When it comes to selling your property, you begin to ponder the benefits of selling your property with the use of agency, or to do it yourself. ‘Doing it yourself’, has emerged in recent years and grown with popularity. At its most fundamental level, the choice between selling independently and using an agency depends upon a number of factors; ones which need to be carefully weighted and considered before choosing one or the other.
So are you into selling your property privately or through an agency? Find out here:
Selling your property privately
What to Expect
- Through self-initiative, you will have to actively research the current property market in your area to determine a realistic valuation for your property.
- To avoid any personal bias, you will also have to get an independent valuation for the property.
- You will have to ask your solicitor to draw up a contract of sale.
- You must be personally responsible for creating your own advertising strategy – take own photos, create as well as print brochures and identify the marketing mediums you want to advertise your property through (i.e. local newspapers etc.)
- First impressions are one of the most important factors, therefore you will have to thoroughly clean your property to ensure it is well-presented to prospective buyers.
- You will have to open your property to prospective buyers and take note of each prospective buyer’s details.
- Upon agreeing a price with a purchaser, it is best advised to hand over the reins to a competent solicitor or a licensed conveyancer to exchange contracts and manage the legalities.
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The process eradicates commission costs by removing the middle man.
The ability to gain control over the whole process, for example, you can showcase your property when it is convenient for you to do so.
No risk of any information getting lost in translation if you deal directly with potential buyers.
Lack of Experience
You don’t have the training nor experience of a professional agency personal. Agencies sell properties for a living, so they know all the different procedures inside and out.
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A Taxing Process
Many naively underestimate the amount of time and effort that goes into selling a property. Much of the work needs to be done independently such as determining a realistic selling price and advertising activities.
Private Selling Only At Its Infancy
The private selling market does not currently have the same prominence. Most prospective buyers are still using agencies, so a private sale could prove to be more challenging and stressful than anticipated.
What you save in commission you may lose in the form of a lower purchase offer from a private property sale.
Selling property through an agency
What to Expect
- They carefully assess and provide a realistic expected value for your property.
- Create a tailored advertising plan and continually manage it.
- Arrange and take charge of property viewings for prospective buyers as well as making follow-up contact.
- Negotiate the selling price between the vendor and potential buyers.
- Facilitate the actual sale of your property and the final exchange of contracts
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Property agencies have vast expertise, allowing them to fully understand the process from beginning to end, and to negotiate an offer price according to the demand in your area and to calculate an accurate valuation which can be reached.
Readily Accessible Database
Agencies will already have a database containing a substantial number of prospective buyers and will let them know when your house comes on the market.
Agencies invest heavily in maximising the potential reach of their audience, ensuring the best possible chance of finding the right buyer for your property at the best possible selling price.
Managing and Conducting Viewings
Property agencies will take full responsibility for booking prospective buyers for viewings and to liaise all follow-up communications.
Property agencies are well-trained and highly prepared to manage complex and lengthy negotiations to make sure you get the best deal possible.
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All the range of services property agencies do come at a cost and each agency will charge a certain percentage of the final selling price to accommodate the services they provided.
Selling your property privately or through an agency, has its own relevant pros and cons. As it stands, private selling is still at its infancy, and therefore prospective buyers are still accustomed to opt for traditional agency method when searching for potential properties. In addition to their experience, they can manage the entire process, alleviating the stress and glitches that come with purchasing or selling a property. Simply put, agencies are continuing to remain supreme in their field and only until private sales become more popular, will homeowners alter their methods.