Selling house without estate agent

rosiem_2

Hi there,

Was just wondering if you guys had any thoughts or tips regarding trying to sell your house without an estate agent. I'm in two minds about this at the moment, and was just wanting to get some idea about the pros / cons of each approach.

Thanks a lot,
Rosie

no1gymbunny

I know it costs you money, but using an EA is the way to go. Firstly, you will need to draw up sales particulars which are a complete minefield to experienced EA let alone a complete novice (no offence!) - The Property Misdescriptions Act, need I say more?

I'm an EA and the general public seem to think that we take a couple of pictures, stick them in the local rag and wait for the phone to ring. If only it were that simple!

We hold vast databases of prospective purchasers' details ready and waiting for the new instruction, we contact them via telephone, text & sms picture messaging, email and snail mail. We hold keys and accompany the viewings for you. A lot of people feel uncomfortable conducting viewings - owners AND applicants alike. If you did market the property alone and you achieved an offer - would you know what to do next? What if you got three offers? How would you decide which to accept? The highest is not necessarily the best. After the sale is agreed this is where the hard work really starts. If there is a long chain (and usually there is) this chain needs to be managed. Everbody needs to be proceeding at the same pace. Communication here is key. There's no point the top of the chain being ready to exchange contracts if 3 or 4 links down somebody has lost their buyer and nobody has been informed. We badger solicitors (I know how much they love that) and try to keep everybody updated. It is time consuming and frustrating. I could go on all night!! Any further questions?

Lotta_Littlies

Hello Rosie,

Here is a thread about private house sale sites where a couple of people have sold successfully which might be worth a read through for you.

http://forums.moneysavingexpert.com/showthread.html?t=229558

Lota

Woby_Tide

no1gymbunny wrote:

Any further questions?

How come your commission rates haven't dropped despite prices having doubled and the internet making advertising and reaching prospective buyers so much cheaper in recent years?

no1gymbunny

UK EA commission rates are among the cheapest in Europe. They're more than double in the USA. If money is your sole motivator, I know of an agent who'll sell your property for £500 + VAT!

I suppose EAs will be blamed next for the rise in property prices.

MissMotivation

Woby_Tide wrote:

How come your commission rates haven't dropped despite prices having doubled and the internet making advertising and reaching prospective buyers so much cheaper in recent years?

Not quite sure I understand your logic?

If you had any understanding of how much it actually costs in staff expertise. time, advertising, boards etc then you would know that EA's don't make a fortune every time they sell a property.

As previous poster said, we are amongst the cheapest in Europe. I have a client that has sold in the USA that paid quadruple the amount he pays in the UK.

no1gymbunny

Sisters in arms!

MissMotivation

no1gymbunny wrote:

Sisters in arms!

Lol.......i'm starting to rant arn't I?

no1gymbunny

Keep at it - we take SO MUCH CRAP! x

Woby_Tide

no1gymbunny wrote:

Keep at it - we take SO MUCH CRAP! x

but give so much more back.....


suggesting that you are cheaper than other countries isn't really an answer is it(unless you are suggesting the global housing market is identical?), more smacks of desperation that you can't provide a genuine answer.

Our current estate agency charged £345 upfront, why was the next cheapest agency a commision based one at £2500, 3 years ago it would have been £1800, have your costs risen that much(and the average agency would have been £3750 compared to £2550 3 years ago, their costs must have risen even more...)? Surely you are selling the same house using the same skills and same advertising mediums? Unless my agent doesn't have as nice a car as you?

Actually thinking about it, say on an average house sale of £170k or whatever it currently is, assuming you are charging 1.5%(who know it may be 2% where you are) break down the £2550/£3400 into what you think the agents earns from it in terms of paying for a board(ye gods they look expensive..), advertising paper/net, time of agent viewings/calling prospective buyers, post offer work etc.

Woby_Tide

no1gymbunny wrote:

Sisters in arms!

If we're into proverbs

There's honour among thieves