For sale by owner?

It has definitely been an interesting week so far with riots popping up all over the country but I suppose life must go on despite the craziness.So if you read the link on the top, you would see discussion on the governments’ decision to encourage more ‘For sale by Owner’ websites.  Needless to say, estate agents are not too impressed by this turn of events.  I would not be either if I were them really, after all this is taking even more of their bread and butter away from them.

Of course there are legitimate concerns about the safety of the consumer, but I think this can be overly emphasized.  The truth is anyone can sell a property themselves as long as they have a good team of surveyors ( to get a price), and conveyancers/solicitors (to make the sale legal and binding).  With enough research, you could probably even do that yourself.  But why would you want to?

Estate agents do this day in and day out so it is all a lot more commonplace to them than it is to the common man.  So, maybe it is best to sell through them…  On the other hand, while having a chat with an agent, I was told they were only selling 46% of their stock at the moment.  They considered this to be great, as they were better than one of the chains that was selling less than 10%!! ( Pity if you are signed on with them!).  Personally, I was pretty shocked that this was something to be proud of but then again, the market at the moment is pretty dire and Rightmove was stating that 70% of properties were still on the market since the beginning of the year!!!  So yes I can see why the agent would be patting themselves on the back slightly for beating the odds.

What do I think?

My thoughts would be that surely there is a way to keep the market moving using both ways – put it on the market with an agent (but no sole agent contracts) but also actively seek to sell it yourself.  It is your house after all. Why should you not do all you can to find a buyer and more importantly for your pocket, why should you have to pay for finding a seller yourself?

In summary, if  you must sell through an estate agent then make sure you negotiate a deal where you are not tied in too long or at all.  This will allow you to do some marketing yourself and might even give you the push to do it.  It could save you thousands to find a buyer yourself.  Come on, get to it!

I would love to know your thoughts…

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