Estate agent vs. Property auction: which property sale suits you?
When you're attempting to sell your home, before you even consider placing it on the market, you need to decide what your goals are.
Do you want a quick sale? Or do you want a big return on investment? There are several ways you can sell your home, and they all come with different benefits, but which property sale suits you?
Different ways to sell your property
There are two main methods for placing your property on the market: selling it through an estate agent or at auction.
Selling it through an estate agent gives you a higher chance of achieving a sale at a well-reflected price, as selling it at auction can result in a quick and simple sale, but it may also undervalue the property. The fees are slightly higher for selling your property through an auction compared to enlisting the help of an estate agent.
What are the benefits of selling by auction?
The buyer is required to pay a 10% deposit almost immediately, and the majority of properties at auction are ‘chain-free’, reducing the likelihood of the sale falling through.
Auctions can be a quick selling method: your home is marketed for 3–4 weeks to gain attention, and then the auction takes place, hopefully leading to a successful sale.
What are the benefits of selling with an estate agent?
Selling your home through an estate agent comes at a lower fee and a higher asking price for your home. This allows you to achieve the maximum amount of profit on your property, as they are able to pin down buyers who are willing to pay a well-reflected, reasonable price against the market.
Selling through an estate agent broadens the buyer pool, as many buyers tend to overlook auctions due to their perception of potential fixer-uppers or problematic properties.
So, which property sale suits you?
The key takeaway is that selling your property at an auction could give you a faster sale, while estate agents tend to deliver a higher selling price for a lower fee.
If you’re not concerned about the time it will take for your property to sell and you’re looking for the highest possible price, an estate agent is your best option. Overall, you are more likely to achieve a higher price when you sell through an estate agent.
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This article was originally published by BriefYourMarket and is reproduced here with their permission.
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