If you are like a lot of people these days, your biggest asset is your property.
You have worked hard for many years to save up a deposit, then finding the house you want. Afterwards, you have spent time making it your home and now comes the time you would like to sell. This time can be overwhelming, so in this guide, we will help to make the process smoother and give you all the details on the different options you will face.
Selling your property is a big deal, so it is reasonable to be apprehensive about it. Remember if this is the best thing for you and your family, then it will be worth the effort.
Should you use an estate agent online when selling your property?
An online estate agent can save you hundreds of pounds. But sometimes finding the right one that you can trust can be the most crucial factor. Here is a list of some online estate agents that you could consider using.
So, what is an online estate agent?
Without a doubt, the main advantage of choosing an online agent is the amount you can save – a typical high street estate agent charge around 1.5% of the final selling price. If you do the calculations, a property of £400,000 will mean you are paying £6,000 in commission when comparing this amount to an online estate agent where prices range from about £200 to £1000.
Online estate agents first started to emerge around ten years ago. The service offered in the beginning was a platform where sellers would have to upload the information and photos. But in recent years, they have started to provide a more hands-on approach to help you with selling your property.
One of the biggest successes has been PurpleBricks whose property sellers now benefit from call centres and online help. PurpleBricks also have local property experts available. These experts can help you upload the property details, photos, and they can also help conduct viewings.
Can you trust online estate agents when selling your Property?
The main concern with online estate agents is, are they trustworthy? Estate agents do not always have the best reputation. One survey showed up to 70% of people do not trust estate agents, according to an Ipsos MORI Veracity index.
Firstly, you should check that the estate agent is a member of one of the two central grievance bodies. These bodies will help you if you must pursue a complaint against the agent. One of them is the Property Ombudsman, and the other is the Property Redress Scheme. These bodies give the seller an extra level of reassurance.
Secondly, check out the reviews on sites such as Google and Facebook, you can perform a simple search and find out what people are saying about them. Another option if they use a review system such as Trustpilot. But it’s important to do your research before letting someone handle your property and hard-earned money.
Are online estate agents successful?
There are still less than one in ten sellers who choose to use an online agent according to research done in 2018 by the HomeOwners Alliance. According to Twenty Ci, online agents worked with just 7.2% of properties sold.
How do you sell your property at an auction?
Property auctions are organised months in advance. Auction houses publish a catalogue of properties. These catalogues are known as lots, and the buyers get to read these catalogues between two weeks to a month before the auction date. All the properties listed are with a guide price. This amount is not the same as the reserve price, which is the minimum amount the seller will accept for their property. However, this price is customarily kept confidential. For buyers, auctions can be a very exhilarating experience so if you’re ever on the other foot, make sure you have a plan before you go and stick to it. It is straightforward to get caught up in the moment and start to overbid or spend more than you planned if you don’t keep to your plan. If you are selling it can be just as exciting to sit back and watch the entertainment. Potentially you can earn more at an auction than selling your home through a traditional estate agent.
The advantages of using a high street estate agent
One advantage of using a traditional high street estate agent is that you do not have to pay anything upfront. Most online estate agents will take a fee before the completion of the sale. Unfortunately, if the transaction does not go through, you do not get this money returned. However, you will probably not get charged again to re-list the property.
They can value your property correctly. Most high street agents have local experts who have a lot of experience selling within your area. Online agents usually do a good job, but it is unlikely that they will have the local expertise a high street estate agent has.
They offer additional help, such as showing buyers around your property while you are away or at work. With high street agents, you can leave a set of keys with them. The estate agent will show potential buyers around. High street agents can also answer questions about the area, such as where the local amenities are such as schools or leisure centres.
Making those constant chase-up calls and keeping things moving. Online estate agents cannot chase up the buyer or find out how they are moving along in the chain if there is one. Because a high street estate agent will not get paid until your property is sold, you can normally rest assured knowing they will help do the chasing for you.
Whether you want to sell online at an auction or with a high street agent, you have plenty of options available to choose from. With the many options available, it’s worth deciding what the most critical factors for you are. It could be price or available time, and each one may result in a different option. Importantly do your research and find the right method that suits your needs.
DISCLAIMER: These articles are for information only and should not be construed as advice. You should always seek advice prior to taking any action.