With more people deciding to sell their homes online, it’s important to explore your options and choose the one that best suits you.
There are 3 main ways to sell your property online, which we will be breaking down for you in this article:
- Cash buying company
- Online action
- Hybrid or Online Estate Agents
Cash buying companies
Cash buying companies are used if you want a quick sale. The standard process of selling your home, can take between 3-12 months but this length of time can be dramatically reduced with cash buying services – usually as fast as a week!
They will either buy your home off you or find a third-party buyer very quickly, usually at a discounted rate, as they’re paying cash.
If you need access to cash quickly, these companies will be beneficial for you, but you have to be careful and do a lot of research into which companies are reputable, as some can be very misleading or not genuine. You must also be careful as some cash buying services have been known to drop their offer very close to the deal being done, so there are always things to look out for.
Pros of cash buying companies
- Allows you to avoid repossession, clear debts, or sort out financial issues
- They give you a quick sale and work with your timeline
- They cover all fees and costs
Cons of cash buying companies
- Fee structures not always being made clear
- Many offer contracts that tie people in, stopping them selling to anyone with a better offer
- Some companies make false property valuations
Sell your house using an online auction
Online auctions are a modern method of selling your home which are known for being fast and bringing extra security to your sale. But how do they work?
Properties will be displayed on the auction site usually for a duration of around a month – you will register with an estate agent and place your bid (you may be asked to pay a participation fee, but this is normally refundable.
You will then be asked how you plan to fund the purchase and you have to be confident that you’ll be able to do so.
You should be able to view the property for sale in person or virtually, and you need to make sure you have the pack containing all legal information – such as evidence of title, local authority searches, water and drainage searches, property information questionnaire and so on.
In addition, you’ll have to organise for a survey to be done to identify what condition the home is in.
As with most auctions, you will be able to bid 24/7, and the highest bid will win the property – when you will then pay a non-refundable reservation fee (usually at least 2.5% + VAT of the sold price, or a minimum of £6,000 inc VAT).
If for any reason you don’t want to proceed with the sale, you can pull out, but you will lose the reservation fee that we just mentioned. Similarly, if the seller pulls out, you should get that fee refunded – but check the contract.
The sale will usually have 56 days to complete and exchange – then you’re done!
Pros of online auctions
- You can watch how bidding progresses
- Homes are priced to sell realistically meaning you could get a good deal
- Fixed dates for completion and exchange
Cons of online auctions
- You will pay more in stamp duty
- Depending on the price of the property, you could end up paying quite a high percentage fees to the agent
- You need to have the reservation fee ready at the start, it can’t be part of mortgage funds
Sell your house online using hybrid or online estate agents
Another option is using an online or hybrid estate agent. They operate virtually rather than in a physical office on the high street. And it’s for this reason that they’re able to offer lower estate agent fees.
Most of these online agents work by offering the services you’d expect from a high street agent, virtually. For example, they offer the option of valuing and marketing your home and arranging property viewings online. Because they don’t have to physically visit your home when doing these things, they usually rely on research, data, and technology to provide the figures and the service.
For a more in depth look at how online agents work, take a look at our blog.
Pros of online or hybrid agents
- Fees are usually lower
- They tend to be a lot more flexible that high street agents
- Sellers have a lot more control of their sale
Cons of online or hybrid agents
- Most online agents’ fees are usually fixed (However we offer 3 different payment options – check out our fees)
- Sellers usually conduct their own viewings unless they select an additional package
- Online agents tend to communicate purely over the phone/email etc
Can you sell your house without online estate agents?
It’s totally within your right to sell your home privately, but it isn’t an easy task, and a sale is not guaranteed. The benefit is you will get to keep 100% of the money you make from selling your home and will only have to settle solicitor’s fees.
If you are aware of a potential buyer or someone with a keen interest in your home, then you don’t necessarily have to use an agent – but there will be things to consider if you are going to do it alone…
You will have to factor in the cost of things like EPC certificates, solicitors, floor plan designers, photographs. Also, read our blog ‘The cost of selling a home in the UK’ for a breakdown of all the costs involved in the process.
Where should you be advertising your house online?
People looking for properties tend to start their search on online platforms such as Zoopla and Rightmove. Therefore, it’s so important to be present on these types of websites.
The below graph shows a screenshot from google trends with the interest in each of the sites. Selling with easyProperty, you will get a listing on Rightmove, Zoopla, Boomin & easyProperty.com included as part of your fees!
How long does it take to sell your home?
The moving process is a complex one, and according to property portal Zoopla, it takes around 6 to 12 weeks to sell a home, however there is no time frame set in stone and it differs for each and every sale. Our blog ‘the process of buying a house in England and Wales’ provides an in depth break down of this process for you.
Steps of selling your house online
- Find an online or hybrid estate agent – there are lots out there to choose from, look online and on social media platforms.
- Check their reviews and fees – reviews are a great, unbiased way of telling how reputable a company is. Check out our reviews on Trustpilot.
- Book a home valuation – working out the value of your home can be tough! We’ve put together a guide to help you work out how much your home is worth, or book a free valuation with us now!
- Start marketing your property – we market your property on Rightmove, Zoopla and our website, so your home gets maximum coverage.
- Conduct viewings and seek feedback – online agents allow you to take control, so conduct viewings yourself or let us do it for you, and watch your feedback come in on your online dashboard. From there you can accept, decline, or negotiate offers.
What are the pros and cons of selling your house online?
|Fees are often lower/you can completely avoid estate agent fees Get a wider exposure to potential buyers online Selling online can reduce the length of time for the sale depending on the method Make your viewings work around your schedule||Some people don’t like the idea of being in control of their sale Doesn’t appeal to those who aren’t tech savvy|
Final thoughts and related guides
Why not sell your house with a trusted online estate agent and book your free valuation with us now!