to have a good handle on how much your home is worth in the durrent market. circumvent this, you can do this;

So first job, if you decide to go the private sale route, make sure you get your home valued by at least 3 knowledagble local agents before you put it on the market.

The right price is everything so you really need to take a sober look at the market and work out where to position your porperty to attract maximum interest.

You Are the Marketing Team

Next, if you are going to sell your home yourself, you need to remember that all of the advertising an estate agent would do for you is now on you.

Advertise everywhere – your local newspaper, property forums, facebook and most importantly, you need to get yourself onto Rightmove & or Zoopla.

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You can forget about OnTheMarket as it’s a ghost town.

Think outside of the box and make use of the internet.

Look for private property websites which are there for private sellers to advertise on.

 

Make it Look Nice

You will have to make sure that your property looks like the type of property that will appeal to buyers.

People do not necessarily want to move into a property that needs a lot of work so consider doing a bit of work on the property before putting it on the market.

Simple things like a fresh coat of paint and work on your garden will not only increase your chances of selling your property promptly, but also push the price up.

That is exactly what you want after all.

If you do not, consider the traditional route.

 

Know the Law

You will need to become well versed with what happens once you accept an offer.

You are going to need a good conveyancing solicitor. One that is proactive and able to help you vet offers from any potential buyers.

At least this way your back will be covered should something go wrong. DIY conveyancing is not to be recommended as really a decent solcitor should only set you back £500+VAT or so.

 

Use A Cut Price Internet Only Estate Agent

The World Wide Web is about more than just chatting on your favourite social media platform.

It also saves you a lot of money. Online estate agents are like the traditional thing but a whole lot cheaper.

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They are your key to getting your property advertised on Rightmove & Zoopla. There are loads to choose from but the 3 most established are; Housenetwork / emoov / housesimple.

They will help you with the sale of your property, get you the exposure you need and do it all without the exorbitant commission fees usually associated with using estate agents.

This way you get the best of both worlds so why not?