In this buyers market many homeowners are now considering selling their properties privately instead of using an estate agent.
The reason for this is to save on the expense of paying the estate agent a commission, usually anything up to 7.5% of the price paid for the property. However most agents will be willing to negotiate their fee these days as properties are struggling to get sold. Agents are advantageous because they screen the people who want to view your home and put you in contact with people who can realistically purchase the property. If it is a good agent they will have methods of advertising your property that are effective and show results.
While a private sale will possibly save you some money keep in mind estate agents have alot of experience regarding all the complicated legalities that need to be followed when selling a property. If these processes are not followed to the letter it can often result in long money wasting delays, so make sure you know exactly what you have to do when you find a buyer.
But if you have your heart set on a private sale there are many ways in which to do this too.You can advertise your property online or in the newspapers classified ad section. If you have the time to deal with the responses to your advertising maybe this is an option for you. You also have the option to put your property up for auction if you are so inclined.
Auctions may sound a little daunting because they are not the norm but it is certainly worthwhile to get in contact with a reputable auction house and find out how it works. You may end up saving money and selling your property quicker.
When you first consider selling your property always get a professional to valuate the property and then find out how long it takes for similar properties in that area to sell. The current nationwide average time it takes to sell is over 5 months. Many people assume that not having an estate will speed up the sale of a property but there are so many properties on the market at the moment you may just need the extra advertising an estate agent usually brings to the table.
Whichever route you choose to take make sure you are aware of all the steps involved in selling a property, you don’t want your agent to come to you and tell you that something else is still going to take months to be approved after you assume the sale has been completed. Protect your interests by being informed.
What are your views, is a private sale or agency sale better?
Although agents in SA are very expensive compared to UK and US(they only charge 1-3% commission), I will never recommend trying to sell your house by your own. It is the same reason you don’t try and fix your own car, do your own plumping, fix the electrical in your house and so on.