With high street estate agents charging a small fortune to sell your property it’s no wonder more and more people are questioning whether they need to use an estate agent at all to sell their home.

A typical estate agent charges around 1.5% +VAT when they sell your property - this works out at £5,706 on the average asking price of a UK home (approx. £317,000). That’s a lot of money, especially if you are already on a tight budget or looking to save as much money as possible for your future.

 

 

Often people feel like their hands are tied and they must use their local high street estate agent, but this is no longer the case. With the growth of the internet and technology more - and cheaper - alternatives are becoming available.

The biggest growth has been in people using online estate agents. The increasing popularity of these types of estate agents has seen one company - Purplebricks - add 232% to its share value in just 12 months.

In some ways online estate agents are similar to high street agents. They will take photos of your property and market it online, including on portals such as Rightmove. They will also book in viewings for your property. However, the majority of these companies expect you to carry out the viewings yourself or charge you extra if you want one of their staff to handle it for you.

The main difference though is in the cost. Most online estate agents charge a fixed fee (anywhere from £500+) which you pay upfront and isn’t refunded if they don’t sell your property. However, some online estate agents offer a no sale, no fee option for a higher price.

If you want to avoid all estate agent fees completely then you could consider selling your property yourself. Many people assume it can’t be done, but it can if you are willing to work hard. In the absence of an estate agent you will have to carry out the duties they would normally do. These include:

● Organising online and offline advertising and marketing

● Speaking with prospective buyers

● Arranging and carrying out property viewings

● Chasing solicitors

● Dealing with surveyors and valuers

● Receiving offers and haggling on price

By doing this you avoid having to pay any estate agent fees completely - but it can be very time-consuming to do, especially if you aren’t familiar with the property buying process.

Another way of avoiding using an estate is to sell your property directly to a professional property buyer. These companies buy property directly for cash and take the uncertainty out of selling a home. They tend to pay slightly under market value for your home but they can often buy the property very quickly or in a timescale to suit your needs. There are also no estate agents and most of these companies pay all your solicitor fees so it takes all the time and stress out of the selling process.

Interested in learning more? Reader’s Digest Property has teamed up with trusted professional property buying company House Buy Fast. They are members of the National Association of Property Buyers to give you peace of mind.

If you would like to find out how much they will pay for your home use the contact form below or call Reader’s Digest Property on 0800 433 7979.

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