UK homeowners are increasingly exploring the option of selling their properties without estate agents, according to recent research.
Experts have reported Google searches for, “can you sell a house without an estate agent?” have surged and they explored the pros and cons of doing this.
This growing trend reflects homeowners’ desire to save money on commission fees and potentially speed up the sale process. However, experts warn that selling independently comes with its own set of challenges and responsibilities.
Property expert at We Buy Any Home Terry Fisher explained: “Despite the fact that it is possible to sell your house without an estate agent, it will actually require a lot more work if you decide to do it on the open market.”
Selling a property can be stressful and time-consuming
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However, there can be some advantages. Homeowners considering this route must carefully weigh the advantages and disadvantages before making a decision.
The primary advantage of selling without an estate agent is the potential cost savings, the expert stated. Estate agents typically charge a commission of 1.5 per cent to three per cent of the final selling price, which can amount to several thousand pounds.
By opting for a DIY approach, homeowners retain full control over the entire process, including marketing, pricing, negotiations and viewings. For those selling to cash-buying companies, the benefits can be even greater.
Terry noted: “If you’re selling to a cash buying company, you can avoid legal fees altogether and 100 per cent of the sale price goes into your pocket.”
However, it’s crucial to understand that this approach requires significant time and effort. Sellers must be prepared to handle tasks typically managed by estate agents, such as property valuation, advertising and coordinating with other parties involved in the sale.
While selling without an estate agent may seem appealing, it comes with significant challenges. The expert warned: “Selling without an estate agent increases your stress and decreases your free time.”
Estate agents handle a wide array of tasks, many of which are easily overlooked, such as photography, advertising, liaising with others in the chain and mortgage broker, organising viewings and managing offers.
Homeowners must also be prepared to handle potentially awkward price negotiations and conduct house viewings themselves.
He said: “You are far more likely to make a mistake if you don’t use an estate agent. Any errors can significantly slow down the process or even cause the chain to fall apart. This will cost you money, time and stress in the long run.”
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Estate agents can take a large commission
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Additionally, sellers may need to cover marketing costs, which can offset some of the savings from avoiding commission fees. Ultimately, the decision to sell a house without an estate agent requires careful consideration. While the potential cost savings are attractive, homeowners must be prepared for the increased responsibilities and challenges.
For those who decide to proceed independently, it’s crucial to seek expert advice on property valuation and legal matters. He stated: “Even if you sell your house yourself, you will need an expert to value your property. This enables you to list it for an accurate price based on market conditions and the local area.”
Homeowners should also consider using a solicitor to handle legal aspects of the transaction, ensuring a smooth and compliant sale process.
