The advantages and disadvantages of selling without an agent
As with many weighted decisions, when deciding whether to attempt selling your home yourself, its best to carefully consider the advantages and disadvantages.
Advantage: Save money
As briefly mentioned, probably the biggest and most attractive advantage of selling your property privately is the money you’ll save on commission.
However, it’s worth remembering the money you save on commission, you might end up losing in other formats, as we’ll discuss further on.
Disadvantage: Time is money
Remember that money you saved on sales commission? You’ll more than likely make up for it in time.
Many people underestimate just how time-consuming selling a property can be. There are many time-consuming processes associated with selling a house, the biggest time consumer? Conducting viewings.
Potential buyers will expect to view the property, usually multiple times, this requires you as the seller to have a flexible schedule and plenty of time.
Advantage: You’re in complete control
The idea of being in complete control can alienate some and appeal to others. You might be swayed by the idea of control if you have an emotional attachment to your home and are particularly precious about the person(s) who will be buying and living there after you.
Being in control of the sale also means you’re able to take things at your own pace and aren’t left waiting around for anyone.
Disadvantage: You’re in complete control
As previously mentioned, taking control of a property sale can be considered a double- edged-sword.
Being in complete control of the property sale also requires you to splash some of the money you saved earlier, as you’ll be responsible for obtaining and EPC (energy performance certificate) and marketing the property. These jobs are usually undertaken by your estate agent and as such are covered in their fee.
There are many other aspects of selling a house which your agent would deal with every day, until you have sold you wont be aware of exactly what they do!
Disadvantage: Lack of knowledge and experience
Opting to sell your home without the assistance of an estate agent means you lose out on their expertise and advice.
The biggest hurdle faced by many home-owners is the law. Those that lack relevant knowledge might struggle to understand the legally binding property sale documentation such as sale contracts and closing documents.
This lack of experience also leaves private sellers open to exploitation, which brings us on to our next point... con artists.
Disadvantage: You risk being hustled
We assume you don’t have that much experience in dealing with property contracts. This lack of experience can make you the perfect victim for criminal and fraudulent behaviour.
To avoid falling victim to a scam, it is crucial you thoroughly read and understand any paperwork you sign. You should also be careful of how much personal information you supply, supplying your personal details can leave you open to scams such as identity theft.
Mr Homes qualify every person who views your home, this allows the prospect to be traced in the event of anything suspicious and also this ensures they will have the means to purchase. Mr Homes use financial advisers to ensure only people with funds in place can view!Disadvantage: viewings
As previously mentioned, the most time-consuming factor you’ll experience when selling your property will be conducting viewings.
You’ll need a very flexible schedule to accommodate potential buyers, the less flexible your diary, the fewer opportunities you’ll have to introduce people to your property, and subsequently the less likely you are to find the perfect buyer.
You’re also less likely to be able to answer all of the questions potential buyers might have when viewing the property. Whilst you can argue that you know your home better than anyone, you can tell them about the best spots for mobile phone coverage and which floorboard to avoid when you’re sneaking downstairs for a midnight snack. But do you have comprehensive knowledge of the technical details? Do you know if there’s scope to add an extension, and if so will this add value?
The team at Mr Homes are well-versed in property viewings, we have comprehensive knowledge of the property industry and are highly capable in answering any tricky questions that are thrown our way. We also know what NOT to say, what you think may be vital ..."the neighbours are lovely they are always popping in!" .. can put lots of potential buyers off.Disadvantage: valuations
Valuing your property might seem like one of the few advantages offered with selling your home privately. After all, you call the shots, you can dictate how much you’d like your home to be marketed and sold for.
However, valuing a property is no walk in the park, and there are plenty of mistakes to be made.
You might try using the internet when valuing your property, perhaps using the likes of a free valuation tool. Whilst this tool does offer a rough estimate of property value, based on factors such as size and location, it’s worth remembering that this tool will not be as accurate as an in-person valuation. This is because online valuations do not take into consideration interior and exterior features of the property that could present added value, such as the addition of a log-burning stove which is in high-demand in the current property market. This might mean that you end up valuing your property at lower than the market average.
On the other hand, your own bias might mean you might end up valuing your property at an above average price. Setting a realistic asking price is crucial in ensuring your house isn’t sat on the market for weeks, months or even years with little or no interest. Houses that sit on the property market for some time are less likely to achieve asking price as potential buyers perceive there to be no competition.
At Mr Homes we offer no-obligation valuations to all homeowners throughout Cardiff and surrounding areas. To book a valuation with one of our friendly and experienced estate agents please click here.
In a nutshell
To summarise, whilst its entirely possible to sell your house yourself and achieve a good selling price, it is highly unlikely that this will be the case.
There are many dangers involved with private selling and we’d recommend you weigh up the risks and rewards carefully when making your decision.
The estate agents at Mr Homes can provide the necessary support, knowledge and experience to achieve a quick and successful sale.
MONEY MONEY MONEY! The main reason to use an agent like Mr Homes is that they consistently achieve OVER the asking price for properties they market. Check out the reports on rightmove and speak to one of our team today. It makes sense!
