Many people have the idea of selling their property or letting it (aka renting it out) without an agent… very few follow through. Why is it that so many people dream of this, but so few actually do? The answer is simple. Firstly, why do homeowners want to sell or let without an agent? Well, property is expensive: people pour their hard earned cash into buying a home, and when it comes to selling or letting their home, parting with copious amounts of cash to an agent is psychologically rather difficult, and the last thing that appeals to most home owners. I really am stating the obvious. But, why is it that so many people continue to do so? The answer is just this: most people believe they either don’t have the time to sell or let for themselves, or, they simply do not know how.
What we should really ask ourselves is, “what am I paying for in an agent?”. OK, granted, an agent does not just meet a potential client at the property to ensure that the owner doesn’t go directly; they also arrange the legal side of the transaction. But that costs extra right? Yes it does! The agent fee merely covers 1. advertising your property online and in store, 2. Witholding address information from the client and giving a vague address at which to meet, where both parties will then drive in convoy to the address, and 3. Walking around the home with the potential client, stating the obvious whilst they do so, such as “this is the bathroom”. So, what are you really getting for your money?
Well, in my opinion, having purchased, sold, and let a number of properties myself (value the information as you wish), not a lot. Once a buyer has been found, the actual sale of the property is handed over to the legal team. Property legal advisors exist however, without agents. So, if you think that you can find a buyer yourself, then why not skip the astronomical agent fees, and simply pay a legal consultant to do the paperwork yourself?
If you are planning on letting your property, then you don’t even need a legal advisor. Simply download a tenancy agreement, get your new tenant to sign it, and Bob’s your uncle. Job done.
So, before you plan on spending your very hard earned cash on an agent, consider selling or letting your home on your own…or use a free service such as Right Mallorca.