Should You Consider an Estate Agent Before Opting for an Auction?
When it comes to selling property, one of the most common dilemmas homeowners face is whether to try selling via an estate agent before considering an auction. This question is particularly relevant in today’s dynamic real estate market. Let’s delve into this topic and provide some clarity.
The Estate Agent Route
The traditional route of selling a property involves hiring an estate agent. They market your property, handle viewings, and negotiate with potential buyers on your behalf. However, this process can be time-consuming and there’s no guarantee of a sale. Overpricing can damage the property’s appeal, and sales that fail to proceed can leave the property tainted in the market1.
The Auction Advantage
Contrary to popular belief, you do not need to try selling via an estate agent before trying an auction1. In fact, properties that are entered into auction without any prior marketing by estate agents usually achieve a better sale price1. This is because they are fresh to the market and have not been damaged by any potential overpricing or failed sales1.
Auctions provide a fixed timescale for exchange and completion, which is not the case with private treaty sales (selling via an estate agent)2. With auctions, the exchange occurs on the fall of the hammer on the auction date, and completion typically occurs 28 days later2. This speed and certainty can be a significant advantage, especially if you’re in a hurry to sell.
Making the Right Choice
If your property suits sale by auction, then make auction your first choice1. The decision to sell by auction is often determined by factors associated with the property or the seller’s circumstances2.
In conclusion, while estate agents have their place in the property market, auctions can often provide a quicker, more certain route to sale. So, before you sign up with an estate agent, consider whether your property might be better suited to an auction sale.
Remember, our teams are always here to help. Find out what your property could achieve at auction. Contact us today!
