Several decades ago, there was very little flexibility when the time came to sell your house. In the modern day though, there are plenty more options available.
Selling your house without an estate agent has become popular in recent years. There are advantages and drawbacks to this method – but is it as easy and affordable as many people claim?
Keep reading to find out.
Can You Sell Your House Without a traditional Estate Agent?
Yes, it is completely possible to sell your house without an estate agent. But it is not always recommended that you do so without prior experience.
Selling your property without an estate agent can be time consuming and complicated. You should still get a conveyancer to help with documentation. And you will need to get an interested, reliable buyer.
When done correctly, it can save you a lot of money. A typical estate agent charges a 1.5% commission on your final sale price. On a house that is £250,000, this equates to £3,750, while on a property worth £750,000, it is much higher at £11,250.
There are plenty of other ways to sell your house, too, besides the open market. Cash buying companies have become more common in recent years. Reliable ones will be able to guarantee a sale of your property. Auction houses are a viable option too.
Meanwhile, if you want another option, there are online estate agencies. These companies enable you to select a service package that suits your circumstances.
How easy is it to sell your house without an estate agent?
The hardest part of selling your house without an estate agent is finding a suitable buyer.
When you use an estate agent, they can access a database of hundreds of local buyers. These people can then contact immediately to arrange a viewing. This is a tool that you will not have access to, so you need to find other ways to get buyers through the door.
Some aspects of marketing your property are intuitive. For example, you can list the house on Rightmove and Zoopla yourself. You can also put a ‘For Sale’ sign in your front garden without the help of an expert.
Paid advertisements in local magazines and newspapers help you to catch peoples’ eye. But this will cut into some of the savings you’ve made by sidestepping an estate agent in the first place.
The process will be much more comfortable if you’ve got experience selling houses in the past. Getting support from a conveyancer will make an enormous difference, too.
Some properties are easier to sell than others, while some markets are more challenging than others. You should time your sale to focus on when buyer activity is high, and make sure that smaller details are fixed. Examples include staging your house or getting an EPC document sorted.
For guidance on selling your house without an estate agent, speak to an expert. This person can guide you on the success stories and pitfalls.
Common and basic costs associated with selling your home privately
| Conveyancing | £500 – £1,800 |
| EPC | £50 – £120 |
| Total | £550 – £1,920 |
Comparatively, bricks and mortar estate agent costs are below:
| Estate agent fees | 0.75% – 3% of selling price |
| Conveyancing | £500 – £1,800 |
| EPC | £50 – £120 |
If you sold a property for £350,000 privately your max expenditure would be around £1,920. If you were to use an estate agent this figure would settle between £3,175 and £12,420.
Using an online estate agent, this figure could vary between £300 and £1,500. Therefore, looking at all options before automatically selecting a traditional estate agent may be wise.
Why do people sell a house without an estate agent?
The main reason people sell a house without an estate agent is to avoid estate agency fees. Latest figures state that this averages at around 1.5% in the UK, but can be much higher.
On a property worth £1.5 million, for instance, this equates to £22,500. This means that it might be worth taking a risk on certain procedures, if it saves this amount of money.
Avoiding an estate agent will also give you greater control. Inefficient estate agents slow down several transactions. But when all the communications and negotiations are being done by you, you can go at the pace you wish.
You will need to host your own viewings if you don’t use an estate agent, which some people prefer. After all, you can never be certain that an estate agent is describing your house in the best possible way. Being on-site for any viewings enables you to meet your potential buyers. You can then get a clearer sense of their likes and dislikes.
It may be worth selling without an estate agent if you already have a buyer lined up. You can sell the house privately as you don’t need an estate agent to find candidates.
How common is selling a house without an estate agent?
Selling property via less traditional methods has become popular in recent years. There are more cash buyers and online estate agencies in the market. This means that sellers have more options.
Sellers can self-educate on the processes involved with selling a property by yourself. Most answers are available through an independent expert, or a trustworthy news website.
There are no official figures on the popularity of selling a house without an estate agent. But, plenty of homeowners are considering it.
Is selling a house without an estate agent possible in every situation?
You will need plenty of time to sell your house by yourself. It can therefore be difficult if you have a demanding career.
Also, some property sales are more complicated than others. If you are operating in a long chain, there is more coordination needed.
You will need technical knowledge to sell your house on your own. Although, this is something you can pick up by consulting with experts. For example, it is difficult to market your property and value it.
It’s also challenging to complete all the documentation involved with the sale. You’ll need to research and surround yourself with supportive experts.
There are many cash buying companies that will buy any house in any condition, no matter what. In this sense, a sale without an estate agent is always an option.
Drawbacks of selling your house without an estate agent
Selling your house by yourself is time consuming. It is difficult for those who already have a demanding lifestyle and very little free time.
If you make a mistake during the selling process, it could cost you more money and time in the long-run. So, you will need to be well-informed on all aspects of selling a house. This can be challenging if you have never done it before.
Even if you have all the technical knowledge, there may be aspects that challenge you. Common examples include negotiating on price, and hosting viewings. These need specific skills that can make some people feel shy or nervous.
Last but not least, finding a buyer is not straightforward when you can’t access an estate agent’s database. If you have fewer people viewing the house, you are less likely to receive a satisfactory offer. Your negotiating power will therefore decrease if your potential buyer finds out.
