HOW TO SELL A PROPERTY - What Are The Choices?

Choosing the best method for selling your house or property can be easy or complex; it is dependant upon several factors which can influence the way in which the property is sold.

The following is absolutely free information and advice provided by how to sell a property which explores the three main routes of uk residential property selling. The three main methods are using an estate agent, selling property privately or alternatively using an auctioneer.

Other property sales can also occur when people sell their property to either a family member or a friend, although the legalities are still usually conducted via a solicitor or conveyancer. Another method which is relatively uncommon is the use of a cash buyer company. How to sell a property will discuss these options at the end of this web page.

If you read the following information it will give you an overview of the property selling options that are available.

USING AN ESTATE AGENT - The Traditional Route

This is the route which is most widely used to sell residential property in England and Wales. How to a property have found that many people are reassured by using the most established method to sell their home and they know that the basics of a for sale board and finding potential buyers will be carried out.

If required, the estate agent can also carry out the property viewings showing potential buyers around the property for sale. As most estate agents have some level of training with regards to the promotion of a property, their aim is to point out the best features of the property with a view to making a sale.

In the main, estate agents are locally based within towns and villages, and so if you choose the option when deciding how to sell a property, then the best advice is to use an agent with an office in the general locality of the property for sale.

The single biggest downside to using an estate agent is the fee. They work on a commission only basis, which means that although they do relatively the same level of work for each property that they have on their books, the fee that they charge is in direct proportion to the value of the property. So, in return for finding a buyer and introducing them to your property, they expect to receive a payment upon completion of around 1.5% to 2.5% if you use a single estate agency. How to sell a property have calculated that this can equate to as much as £5,600 (inc VAT) for the average UK home. If, however, you are lucky enough to own a property above the national average of £191,327 (land registry, July 07) then this fee will soar even higher! The more expensive your property, the more you will pay in estate agent fees. However, they only get paid if the property sells, and they have found the buyer.

People often comment that is it unfair practise to charge a fee based upon the value of the property being sold, and the research conducted by how to sell a property has found that uk property sellers would prefer a more "calculated" fee to be charged when other factors are taken into account. Such factors could include the length of time taken to sell the property, or the number of viewings held before the sale is agreed. For example, an estate agent could already have a buyer on their list who wants the exact property for sale that you are about to market. In this respect, the estate agent has done little or no work to earn their fee and perhaps in this case it should be lower than if it took them several weeks/months to find a buyer.

From the point of view of the estate agent, this very senario is common place and the level of work to fees earned ratio is subject to so called swings and roundabouts.

In the case of a multi agency contract, the seller can utilise the expertise of more than one agent, however, they will have to pay an even higher premium for the priviledge. In this situation, the property seller can expect to pay over 3% to the agent who find the buyer.

Here at how to sell a property, we note that estate agents are still a very valuable sector of the industry and will always be so, as they provide a local platform from which a property can be marketed. They are also a key tool for people to use if they can't conduct viewings themselves or if they can simply afford to pay for an agent to do them.

The most important function that how to sell a property have uncovered is that estate agents will receive direct enquiries from potential buyers who enter their agency in person. With the move towards internet property searching, is this about to change?

If you think that this commission structure is a fair system, or that you feel that the traditional route is for you then look no further - an estate agent is the best option for you. If, however, you would rather save yourself from having to pay these fees then why not try the next route, how to sell a property suggest that you consider selling your property privately.

SELLING PROPERTY PRIVATELY - The New Route

With thanks to the rapid growth of uk household internet useage and people becoming more computer savvy, it is now becoming very popular to sell your property yourself. This constitues a private sale, without the need for an estate agent.

People are quickly realising that you don't actually need an estate agent to sell your home or property. The research conducted by us at how to sell a property has found that the majority of people are simply unaware that this is an option available to them. People think that the estate agent is involved in the legal side of the property sale, but in reality, they have nothing to do with it at all. It is a conveyancer (solicitor who deals with property sales) who carries out the necessary legalities of contracts and land registry searches e.t.c. The estate agent has no part to play in this and they are not actually able to speak to the conveyencer on your behalf anyway.

So, the property can just as easily be sold by its owner........simple!! The main reason that people are starting to explore this method is of course the financial savings that can be made. The average uk property seller will save over £5,600 in estate agent commission if they sell their property themselves, i.e. finding a buyer without an estate agent.

The basics of this route are that the property seller promotes their property online on property search websites, they can also erect a for sale board outside their home to attract the local market. Contact and messages from potential buyers are then sent directly to the seller who handles the viewings and negotiations themselves. In this way the sale of your property is in your hands and managed entirely by the seller. The main aim of this method is to save the estate agent's commission and to be in control of the sale of the property.

Some people find this process daunting, and the reason for this is because estate agents have dominated this marketplace for so long now that it is difficult to imagine any other way. If we at how to sell a property could set your mind at ease as to the simplicity of this process then we would, however, the best way to get to grips with this is to look into it.

There is another reason why selling property privately is a great option, and it is that there is a growing feeling that the estate agents don't do enough to earn the fees that they charge and more and more people feel that they can carry out that work themselves and save themselves thousands of pounds in the process.

There is a small fee associated with this method, and how to sell a property have looked at several sites to compare, and conclude that you should expect to pay around £150 for a comprehensive package. There are often optional extras available, e.g. having your for sale board put up by a firm which are only required by some customers.

By selling your property privately, you can benefit from being in control of the sale of the property, and avoid the pressue of taking, what is sometimes bad advice from estate agents. You also don't have to rely on the word of an agent who may not give a wholly honest approach all of the time: after all they are selling their services to you. You will be the only person selling one property, your time is not divided into 10's of properties at any one time which reduces the level of due care that how to sell house advise is absolutley vital to securing a sucessful sale.

Please read on as how to sell a property have also uncovered another factor that is more than worthy of consideration. Using an estate agent do not necessarily guarantee the best and highest possible sale price for your home! You would be right to expect that the estate agent wants to acheive the highest price but is that always the case? The main goal of an estae agent is yes, to sell your property and collect their commission, but to have a sucessful business, this needs to be done quickly in order to ensure profitability.

So, in the case of an estate agent, speed is of the essence and this in turn could have a negative knock on effect on the price acheived for your house. The nature of the estate agency business dictates that although they are obviously incredibly keen to sell a property and subseqently earn their commission, gaining an additional say £15,000 only equates to extra revenue for them of approximately £300. But to you an me, £15,000 is certainly not to be sniffed at! I hope that this demonstrates the point I'm trying to make.

Here at how to sell a property we strongly feel that the property seller themself is the most likely person to be driven enough to make an additional push of extra effort required to acheive higher offers. The estate agent simply doesn't have enough financial motivation to do that.

Further research by how to sell a property has also uncovered that OFT (office of fair trading) have recently reviewed the private property selling process and have found that 91% of people reported that the process ran extremely smoothly. Also, most of these people have said that they would do it again!

Growing numbers of people are going down this route and it is proving to be quite sucessful. The main advice from how to sell a property is to remember to assign a realistic value to your property for sale and spend a little bit of time ensuring that the presentation is right for your target market.

If you want to save thousands of pounds in estate agent fees and handle the sale of your property yourself than why not try selling your property privately. Happy Selling!

Try visiting www.movewise.co.uk or www.redstairs.co.uk who are both private property sites currently operating in the UK.

SELLING AT AUCTION - The Unpredictable Route

This method of property selling represents a relatively small proportion of the property market and is not the most suitable method for all types of property. How to sell a property would note that property auctions tend to be geered towards more specific types of property, e.g a project which needs modernisation e.t.c. or perhaps a rare type of property that is difficult to value. It is a great forum for selling a property quickly as the completion normally takes place around 4 weeks after the hammer has fallen. How to sell a property have found, however, that it can prove to be an expensive selling option as the auctioneer's fees are typically around 2.5% (+ VAT) of the sold price. Worse still, this fee still has to be paid, even if the property doesn't sell on the auction day.

If you have decided that your property fits the bill of an auctionable type then how to sell a property would recommend that you contact a few local auctioneers and get quotes from them. Like estate agents, they are also in business so be cautious with their advice and act in the manner as though they are selling you a service.

How to sell a property would offer the following advice though, which is remember to do your sums and ensure that you have your base line covered. Work out each possible scenario on a best and worst case basis, and make sure that this route is right for you and your property.

HOW TO SELL A PROPERTY -  Other Ways

1. Cash Buyer Companies

Selling to cash buyer firms is an option open to those owners who need to sell quickly and are willing to accept a potentially deflated sale price. Unsurprisingly, life can be unpredictable and people can find themselves in a whole host of situations which can force them into choosing this route. e.g. needing money fast, settling a divorce or break-up situation, freeing up cash to emmigrate, and many many more reasons.

The process can be as quick as 7 days in the case of choosing this method. This speedy sale is however, not going to get you the best price with properties being sold for around 70-85% of their open market value. What you lose in money you gain in speed.

Entering in to this section could be described as jumping into the lion's cage at feeding time - there are so many firms out there offering different options but please be aware of sharp teeth! With so many of them to choose from its important that you have your wits about you as some of these firms are highly skilled in taking advantage of desperate sellers. They have been known to employ unethical methods and can be abundant in hidden charges. Nevermind buyer beware: more like seller beware!!

You could easily be forgiven for believing someone who says that they can offer you the full market value for yor house or property, because thats exactly what you want to hear! The problem is that they are not being truthful - how on earth would they make their money if they did buy property for this price? What they really want is a foot inside your door and the chance to use their sales tactics on you - they can be extremely persuasive and difficult to get rid of! Vulnerable people should not apply!

How to sell a property advise that you do your research very carefully, and don't be bullied. Remember that you are in a weaker position than other property sellers but that doesn't mean that you should be taken advantage of.

2. Selling to a family member or friend

Sometimes a situation arises within a family or on the friendly grapevine whereby a deal can be struck without all of the negotiation side of things. E.g. a parent may decide to sell the family home to a child of theirs so that they can downsize, or a work colleague may know of someone who is looking for your exact type of property and you agree a price. If only all property transactions were that simple! The legal process is pretty straightforward as both parties simply both appoint independant conveyancers and they handle everything else for you! You may even be lucky enough to get a free sofa or mirror thrown in for good measure.

How to sell a property would only advise that it is vital that all parties involved are fully aware of the market value of the property so that no future dipsutes will arise.

HOW TO SELL A PROPERTY - Final Word

We hope that all of the information has been of use to you in making your decision on how to sell a property. We would also like to take this opportunity to wish you the greatest of success with the sale of your property and hope that you can get the best possible price available to you.

Don't forget to tell other people about www.howtosellaproperty.co.uk and private selling if you feel that it will be useful to them.

How to Sell a Property