Sell Privately - Sell Quicker?
New research from Alliance and Leicester includes claims from home owners that selling your home privately can take around one month less than using a traditional estate agent. A figure of around 2 months is quoted for private sales, compared to about 3 months for a sale through an agent.
Whilst using an estate agent is still the favoured route for most people selling a home in the UK (about 85%), it is clear that the DIY route is gathering momentum. "It's a simple matter of awareness", says the Managing Director of MyKeys.co.uk. "Most people use an estate agent because they aren't aware of the alternatives. Using an estate agent is seen as part and parcel of selling a property in this country, whether you want to or not."
"As we continue to educate home owners to the alternatives we will see ever increasing numbers sell their homes privately as it is relatively simple to do so. One concern expressed by people we speak to is that it may take longer to sell their home themselves - it is extremely encouraging for our industry, and all those who are disillusioned with estate agents, to see research such as this that points to the private sale process actually being quicker."
"This is something we have believed ourselves for some time. If you think about it it's not too surprising for the following reasons:
- You only have YOUR house to sell - an estate agent has many and will be paid regardless of which one a customer buys.
- You know your house better than any agent and you know the area better than any agent.
- You'll be prepared to take enquiries in the evenings and weekends when estate agents are closed.
- Negotiations can be far quicker without the middleman, who in many instances can be a trainee who's never even owned their own home.
- Estate agents have been accused of suggesting high asking prices in order to 'outbid' their competitors. Putting a house on the market at too high a price will increase the length of the sale as no-one will be interested. Private vendors tend to be much more realistic - they look at the houses currently up for sale in the area and accept that they won't get any more for theirs unless they can justify it."
Indeed MyKeys.co.uk recently featured in Real Homes magazine where a customer of theirs explained how she quickly and effectively cut out the estate agents and sold her home privately, agreeing a sale in just three weeks.
It would appear the private property sale industry is continuing to gather momentum. There are regular features in the national newspapers, supported by TV programs such as The Money Program and Tonight with Trevor McDonald. If you are considering your next move then now may be the time to consider selling your house privately.