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Are Estate Agents Really Necessary?

Jan 19, 2008
Estate agents have always been an integral part of the property selling process. But that's all changing thanks to the Internet. More people than ever before are turning to the Internet to search for and offer up property for sale. And that trend is causing many to question the need to use estate agents.

Perhaps you're wondering that too!

To help answer this question, let's take a closer look at the services estate agents offer. First and foremost, the really good ones are "experts" in the property market. They know every property in the area that has recently sold and each property's respective selling price. They also know how long the process has taken as well as the current inventory of unsold properties.

Estate agents typically handle all marketing including accurate posting of property details (size, floor plan, location, price, etc.). They place ads in newspapers and magazines, install "for sale" boards, advertise via the post, and ring every buyer they've ever encountered. They're terrific matchmakers with a knack for bringing together motivated buyers and sellers.

From there estate agents handle all viewings, "selling" buyers on the property's finest features. Many also handle the negotiations so sellers get the best price possible. Once an agreement is signed, they help coordinate the people and the documents needed to complete the property transaction.

In return for that effort the property seller hands over a sizable chunk of the property sale proceeds - in many cases it amounts to thousands of pounds!

Having someone else handle the details certainly saves time and a lot of headaches. But watching money that's rightfully yours end up in some stranger's bank account is downright painful!

Can you really do it yourself?

That's why many savvy Internet users are ditching estate agents and deciding instead to handle these transactions on their own. Nowadays, with just a few clicks of the mouse, anyone can act as an estate agent - for a fraction of the cost. After all, who knows the property better than the person currently residing there?

When you use the Internet to sell your property you can still employ the services of estate agents if you desire. Rather than fighting the trend in Internet sales, smart estate agents are offering their clients an Internet presence in addition to the services they've traditionally provided. But if you choose this option, you'll still pay that hefty commission.

With approximately 70% of today's buyers using the Internet to search for and learn more about available properties you no longer have to rely on estate agents to bring prospects to you. All you really need is knowledge of your market and a reliable "sell it yourself" type of web site.

Such sites allow you to post your own property details, set your own selling price and communicate in real time with every buyer who shows interest in your property. It doesn't get any easier - or cheaper - than that!
About the Author
Adam Labno is a UK property investor who has a passion for property and helping home-owners and sellers in providing cost cutting property solutions.Owner of U.K property business' including Property Flaunt, for which this article is marketed for, in bringing full transparency to the UK market.
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