The Benefits of selling your home yourself
Selling your own home does mean that you will have to do a lot of the work yourself, including taking photographs of the property, arranging Energy Performance Certificates, and potentially even hammering the For Sale sign in at the front of your property. However, online estate agents like House Network, charge a minimal fee, typically in the range of £500, and can save you thousands of pounds in estate agent fees and commission. They can help advertise your home to give it greater exposure, and they typically offer additional services that may cost a little extra but could help ensure a smoother sale process.
Many home buyers and property buyers use the Internet at some point during their property search. Whether they use well-known property portals to create a shortlist of properties, or to find specific details on properties that they have seen, it is likely that a potential buyer will search on the likes of Zoopla at some point. This means that if you can list your property on these sites they will still enjoy a similar level of exposure compared to using an estate agent’s services.
Estate agents do provide services beyond ensuring exposure for a property. They will help determine an appropriate market value, they will negotiate with the potential buyer and their lawyers, and some may determine chains and even whether the potential buyer does indeed have the financing available to buy a property.
In reality, though, if you are capable of some basic price negotiation, and willing to spend a little extra money paying for the extra services offered by an online estate agent, then you could save thousands and only need to invest a relatively small amount of your own time. With some services, you can even pay for a negotiator to work on your behalf in order to help ensure that you get the best possible price for the sale of your property.
Of course, the biggest benefit of selling your own property is the cost savings that you can make. Typical estate agent fees can vary from less than 1% to more than 3% of the sale price. Assuming 2% fees charged on the sale of a £200,000 property, this means that you would have to pay the agent £4,000.
Even taking optional extras from your online agent, you will only usually pay around £1,000 which means a saving of £3,000. You could keep this money yourself, and consider it a payment for the extra work that you put in, or you could knock the asking price of your home down by a couple of thousand pounds in order to expedite a quicker sale, so that you access the proceeds from the sale sooner.