Selling a house in the 20th century was pretty well impossible without employing an estate agent. Has it got any easier in the 21st? With current average agents’ fees at 1.8%, it is still quite a slice – meaning that the cost of selling a £350,000 house includes estate agent fees of £6,300 (usually plus VAT), conveyancing costs of around £600 and removal costs of an absolute minimum of £200. Estate agents therefore are usually the largest expense when looking to sell your property.
The days of the agent may be numbered though: increasingly people are taking advantage of the Internet to do things for themselves without paying a third party to get involved. The savvy home seller now is looking for ways to circumvent agents’ fees – how easy is it to do? Has the property market yet evolved to a state where properties can be bought and sold without an agent?
We will be following the progress of Patrick Gold as he sells his home near Ipswich in Suffolk – http://claydonsuffolkhouse.co.uk/. Is it too early to depend on the Internet for all the help you need to sell your house?
Can Patrick sell this house easily using the Internet alone – with no agents?
Patrick bought his 4-bedroom house 25 years ago, and has now relocated to Sussex. For 3 years he rented the house out, but when the last tenants moved out in August 2012, he decided it was time to sell up and move his money elsewhere. He is not in a hurry to sell, and is happy to bide his time and wait until the market is ready to give him the best return on his investment – he sees this lack of urgency as a factor in choosing to sell his house in this way.
He has used estate agents to buy and sell before:
“My experience of estate agents has been less than positive, and the only reason I would have used them in the past was that they had access to the right advertising channels. These days we all have access to these channels.”
Patrick has the advantage that he is relaxed about the timescale, and has been able to create his own website with the property details. However with the advent of several online estate agents, anyone can advertise their house online. He has decided to wait until he feels comfortable with the condition of the house before he takes the step of paying for placement on the key house sales websites.
Now he is slowly improving the maintenance and decor of the house, making sure that it looks at its best before putting it on the market in the summer of 2013.
Why not follow his progress on our site?
The second phase begins here … >>