Selling your house without an estate agent: what are the risks?

Some owners decide to sell their property themselves, without using an estate agent. They often question the value of an agency and convince themselves that their home will sell quickly and easily. But it is not that simple! What are the risks of selling a property without an agency? And what are the advantages of using an agency in such cases?

Risk no. 1: incorrectly valuing your property

An inaccurate valuation of your property can cost you dearly. Given the importance of this stage, it is best to get it right.

Imagine setting a price that is too high for the market; it could take months to sell your property.

Moreover, as there is inevitably an emotional connection to the sale – it is your home, after all – a price reduction will be difficult to accept. And this will show during viewings.

Conversely, if you set the price too low, you will obviously lose money. Your property will sell very quickly, and you will be disappointed not to have sold it for its true value.

Estate agents are experienced in valuing properties. They know the market and understand how to assess a property based on multiple criteria; it is their profession.

Risk no. 2: being poorly informed about legal obligations

Legislation changes constantly, and it is difficult to keep abreast of all the legal obligations you must comply with when selling a property.

The mandatory documents include:

• Energy Performance Certificate (PEB), which is mandatory and issued by an accredited professional.
• The property's latest designated planning use, which must be stated in the advertisement.
• Soil contamination, for which legislation varies by region.
• Inspection of the electrical installation.
• Post-intervention file (DIU).

Moreover, in the event of an infringement or if a document is missing when the transaction takes place, you could not only face a fine but, more seriously, prevent a potential sale from proceeding.

Indeed, these documents generally take a long time to obtain, and an interested buyer could find another home in the meantime.

Risk no. 3: underestimating the workload

Selling your home takes time and, whatever happens, you will not be able to avoid certain costs, which can sometimes be significant.

First, you need to ensure that all your documents are in order and engage professionals to carry out the inspections or provide the certificates required, as explained above.

› PRESENTING THE PROPERTY

Presenting your property attractively is essential to draw in prospective buyers. This is a stage that must not be overlooked. Otherwise, you risk missing out on potential buyers. In property too, first impressions count!

The first thing to arrange is the property photography. It is not as simple as it may seem: advance preparation is required to make your property as ‘photogenic’ as possible. As the saying goes, ‘A picture is worth a thousand words’, so make sure your images are of professional quality. Need advice on taking good photos? We recommend this article.

Next, you will need to write a good property listing and publish it on the main platforms.

› ORGANISING VIEWINGS

Once all this has been done, what is probably the most tedious part is still to come. You will need to answer telephone calls and emails from interested parties and schedule viewings. You may be surprised by the number of people who view the property out of curiosity without taking matters any further.

Finally, if your property does not sell, you will need to consider reducing the price or carrying out some refurbishment work. This can be avoided by obtaining an accurate valuation from the outset.

› THE ADDED VALUE OF AN AGENT

In addition to having access to professional equipment and the main property platforms, the agent takes care of organising viewings. Estate agencies also know how to showcase your property, whether through professional photographs, virtual tours, aerial photographs of your garden, videos and more.

Risk no. 4: not knowing how to handle awkward situations

Knowing that you own the property and have probably lived in the house for some time, viewers will not hesitate to ask you questions that may sometimes be difficult.

In this situation, any hesitation on your part will be interpreted as a sign of an underlying problem, and a potential buyer may well become suspicious.

To avoid this situation, it is very important to be able to rely on a third party who knows how to defuse matters and respond appropriately.

When faced with a difficult question, an estate agent can, for example, say that they are not sufficiently familiar with the property and need to check with the owner, giving the owner time to formulate the best possible answer.

The estate agent also has the expertise to answer more technical questions. They can therefore reassure a potential buyer, guide them through the next stages of the sale, estimate the cost of any renovations that may be required, and more.

A good agent will know how to present your property in the best possible light and give hesitant buyers a gentle nudge, while remaining commercially minded, persuasive and professional.

Risk no. 5: being disadvantaged by your lack of sales experience in the property sector

If you do not have a natural flair for sales, you may find it difficult to ‘sell’ your property.

An agent has a well-prepared, carefully structured sales pitch. They know how to answer viewers' questions. Thanks to their experience, they can identify serious potential buyers and redirect the others. They can even help serious buyers reach a decision by reassuring them on certain points.

Furthermore, a private sale limits you to an audience that has already shortlisted properties according to specific criteria.

By contrast, an estate agent can suggest your property to buyers visiting the agency, even if it does not perfectly match what they think they are looking for.

Risk no. 6: suffering from a lack of objectivity

Given your emotional attachment to your property – which is perfectly normal – you will find it difficult to remain objective.

During viewings, you will undoubtedly want to mention everything, perhaps even a little too much.

Mentioning that small hole in the wall or pointing out those slightly noisy pipes is not, in fact, the most effective strategy.

The problem is that you know the property so well, down to every last corner, that you will probably end up dwelling on all the minor flaws that would be better left unmentioned.

As you can see, selling without using an agency exposes you to certain risks… Not to mention the time needed to prepare the paperwork and conduct the viewings.

If you still wish to proceed, we recommend thoroughly analysing the market and researching the legal documents required before even publishing an advert. Take care to write it well and, above all, learn to adopt the detached approach of a professional to avoid any missteps.

However, there is another good way to sell your house quickly and at the best price!
Contact us by email or let us discuss it by phone on 0475 307 491.