Selling high value property without an agent

Tolqua

I’m fortunate enough to live in an exclusive waterfront location on the south coast. The house has six bedrooms, but is falling apart. The location, however, is ‘to die for’ and many of the properties in the immediate area have already been redeveloped, with lavish multi-million pound homes becoming the norm.

My circumstances dictate that I’ll need to sell the house within the next three years, but it’s really important that I get the best price I possibly can. Needless to say there’s no shortage of interest from estate agents eager to sell the property and I’m sure that if I needed to sell quickly, this would be the best way to go. However, I do find it difficult to accept the huge fees involved and would like to explore the possibilities of selling without an agent.

I’m not ready to move right away so I don’t need to make any hasty decisions, but are there any reasons why I shouldn’t put the property on the market now myself and just see what happens? I don’t really see what I have to lose, but I may be being naïve. I’ve never seen any other properties of this value sold without an agent – It’s just not done, but I’d like to know why and if there would be any negative consequences in doing so.

I can see that an agent will be able to reach a much wider range of potential buyers and it may well be that I sell this way in the end anyway, but I know from conversations I’ve already had with agents that they’d not be happy putting it on the market at the sort of price I’d like to get (significantly above their estimate of its value). Ultimately, like any property, it’s value is value is determined by whatever the buyer’s willing to pay and it would only take one person with deep-pockets and the ability to imagine their dream home in this idyllic location to make it all very worthwhile.

One problem may be that I’m not ready to move right away although, having said that, I’m sure if I were to receive a suitably attractive offer, I could be persuaded to fast-track my plans. On the plus side, properties of this type don’t come up all that often and prospective buyers often take the long view where this type of purchase is involved. So putting the property on the market now with a view to selling some time in the near future may well be not such an inappropriate idea after all.

It may just be that nobody does it because nobody’s doing it, but I may be indulging my wishful thinking here and come down to earth with a bump when the pitfalls are pointed out. I’ve posted this on a number of property forums in the hope of getting some useful feedback, so any constructive comments will be most welcome.

Millivan

marksoton

Welcome to the forums Harry Redknapp :beer:

How is Sandbanks?

flambo33

Hi, If i were you i would use the estate agents to your advantage, get some free valuations done with various agents so you know the rough range of the value & then find one that offers a fixed fee, not a percentage. Although I've not done this myself I've seen various adverts on the TV from companies such as "purple bricks" who offer to sell your house for a fixed fee i think "from £750" but I'd be guessing on the value of your property that price may go up, however it would still be a fixed sum.


There's a "how it works" if you scroll down on that link

https://www.purplebricks.com/?gclid=CMDLx93_rMwCFdYy0wodCt0Eww

PasturesNew

marksoton wrote: »

How is Sandbanks?

I lived there.... and moved. It's !!!!!!. Nothing there. Had to get the car out for everything!

ognum

Estate Agents fees are negotiable, if you have a desirable property they will certainly sell it for less than 1%. Get several valuations and negotiate with them.

I would use an agent for an expensive property they have the ability to get it noticed by a lot of people in a way you would find difficult.

You seem to want the situation both ways, to sell and not to sell yet. You need to make up your mind and either get on with it or wait until the time is right.

No one can tell you what will happen to property prices over the next two to three years so you will need to think about that yourself. If you sell early and prices rise you will lose out, if they fall and you stay too long you ,at not get what you would get today.

So, gather information, make an informed choice, sell when you are ready, move on with your life.

PasturesNew

The thing with "high end properties" is you're dealing with money rich, time poor people - who won't be aware of, or interested in, unusual methods of finding/buying houses.

You'll find that agents are more likely to be schmoozing with these types and making it easy for them to buy a house through them.

In short ... you might end up "selling it short" in an attempt to not feel you've been stiffed by a pricey agent.

Unless you're mixing in the right circles you won't have the contacts/etc that these sort of people have to be able to get them to notice your house exists. They don't spend their evenings surfing rightmove endlessly.

[Deleted User]

Just use one of the online agents for a fixed fee. They all advertise on Rightmove and Zoopla, etc, which is where everyone looks these days when looking to move anyway. Only time to use a high street agent is if you can agree a reduced fee upfront.

AdrianC

PasturesNew has it perfectly. The agents will have a dozen people on speed-dial who want exactly what you're selling. Get them into a bid-war, and your agent has paid for themselves several times over.