The property market is booming, Help to Buy is getting more people on the ladder, and buyers are once again flooding the market. However, we are still seeing estate agents that are charging up to 5 per cent in fees for selling property, even though there really is not a lot of work involved.
Tyne And Wear, UK -- (SBWIRE) -- 12/17/2013 -- The property market is booming, Help to Buy is getting more people on the ladder, and buyers are once again flooding the market. However, we are still seeing estate agents that are charging up to 5 per cent in fees for selling property, even though there really is not a lot of work involved.
A traditional estate agent is likely to take photographs, write descriptions, put up a board, and deal with the rest over the phone. It really is just an administration process, and if that process is done correctly, an estate agent can get paid a handsome fee for very little work.
With the increase in internet sites offering a full or part do-it-yourself solution to selling, is it time we started questioning whether or not estate agents still serve a purpose? In the USA for example, estate agents as such do not exist. In America, realtors are individuals that can help you sell your house, however the majority of the market is properties that are ‘for sale by owner’ whereby the property seller sources their own buyer.
Cash buying company Best Prices Paid, who only advertise online firmly believe that the UK property market will turn to a more DIY approach when the vendors realise just how much they are losing out in fees to estate agents.
The managing director of the firm had this to say:-
“The property market is ever changing, and the ‘for sale by owner’ route is something that a lot of vendors are now turning to instead of paying fees out to estate agents. Vendors are sometimes scared about dealing with a sale themselves, but once they realise that there is not a lot to it, they are prepared to take the brave step and go it alone”.
Best Price Paid have also set up an online assessment for vendors to see whether or not they have the ability in them to sell their property themselves. The simple online quiz asks around 6 questions, and gives a result as to whether it would be a good idea to sell a property yourself down the DIY route, or whether it is wise to stick with an estate agent.
The company have also confirmed that they will publically show the results of the assessment on their blog once they have collected enough information.