Most potential house buyers start their search online, but there are several different ways for sellers to sell their property online. In this ultimate guide to selling your house online, we explain the many ways you can sell your house online and help assess which is the best route for you to sell your property online.
How to Sell Your House Online
If you are a homeowner looking to sell your property you know you need to be online, but what does that actually mean? Selling your house online is a broad term, and it’s not always that helpful unless you understand all the ways and means of doing so.
Do I Need an Online Estate Agent?
Online estate agents have grown in number in recent years and are readily available across most of the country. In some cases, they can offer somewhat reduced fees due to having less overheads than their high street partners, however their fee is still likely to be one of the largest costs in the sale of your property. As with traditional sales, working with an online estate agent does not offer any guarantees of a sale and it may take many months to sell your property. Should the chain break and your buyer back out, you are likely to be liable for the fees regardless, so do check the paperwork before you sign.
There are various ways for you to sell your house online without employing an estate agent, some of which may be more suitable or appealing than others.
How to Sell Your House Online Without Estate Agents
Below you can find a range of ways to sell your property online without using an estate agent.
Sell Your House to a Property Buying Company
Property buying companies offer one of the fastest and most simple ways to sell your own property online. The short sale timeline and simplicity of the sale make these companies an attractive option to many people looking to sell a house quickly and know they have a guaranteed sale.
If selling your house to an online property company sounds like an option for you, ensure you check their reviews and speak to them about your situation before committing. Make sure there are no hidden fees, and that the company has a history of buying homes online in this manner.
You may find the difference between the profit from selling this way and using a traditional estate agent is less than you think. With some online property buying companies offering no fees at all, any deficit in price compared to using a traditional route may be equalled out.
What you need to know about selling online to reputable property buying companies
- You may receive an offer within 24 hours
- Sales can be completed in as little as seven days
- Guaranteed sale
- Often only one inspection is required
- Often no fees
Sell Your Property through an Online Auction
Selling your house at online auction can seem appealing and does work for some sellers, especially if they need a quick sale and have plenty of equity to play with. You can set a reserve price and the auctioneers can sell your house to bidders across the country and beyond due to the accessibility of online auctions.
The downside to using an online house auction is that there is no guarantee of a sale, and bidders will expect an absolute bargain. While online property auctions are becoming more popular since the pandemic began, they have long been the home of the unsellable; houses in need of such repair and renovation that the vast majority of the value lay in the land value of the property.
The facts about selling your house through an online property auction
- You will need to set a reserve price - the minimum you are willing to accept for your house, which is not shared with bidders
- Once the highest offer has been accepted and the online property auction ends, contracts are exchanged, and you have a guaranteed sale
- The auctioneer will take between 2.3% and 2.8% of the price of the house sale on average as their fee
- You should receive your money within 20-30 days after the online property auction ends
Sell Your Property Privately Online
Many house owners consider selling their homes online privately in order to avoid costly estate agent fees, but this route can be a minefield. Here are some questions you should consider before thinking seriously about a private sale.
Who wants to buy your house?
If someone, especially someone you trust, has expressed an interest in buying your house this may provide a viable reason to sell privately.
How much are they offering?
Do you know what your house is worth? The main point of selling property online privately is to reduce cost, but often private buyers see this and want a slice of the pie for themselves. They may offer lower prices, sometimes below market value in the knowledge that you are making savings at the other end, but if you have misjudged the initial value of the property you could stand to lose a lot of money.
Is the property leasehold or freehold?
Some leases can be complex and there are other considerations if your property is running a short lease. Selling a leasehold property online can be hard to navigate and it is not recommended that you try to do this by yourself.
The Best Way for Property Owners to Sell Their House
There are a number of ways to sell your own property online, with varying levels of success and differing results. If you are considering using a cash property buying company and would like to find out more, get in touch with the friendly team at Serene Homes.Get your FREE cash offer