If you have time and are organised, patient, and willing to work hard then axing the estate agent can save you money. But it is not for the fainthearted – or inexperienced.
- Saves money – estate agent’s fees can be as much as 2.5% of the value of your home. On a £300,000 property, you could save £7500
- Cut out the self-interested middle man by dealing with buyers direct. A compelling argument for some who have fallen out with estate agents in the past
- You are unlikely to have the first hand estate agents’ knowledge of the local market. You can easily lose money by undervaluing your house, or overvaluing it and not selling at all
- You have to show the house yourself to potential buyers. If you are working this could be difficult
- You still have to spend money on marketing, and won’t have the estate agents’ networks and access to marketing avenues
- If you aren’t an experienced negotiator, you might not get the best price from a buyer
Tips on selling your own home
If you are still determined to sell yourself, learn from the pros:
- Use estate agents: get three or four round to value your house; pretend you will use them.
- Compare your house to similar houses on the market, or those that have recently sold.
- Selling in the spring and summer attracts higher prices
- Set your asking price at 5-10% above what you would accept, to allow for negotiation
- Measure up! If you don’t produce accurate measurements of the property, you could possibly be sued for misrepresentation. If you are not confident employ a surveyor to do a floor-plan.
- Use high quality photographs
- Ensure your answering phone is professional; and that when the phone is picked up the kids have been trained to take down numbers
- Set up a temporary email address so that you can use it all over the web. Not only will this keep your selling process more organised, it will also reduce spam
- Be prepared to hold viewings whenever it suits the buyer
- Avoid unnecessary and repetitive questions during viewings by filling out a property information form like the one by the Law Society
- Make an inventory list of fixtures and fittings, so buyers know what they’re getting
- Get an energy performance certificate. These are a legal requirement, and contain information on your home’s typical energy use and cost, and a recommendation of how to reduce energy consumption. They usually cost £70 to £90
- Don’t be afraid to go back. If after several months you haven’t sold, approach an estate agent. There’s no shame in it, and they’ll welcome you with open arms (and a knowing smile)
DIY marketing your home: 5 ways to attract buyers
Once you have your house on the market, you need to ensure as many people as possible come to see it:
- Invest in a high quality ‘For Sale’ sign. These usually cost £40-50. So much more impressive than a home made one. Between a third and half of all sales are generated by a ‘For Sale’ sign
- Internet advertising – flood free internet listings, and consider spending some money on a quality online site like ours www.Zone4homes.com, for a cost of between £70 and £150.
- Local newspapers – still a sought after location for property adverts
- Leafleting – consider putting leaflets up in shop windows or through people’s door
- Organise an open day where loads of potential buyers can come round to view your home. This way you can make the viewings fit around your schedule