Can you, like many other home owners, sell your home yourself?
And keep all of the profits yourself without paying thousands of pounds in commission to an estate agent?
Of course. Read on and "Be Your Own Free Agent!"
You've decided to sell your property and move on. It's time to go. So what next?
Most people decide to bring in an estate agent early in the sale process. But you've already decided to sell and it's clear how well you know your own home. In fact, you know the place like the back of your hand. So, aren't you the best person to describe the property? Why let a total stranger - an estate agent - handle this important process?
And, frankly, why should you share your sale profits with an agent when it is perfectly acceptable and relatively straightforward to sell your home yourself, cutting out the middleman and eliminating this costly overhead?
If you are prepared to organise advertising and viewing arrangements yourself, there's no real need to have an estate agent.
Can you use an estate agent and try to sell privately at the same time?
Yes. It's quite a popular option.
You can try to sell using the 'conventional' (agent) route, but also try to sell privately (and, if you succeed, save thousands of pounds in fees).
If this interests you, there are four key agency 'situations' which you should be aware of:
"Sole agency":
This refers to the estate agent appointed by you to sell your property - the only agent with the right to sell your property. You should be able to sell the property yourself without paying the agent a fee - provided that the buyer was not introduced to you by the agent during the period of your contract with the agent.
"Multiple agency":
It's possible to appoint several agents to work for you on your sale. But typically only the one that sells the property is entitled to be paid a commission.
Nb/ The commission can be a higher percentage if you go for multiple agency.
"Sole selling rights":
Here, the estate agent appointed by you is the only 'person' with the right to sell the property.
Importantly, therefore, the agent in question is entitled to a fee even if you sell the property yourself.
"Ready, willing and able purchaser":
Whilst relatively unusual nowadays, this is still seen.
Here, under the contract with your agent, if the agent finds you a buyer who is willing and able to buy the property and to exchange unconditional contracts for the sale, you must pay the agent's commission. This is the case even if you decide not to sell.
Your contract with an estate agent may be one of the above, or it may be a variant. It's very important indeed that you ready any contract with an agent very carefully before you sign it (this is surely the case whether you are considering selling your home privately, or not!) Do not just treat it as "small print" as that could end up costing you a lot of money.
Do not be afraid to query clauses in your contract or to request amendments. You do not just have to sign what's put in front of you! If necessary, take your own independent advice on this.
If you are intending to try to sell your property yourself (perhaps using mysaleagreed.com MySaleAgreed) as well as instructing an agent, then just make your agent aware so it's very clear that you won't pay commission to the agent if you sell your property yourself. Not complicated stuff, but very worthwhile.
You may find The Office of Fair Trading's website helpful. It's found at oft.gov.uk oft.gov.uk
In PART 3 of this article series you can start to see the massive savings to be gained by selling your property privately and learn how to get ready for the sale.
mysaleagreed.com MySaleAgreed.com - private property sales for FREE - You're A Free Agent!
Mike Paterson
Love life; it'll love you
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