Alternative Ways To Sell Your House & Save Money On A Sale

Written by Andrea. For many homeowners, the obvious route to selling their house is by working with an estate agent. All the leg work is done for you. The estate agent will take photographs, draw up floor plans, create attractive descriptions of the property’s main features, and advertise it on the open market.

A terrace street property Stock Image from Unsplash

This would be considered the traditional way of selling a home in the UK. Many sellers don’t consider – or even know about - alternative methods of making a property sale. While these options might not suit everyone, they can offer advantages such as a quicker sale and cost savings.

Online estate agents, house-buying companies, and going it alone

There are several alternative options available when selling a property in the UK. In recent years, online estate agents have become increasingly popular because of their flexible fee structures and often a “no sale, no fee” service. It means significant cost savings compared to traditional estate agents who will typically take their fee from a percentage of the sale price.  

Circumventing the estate agent altogether is also possible if you have some understanding of marketing platforms and more time to devote to the selling process. Sellers must take on the responsibility of promoting their property, hosting viewings, and engaging with potential buyers directly.

If speed is important, house-buying companies offer another alternative. This is also a way to sell a house for free because you’re avoiding estate agent commissions, solicitor fees, administration charges, and other associated expenses. While offers from these companies are typically around 80% to 85% of the market value of the property, the elimination of other costs including, in many cases, legal fees, make this a viable and attractive option for some. This is an ideal alternative where the selling price of the property is of secondary importance to the speed of sale.

Take it to the auction – exploring both traditional and modern methods

For sellers who want to make a potential profit on their property or want to test the market for better value but are still constrained by time limits, a property auction provides another option. There are two types of auctions: traditional and modern.

Traditional auctions, reminiscent of those seen on TV, occur on a single day with bidders physically present, culminating in an exchange and completion within 28 days. Conversely, modern auctions resemble online platforms like eBay, unfolding over approximately four weeks virtually, followed by a 28-day exchange period and an additional 28 days for completion.

Each auction format boasts its own set of advantages and drawbacks. While traditional auctions are perceived as more competitive due to the intense atmosphere of in-person bidding, modern auctions, akin to eBay's spirited online bidding wars, can also generate significant competition. Traditional auctions offer a faster process, yet modern auctions potentially attract a broader audience as they afford participants time to arrange financing.

Property owners empowered by the options available

While many homeowners default to working with estate agents for selling their properties, it's important to explore alternative methods that may better suit individual needs and circumstances. Options like online estate agents, house-buying companies, and property auctions offer various benefits, from cost savings to faster sales. Whether it's the convenience of online platforms or the competitive nature of auctions, homeowners now have a range of avenues to consider when navigating the property selling process in the UK.

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