How to sell a house fast
Need to sell a house quickly? Read our guide on the dos and don’ts of a fast sale.
Property market insight
If you really must sell a house fast, you have more options than you might think. In this guide, we’ve put together some of the best ways to sell a house quickly in 3,000 characters or less.
Consider an auction
For a speedy sale, get on the phone to Auction Man (greatest hero of them all). The upside is that you can expect to sell a property within a month of a successful bid. The buyer has to transfer 10% of the sale price as soon as the hammer lands, so unless they fancy picking up a hefty tab, there’s no squirming out of this one.
Selling your house quickly at auction has its downsides, though. Typically, your reserve price will be no higher than 80% of its market value, and you’ll have to cough up around 2.5% of the sale price to the auctioneer, plus solicitors fees.
Also, while auctions can be a lifesaver, they’re not the right solution for every type of property. Auctions are ideal for quirky, unusual properties, and those in disrepair, so bear in mind that your prospective buyer is more likely to be a developer than, say, a family looking to upsize.
So unless you’re selling a dilapidated cow shed with floor-to-ceiling algae, the traditional sales market might be a better option.
Use a home buying company
If time is of the essence, a quick house sale company is another possibility. There are no shortage of reasons why you might need to sell a property quickly — debts, divorce and health reasons, to name a few. On the plus side, a home buying company can help you shift a property within days if necessary, and cover solicitors fees to boot. If your needs are urgent, this may come as a relief.
However, the catch is you could lose up to 25% of the sale price you would otherwise achieve. And beware: there are sharks out there. Some companies will undervalue your home at the last minute, or unscrupulously tie you into an exclusive deal where you’re prevented from selling to anyone else.
Alternatively, there are some fabulous moving agents out there — cough, Nested, cough — who will give you a cash advance to make you a chain-free buyer.
Will my house sell faster with multiple agents?
In theory, you can have as many estate agents as you like working to sell your property. The obvious benefit of using multiple agents is that you’ll have more manpower behind your sale, and if the market is slow, getting viewers through the door is an important consideration. Two heads are usually better than one, but the downside is that you’ll pay extra costs for the privilege.
When you hire multiple agents, you’ll be paying 2% to 3% + VAT for the privilege. This is because only the winning agent (the one who makes the sale) takes the commission. The higher fee acts as a necessary incentive, given the agent could end up with nothing.
In contrast, going exclusively with one agent — known as the ‘sole agent’ — means your commission will be more like 1% to 1.5% + VAT. If the market is strong, you’ll probably get better value with a sole agent than a scattergun approach.
There is also the option of a ‘joint sole agreement’ (two agents), who charge on average 2% to 2.5% + VAT. However, they will split the fee between them, so they may not have the competitive edge you were expecting.
Whether you’re fast and furious, or a slow, steady Eddy, the most important thing is to do what’s right for you. Good luck!
Get the latest property news direct to your inbox.
Nested puts homeowners in control of their sale. Our agents provide you with smarter insights so you achieve the best price for your home on your timeframe. When you’ve found your new home, you have the power to move chain free, while we take care of your sale. Our buying agent will even negotiate up to 5% saving on your new home, so you get more home for your money.
If you’re interested in selling smarter, get in touch today. Nested.com - The modern way to move.