In the modern day, the power to sell your property is in your hands. You are no longer bound to use a high-street estate agent. The internet opens up a world of possibilities, with a plethora of companies you can explore and choose from.
Deciding which method of selling is best for your circumstances, however, is far more challenging.
Your unique circumstances, property conditions, and past experiences will all play a role in your decision. Remember, no two situations are the same, and embracing a new, untested method could lead to promising results.
So, how do you navigate the myriad of options to sell your property? In the blog below, we have meticulously explained the main options available to you, along with the advantages and drawbacks of each one, to equip you with the knowledge you need to make an informed decision.
High Street Estate Agent
The most common method of offloading a property is using a high-street estate agent. You do not usually pay upfront for their services, but give them a percentage of the sale price (often between 1-3%) once the deal is completed.
You will meet the estate agent in person, and they will become your point of contact throughout the process. They will arrange viewings, market the property, and speak to you over the phone to ensure the deal continues progressing.
There are thousands of different estate agencies around the UK, although most independent companies only operate in a particular area.
Advantages and Drawbacks of using a high street estate agent
Although using a high street estate agent is the most common way to sell a house, this is not the ideal option for your circumstances.
High street estate agents often have a pre-existing network of potential buyers whom they may be able to contact instantly about viewing your house. These companies will also market your property by creating brochures or listing your home on Rightmove and Zoopla.
The fact that you don’t pay up-front with an estate agent and can often walk away before completion without paying a fee is another feature that plenty of people like.
On the other hand, using a high-street estate agent can often take a long time and does not guarantee that many people will visit your house to view it. Depending on your company, you may find the service slow and need to be more communicative.
The commission the estate agent takes from your final sale often represents a considerable sum (i.e., several thousand), especially on the most expensive properties. If you want more of the final sale amount into your pocket, another route may be preferable.
Online Estate Agent
With new technologies emerging and a shift in what homeowners want when selling their house, it is now possible to sell your property online.
An online estate agent like Sold.co.uk will differ from a high-street estate agency in various ways. Firstly, you may be able to sell your home on your own terms, selecting a method that suits your budget, timeframe, and financial goals.
These types of estate agencies may also want a fixed fee to sell your property and won’t take a commission – which can often save you a significant amount on the final price. Online estate agencies can afford to keep your costs down because they may not have in-person premises. You may still be able to get an in-person estate agent to support you, though.
Advantages and Drawbacks of using an online estate agent
Online estate agents are usually set up to be faster than any high street company. You can also choose a package that works best for you – for example, the less expensive flat rates don’t include photography, floorplans and advertising on the big property listing websites.
This can be helpful if you need to keep your costs down as much as possible. Online estate agencies like Sold.co.uk may also have a cash buying facility, which gives you an extra avenue to consider while sticking with a trusted nearby organisation.
On the other hand, although online estate agencies may be less expensive in the long term, they often require an up-front payment, which can be challenging for your cash flow. They may also not have in-depth knowledge of your local area, which can be a major advantage to using a high-street estate agency.
Cash House Buyer
Cash house-buying companies have the funds in-house to purchase your property up-front. This can be extremely useful if you need the deal completed quickly or if the house is in a condition that would make it impossible to sell on the market.
Not all cash house buyers are trustworthy, so you should conduct thorough research before agreeing to work with one. Speaking to past customers, checking their online reviews, seeing which regulatory bodies they are a part of and other similar vetting processes can help you make an informed decision.
Advantages and Drawbacks of using a cash house buyer
Cash house buyers can purchase your property within seven days, which can be a beneficial facility. If you need to move things along fast – perhaps because you are relocating for work or have significant debts due imminently – this option can save the situation.
You can also sell your property to a cash house buyer in any condition. You can still complete the sale if tenants live in situ, have concise leases, or the house is uninhabitable.
When you use a trustworthy company, you will also not pay a penny in legal fees or commissions. Instead, 100% of the sale price goes into your pocket.
On the other hand, cash house buyers purchase your property at below the usual market rate. This means that this might not be the best route if you want to maximise the amount you sell your house for.
If you have a solid attachment to your property and want to meet the people living there next, a cash house buyer might not be the best choice. When you sell on the market, you can meet the new owners and make sure you are happy with them living in a property that is important to you.
Auction House
Auction houses will sell your property at auction, meaning anyone will bid on it, including the highest bidder. You may be able to dictate the opening price, but what happens is out of your hands from there.
The auction house will usually take a cut from the final sale price to facilitate the sale of your property. This method of selling can be useful if your house is in poor condition and will not sell on the open market.
Advantages and Drawbacks of using an auction house
Auction houses are becoming slightly less common, mainly due to the rising popularity of cash house buyers.
One advantage of using an auction house is that you can sell your property in any condition. You may also have slightly more control over the selling price simply because you can dictate the ‘starting bid’ figure.
However, these are advantages that you can also get from a cash buyer. You will also usually get a higher price from a cash buyer, and you can get the deal sorted more quickly. Many people often consider auction houses slow and inefficient, especially since the auction house will take a cut of the final sale price.