WHEN IT COMES to selling your home, there seems to be a certain inevitability about calling in an estate agent.
Going it alone can appear to be a daunting process, with a seemingly endless number of pitfalls and difficulties.
However, those who do take the plunge could see a profit that would otherwise be lost to estate agent’s commission.
Is it possible to avoid using an estate agent?
Estate agents’ fees on average run between 1 and 2.5% – although this can vary depending on a number of factors.
While it might not sounds like a lot, 2% of a home worth €500,000 is €10,000.
Speaking to TheJournal.ie, Stephen Curtis, a project manager with the Irish Mortgage Holders’ Association, explains:
To be honest with you, for someone selling their house, it shouldn’t be massively difficult. There are a couple of things [estate agents] do.
“They get good quality photographs, they may have a database of other people in the area. Then after that – it really is up to yourself.”
A major part selling a house can be putting everything right legally.
For Curtis, much of this is now out of the hands of estate agents:
In the past [estate agents] used to do a lot more of that – they would have been working closely with solicitors. But now there is nothing stopping you from doing that yourself.
And in the current market, there is good value to be had in speaking to a solicitor and drawing up a contract that way.
Although this doesn’t mean self-selling is for everyone.
“Our friends in the estate-agent world would probably say they have databases and know how to stage a house – and that is all true. If you hand it over to an estate agent, you are foregoing a lot of pressure and there can be benefits to that,” said Curtis.
What do I have to do?
For someone looking to sell their own home, one way to do it would be to post an advertisement with Daft.ie.
Through the website it is possible to expose a home to a broad market of property hunters.
To place an advert, it costs €195, which will remain active on the website until the property is sold.
However, as a private seller, it can be difficult to compete with estate agents using the website. Premium adverts cost €395 for 90 days, with this going up to €495 for a feature ad on the website’s homepage.
In addition to this, the cost of taking professional photos comes to around €200.
On the issue, David Garland, a sales director with Daft.ie, said:
Daft has an option for a homeowner to sell their house on their own. However, it would be our view that they would generally be better represented by instructing an estate agent to sell it for them.
Is life easier with an estate agent?
The answer to this question is probably yes.
By hiring an estate agent it is also possible that their experience in the market could substantially increase the pricetag that your home manages to bring in.
Speaking to TheJournal.ie, Graham Murray, head of residential with Savills, says:
There are a number of different benefits to not going it alone. If you are dealing with a reputable agent in terms of their training, they have been doing the job for a long number of years… they have a much better skill base.
On the legal side, Murray said, “while the contracts are dealt with by the solicitors themselves – there are a number of things that should be lined up beforehand, and the agent can walk you through all of that”.
There can be financial gains to be made through selling your own home – although this is not guaranteed, and the rigor of the selling process can punish someone inexperienced in the market.
Journal Media Ltd has shareholders – Brian and Eamonn Fallon – in common with Distilled Media Group which owns Daft.
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