Selling your house online may not be a good idea for you where the online estate agents do not have sufficient knowledge about the area where your property is located, you are not willing to do the legwork, you are not anticipating a disappointing sale price and you are not willing to make an upfront payment. We’ve asked leading UK cash house buying company Ready Steady Sell to take a closer look at these disadvantages for us:
- Estate agent’s lack of local knowledge – Since online estate agents are based remotely, they do may not have sufficient local knowledge that high street estate agents offer. As such, you may miss opportunities denying you the chance of attaining the full price potential of your house.
- You will need to do more legwork – The thing about selling with online estate agents is that you are left to handle most of the selling work. That is, they will list your home in the directories and even pass on information on prospective buyers but they are not involved when it comes to viewings, negotiations and even conveyancing.
Even then, some of the online companies may offer these services as part of additional services or premium package. If you do not have the time to manage viewings then you may rely on someone else preferably a high street agent. This is because this process is not only time consuming but also complex.
- A fixed fee is not a good incentive for your agent to sell – One of the reasons for hiring an estate agent why most people prefer estate agents is because of their enthusiasm to sell that is usually driven by the commission based fee. That is, the more money they secure for your property, the more they are paid.
On the contrary, online estate agents are paid a fixed fee that eliminates this incentive so the agent will not have the motivation to sell your property. Even then, you can still sell your home and achieve the best price possible by investing in marketing.
- You must pay an upfront fee – Although online agents are slowly embracing a variety of payment options, the majority only have the option of upfront payment. What this means is that before they even create a listing of your property or even have photos taken you must make a payment.
This can be quite a challenge especially if you are not financially stable and are hoping to sell your property to settle your financial troubles. Even then, you could carefully look for those online estate agents that give you the option of paying the fee monthly making it manageable. In addition, you will also get the advantage of having your property listed with multiple agencies.
Well, you will do well to weigh these disadvantages against your need for selling your property through an online estate agent. You will then determine if it is the best option for you or not.