Online Estate Agents are the newest option for selling your property. Many online estate agents have appeared offering differing levels of service, and different claims of how they will sell your property cheaply. But many online estate agents are asking for their sale fee upfront! We consider this to be very risky as where is their motivation to sell your property if they have already been paid?
What is their knowledge of your local market? As they are often working out of one office a great distance from your property and do not have experience or knowledge of your local market. If they do agree a sale, are they getting you the best price?
Selling a property through an Online Estate Agent can be costly in many ways. The time to sell your property is one factor you need to consider. There is also no face to face interaction between buyers and sellers, and the service you should expect is often lacking. Many Online Estate Agents have no previous experience in the estate agency role, and we would suggest you tread with caution if you are considering this route.
Online Estate Agents typical work within a 16 - 52 timeframe and charge between £1000 - £5000 in fees.Using an Estate Agent is a common method of selling your home and many people are familiar with this route, having various experiences ranging from good to bad. For most estate agents, gaining an instruction is the most important part of their remit, working out how to sell it comes second.
What many vendors experience is that their properties are listed at a price that is too high to get any interest and this leads to a long and painfully slow process of price reductions, endless viewings, and eventual sale. Further to this, the cost is not cheap as many Estate Agents are charging a 2% fee + add-ons and upselling are typical. Again, there is no guarantee of a sale with many buyers sadly experiencing having their sale fallen through. Obtaining a mortgage has become more difficult and surveyors often down-valuing properties typically leads to sales falling through. Pride in Property gains a lot of business from vendors who are frustrated with their estate agent and are left picking up the pieces once their sale has fallen through.
Traditional Estate Agents typical work within a 16 - 52 timeframe and charge £5000 in fees.| Sale Process | Estate Agents 9 Months |
Our Service 7 Days |
|---|---|---|
| Market Value (advertised Price) | £100,000 | £80,000 |
| Offer Accpeted (Common 5% Discount) | £95,000 | £80,000 |
| Post Survey Negotiation | £91,750 | £80,000 |
| Estate Agent (£91,750 @ 2% + VAT) | £89,548 | £80,000 |
| Solicitor Fees (£1000 + VAT) | £88,348 | £80,000 |
| Utility Bills & Council Tax | £84,973 | £80,000 |
| Mortgage Payments (£75k repayment @ 5% = £563pcm or £5067 for 9 months.) | £79,906 | £80,000 |
| Final Price £79,906 |
Final Price £80,000 |
| Your Options | Average Sale Lengh | Typical Cost to You |
|---|---|---|
| Pride in Property Limited | 2-3 weeks | £0.00 |
| Other house buying companies | 2-10 weeks | £1000 |
| Property auction | 6-10 weeks | £2500-£5000 |
| Online estate agent | 16-25 weeks | £1000-£5000 |
| Estate agent | 15-52 weeks | £5000 |
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