Sales options
Choosing an estate agent
You may be surprised to know that estate agents don't need any qualifications to practice their profession. However, The National Association of Estate Agents (NAEA), has been set up to improve the profession's reputation and has introduced a Code of Practice. For your own peace of mind it's worth instructing an Estate Agent who is a member of the NAEA. To find out more about the code visit the NAEA website.
Agreeing estate agent fees
Get several estate agents to value your property and be prepared to negotiate with them over their fees. Although some estate agents will be cheaper than others it's worth establishing what they'll charge before you give them the go ahead. You should expect to pay around 1.5% of the sale price for all their services.
However, bear in mind that the agent who offers the lowest fee may not necessarily be the best one for you – take a look at the quality of their advertising and ask friends and family to recommend an agent to you.
Agreeing the sale price
Take all the prices into consideration and compare them with your own research before agreeing a sale price and instructing an estate agent. It’s worth noting that estate agents will often charge a higher fee if you decide to instruct more than one agent.
Don't forget, a property that's valued too high could put buyers off and affect your chances of a quick sale. On the other hand, a property that's valued too low could potentially lose you some of the equity you may have built up on your home.
Signing an estate agent's contract
Your shiny, and eager, new agent will send you a contract to sign and return, which sets out their charges and what they will do for you to sell your house. This will usually include how frequently your home will be advertised and featured on their website. Make sure you check this carefully, especially the length of time the agent expects you to stay with them and also any stipulations about sole agency – and make sure you’re happy with them before you sign.
Doing it yourself – pros and cons
The other option is to sell your property yourself by arranging your own advertising. This isn't as tricky as it sounds and there are a number of websites that have been set up for this purpose.
The pros…
- save money - The biggest advantage is that you'll immediately be saving yourself the cost of an estate agent's commission, which can run to thousands of pounds.
- it's cost-effective and easy to advertise your home online thanks to the wide variety of online private sales websites. It also allows you to reach thousands of potential buyers across the UK and beyond.
- be in control - You'll also be in total control and won't have to rely on an estate agent to do the work for you – some agents are better than others and an inefficient agent could take a lot longer to sell your home.
The cons…
On the downside, you'll have a lot more work to do.
- time consuming - You'll have to spend time answering a lot more phone calls, sending out details of your property, showing people round and following up viewings with phone calls.
- stressful - You'll also be responsible for all the negotiating when you get an offer on your property.
- security - There's also the security aspect of showing complete strangers around your home on your own.
- it's also worth remembering that one of the first places that buyers will look is a local estate agent and you may find it difficult to reach a sufficient number of potential buyers.
- if you're planning on selling your home yourself online, make sure that you check the website's area coverage, user statistics, claims and other statistics before you commit yourself. Some websites are better than others.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
