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| Why You Should Sell Your Property Privately |
With 70% of potential home buyers looking online to find
property and with estate agents charging up to 4% in sales
commissions, more and more people are starting to consider
selling their property privately.
In this article we'll examine why you should think about selling
your property yourself rather than using an estate agent to do
it for you.
Estate Agents Charge Hefty Sales Commissions
Estate agents usually charge a sales commission of between 1.5%
to 4%, plus VAT.
This means that on a £150,000 property where the sales
commission is 2.5% you would have to pay £3,750 sales |
commission
plus £656 in VAT. If you sell your property privately, you don't
have to pay any sales commission.
You Don't Need an Estate Agent to Value Your Property
Valuations carried out by estate agents are not recognised by
insurance companies as a basis for building insurance rates.
This is because all estate agents rely on when they make
valuations is experience based on what similar properties in the
area have been sold for.
Furthermore, estate agents often value properties at a lower
amount than they are actually worth so that they can close the
sale more easily and receive their sales |
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commission sooner.
Instead of using an estate agent to value your property, you
would be better of using a qualified surveyor whose valuation
would be recognised by insurance companies and who doesn't have
a vested interest in the asking price that you choose.
Estate Agents are Notoriously Disreputable
There have been some cases where estate agents have been
punished by the Office of Fair Trading for conning their clients
leading to them losing thousands of pounds.
Estate Agents Act in Their Own Interests
Ultimately estate agents are only really interested in making
their sales |
commission which means that they might try and
persuade a vendor to accept an offer that he or she doesn't
really want to, simply to secure the commission.
There is Another Option- Sell your Property Privately
By advertising your property on private sales sites you can sell
your home and save thousands of pounds in sales commissions and
the stress of managing estate agents.
About the author:
Property for me.co.uk (http://www.propertyforme.co.uk) is a
private sales site covering the whole of the UK designed to help
you save money in estate agents commission fees.
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