Estate agent fees can be a tough pill to swallow with typical costs ranging between 0.75% and 3.0% +VAT of the agreed selling price. For a property worth £200,000 that works out at between £1,500 and £6,000 excluding VAT. 

With high-costs, it’s tempting to consider doing it yourself and entering the world of DIY selling— in other words online agents. 

But what are the pros and cons? 

Whilst DIY selling promises to save you thousands on fees, if you’re out of your depth and not sure what to do then you could lose out on a deal.  

Essentially, a traditional estate agent does all the hard work for you — from photographing your property to scheduling viewings, creating floor plans, contacting buyers, and finally negotiating a deal. Take out the middleman and it’s over to you to steer and manage the process. 

Here are some things to consider though, before you take the plunge with an online agent: 

• Price: Price too high and you risk generating no interest. Price too low and you lose money. The market is the market so do your research and use the internet — what do other similar properties in the same area sell for?
  
• Listing: You need to attract buyers to your property so you need to make sure that your home is visible in the right places. RightMove and Zoopla are key — so make sure when choosing a site to list your property on, that they work with the big players.
  
  • No sites are free though and online agents usually have a structure that is all in their favour. Simply put, they charge an upfront fee (or ongoing monthly fee) rather than a commission upon completion of sale. That means that once you’re signed up and committed, their job is done and it’s over to you to find a buyer and actually sell your home. If it doesn’t sell, it makes no difference to them.
    
• Photos: First impressions count — whether its business, pleasure or homes. Getting your home ready to sell and then taking professional photos is key to generating interest and securing the price that you want. A blurry iPhone snap simply won’t do. Some online agents will offer extra marketing support and help with this … but it comes at a cost.
  
• Viewings: You might work long hours, but you need to be flexible if you’re serious about selling and fit in with the schedules of prospective buyers. You also need to be confident at selling if you want to secure the price you’re after.
  

Using an online agent might save you money on the face of it but if your property doesn’t sell then it’ll cost more in the long run. Plus you’re left indefinitely in no-man’s land unable to make your next big move. 

If you don’t want to go the traditional route because the cost is just too high, but want a guaranteed sale, then are there any other options? 

Fortunately, yes. 

• No Fee Estate Agents — few and far between. In fact, Rezee is the first free estate agent in the UK, meaning that we don’t charge a penny in commission. Instead we charge the buyer a non-refundable reservation fee to guarantee the sale of the property (think of it like a deposit). This ‘reverse’ fee structure means that we can offer a secure and guaranteed sale unlike our bricks and mortar counterparts. We essentially offer all the best bits of traditional estate agents (exceptional local knowledge, proactive marketing support and a database of buyers) but have removed the worst bits (indefinite timelines, no security of sale, and high-fees).
  
• Property Cash Buying Companies — focused on speed, cash buying companies can exchange within 7 days. They will offer less than market value but for many it’s a price worth paying for a quick, guaranteed sale. There is no estate agent with this option, as they are the buyer, so of course no fees either. Just make sure you do your research and find a reputable local company for the best deal.