What is the best way to sell a property?

There is no right or wrong solution, and you might compare a property auction, selling through a local agent, opting for a self-managed sale, or even selling directly to a company. However, we’d always recommend assessing your options carefully and ensuring you understand the pros and cons.

Each property sale process differs, but the primary considerations are normally around cost and time frames, with your requirements in terms of speed and value as the key factors in the route best suited to you.

Three ways to sell your property depending on your situation

Selling a Property Via an Auction

The next solution is to work with an auctioneer. As with an estate agent, we'd suggest contacting an experienced auction team who can walk you through the process, offer guidance and advice, and ensure your property is listed to a professional standard.

Auctions can be particularly beneficial if you need to sell your property:

• Quickly, with an expedited sale process that takes around a month from the auction date. Find out more about how quickly a house sale can go through in the UK here. 

• With Certainty, with the final bid providing a confirmed sale agreement with very little likelihood of a buyer dropping out of the transaction.

Properties sold at auction can include unusual, high-value or rare properties and those needing modernisation. Properties with appealing redevelopment or renovation prospects sold at auction may attract investors, developers and landlords.

Much of the process is similar to that you might expect when selling through an agent, with the biggest difference in the way buyers submit offers. Your auctioneer will manage the marketing of your listing, compile property particulars, and ensure your legal pack with all the necessary documentation, such as title deeds and searches, is available for prospective bidders before the day.

Are auctions a good idea? You can find out more about selling a property by auction here. 

Selling a Property Through a Local Estate Agent (private treaty)

Many sellers work with an estate agent, often choosing a local agent with a good depth of knowledge about the area, the types of buyers who most often look for a property in the region, and who can handle all the communications and negotiations with interested buyers.

The current average time for a sale to complete is around 25 weeks – although this can vary depending on the time of year and numerous other variables.

Agents may offer different fees based on whether they are acting as a sole agent, i.e. the only agent presenting your property or one of several agents, all of whom are advertising the same listing.

Most reputable estate agents will be able to manage the bulk of the work, from arranging valuations to putting up 'for sale' boards, circulating the property details to their database of buyers, organising viewings and negotiating offers.

Did you know that estate agents work with auctioneers to bring the ‘best of both worlds’ to your property sale? Find out more about how we work with estate agents here. 

Selling a Property to a Company

One final option is to sell a property directly to a buyer – normally a company that specialises in buying homes for cash, often focusing on  properties or sellers that need to sell as rapidly as possible and are happy to accept a greatly reduced price.

Selling directly to a firm may be relatively stress-free and quick if these are your main objectives, although you should be conscious that any price you are offered is very likely to be beneath market value.

Businesses that buy homes ‘sight unseen’ may not need to visit your property before making an offer and will consider homes in any condition. While we may suggest an auction as an equally speedy solution that offers less of a compromise on price, your choices remain subject to your requirements and priorities.

On average, cash offers are between 15% to 30% lower than the official market valuation of a property. House-buying companies normally offer around 78% to 83% of the market value.

It is worth completing some background research before committing to a sale through a cash house-buying firm. Many are ethical and appropriately registered companies, but some are unregulated and adopt tactics to convince sellers needing a fast deal to accept less than they should.

Choosing the Right Way to Sell a Property

As we've indicated, there isn't any 'best' way to sell a property since your options depend on what matters most, be that speed, reliability, value or having confidence that your chosen route will result in a successful sale, without further complications, and a  sale value depending on the route

For more information about property auctions or how this sale process compares to any other solutions covered here, please get in touch with the Clive Emson team at your convenience.