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Estate agent fees are one of the big expenses when selling a home – but changing rules and the emergence of private selling websites have made it more common for people to do everything themselves.
But how easy is it – and what do you need to know? We spoke to industry experts to find out.
Firstly, what do real estate agents do with your money?
A real estate agent typically charges between 1% and 3.5% of the sales price.
This means that for the average house price (ÂŁ284,691 in December), you could pay between ÂŁ2,846 and ÂŁ9,964 in commission fees.
“When you use a real estate agent, their fees include taking professional photos, listing your home, conducting property tours, and negotiating a price on your behalf,” he says. Jack Smithson from home ownership website Better.co.uk.
Additionally, a real estate agent will compile comprehensive details of your home, including room sizes and descriptions of fixtures and fittings.
“They will also provide a concise summary of the local area, highlighting amenities, schools and transport links,” adds Jack.
And they will perform buyer checks for you (more on that later).
It seems like a lot, but…
“Selling your home alone can be a manageable process with a few key steps,” says Jack.
Preparation
You should start by thoroughly researching house prices in your area, using sites like Rightmove and Zoopla – but seek out free valuations from local estate agents to ensure you have a realistic asking price in mind.
Next, you want to take high-quality photos of your home.
Jack advises using YouTube tutorials to learn new filming and editing techniques that can take you to the next level.
You then want to write down what makes your home unique.
“When browsing other listings for inspiration, take it a step further by emphasizing what you love about living in and around your home,” suggests Jack.
“Whether it’s the refreshing scent of the coast or the peaceful sounds of village life, incorporating these details can help potential buyers visualize life there,” he advises.
Just like using YouTube for photography tips, you can use free tools like ChatGPT and Grammarly if you need help with your writing, says Jack.
Announcement
This is probably the biggest advantage of going through an established real estate agent – your home is much more likely to be seen because they will have an established audience and market. But it is very possible to do this alone.
“When it comes to advertising your home, explore a variety of avenues, including local newspapers and social media,” says Jack.
“Consider using sites like Strike which allow individuals to list their properties for free on platforms like Rightmove,” he suggests.
Views
Once you’ve secured a few viewings, you’ll have the opportunity to make it a little more personal than estate agents ever could – a real plus.
“Explain the reasons for your decision to purchase the property, highlight its unique features, and share the aspects of your neighborhood that make it a desirable place to live,” says Jack.
The little things matter when showing people around – so try to get an objective look before bringing anyone.
Do the things you would normally do – make sure it smells good and is clean and tidy.
“Finally, it’s worth knowing that you must legally provide potential buyers with a free Energy Performance Certificate (EPC).”
The sale itself
Perhaps the scariest aspect is the physical exchange of contracts and money.
A real estate agent would typically oversee the process from accepting the initial offer to transferring the keys to the new owner.
However, if you go it alone, you will need to become the central point of contact – bridging the gap between your lawyer or intermediary and the buyer and their legal representative.
“Once you have accepted an offer on your property, your first task is to write what is called a memorandum of sale,” says Jack.
This document is a written confirmation of your acceptance of the offer and details the agreed price, along with any specific conditions you have both agreed to.
“It is then recommended to engage the services of a lawyer or conveyancer to ensure all legal obligations are met,” says Jack (of course, you will need to do this even if you have an estate agent).
The cost of hiring one typically ranges from a few hundred to over ÂŁ1,000, depending on factors such as fixed fees, hourly rates, complexity of the sale and additional costs such as property searches or land registration fees.
“In the absence of a real estate agent, you will be responsible for keeping your buyer informed about the progress of the sale. This involves regular updates on the status of legal proceedings and any relevant developments,” says Jack, before adding that this can actually be a good thing.
“By assuming these responsibilities independently, you will have greater control over the sales process. However, this will require you to be exceptionally organized and you will also need to be very good at communication.”
Any risks you should be aware of?
Rita Patel, legal director at law firm Browne Jacobsontells us that the biggest risk for those selling their properties without a real estate agent is the lack of a vetting and vetting process for the potential buyer.
Real estate agents will verify the buyer’s identity and verify the buyer’s proof and source of funds – without this, there is no way to assess whether the buyer is legitimate and capable of purchasing.
“While this process is something that lawyers can help with, it often comes at an additional cost and you will need to start from scratch if there is an issue with the identification and/or financial eligibility of a potential buyer,” says Rita.
More generally, selling without an agent can lengthen your selling time.
“Zoopla suggests this timeframe is typically around 17 to 34 weeks, but with no one available to consistently promote and drive the sale of the property at every stage, working alone drags out this process,” says Rita.
“Agents can also help mediate any potential breakdowns in communication between the buyer and seller – reducing the likelihood of having to go back to the market and start again.”
The advantages
Laura Owen-Brown, a PR manager from Gloucestershire, tells us she intends to sell her house without an estate agent in the near future.
“My disappointment with real estate agents stems from a lack of familiarity with the properties they tried to sell me when I was purchasing my current home,” she says.
“They couldn’t tell me about the details that really matter, like the ideal times for sunlight in the garden, how much council tax I would pay, what material the roof was made of, places where I could walk my dog ​​off-leash or the impact of post-football game traffic on Sundays.
“These types of details can shape the experience of living in a home for years to come and are just as important as the square footage, EPC rating or how many bedrooms a property has,” she adds.
She says the current “transactional” approach to selling homes feels “impersonal and outdated” to her.
“Yes, I will have to deal with more administrative tasks, but the time and money savings will make it worth it. Establishing direct contact with buyers and lawyers, without third parties holding everything up, will mean I can be in control and have transparency throughout the process, especially during negotiations,” she says.
However…
As Laura says, it’s a question of whether you have the stomach for admin and are happy to take the risks on financial background checks.
If you are aware of all this and are willing to take on the organizational burden, you can save a lot of money.
The spotlight next week will shift somewhat to the Federal Reserve’s second-quarter earnings season and monetary policy. Market watchers will be treated to results from several major names, including Dow 30 components Goldman Sachs (GS), UnitedHealth (UNH), Johnson & Johnson (JNJ) and American Express (AXP), along with streaming giant Netflix (NFLX).
The Fed will still attract some attention as investors will be eager to hear from a packed lineup of central bank speakers just before the policy meeting lockout period.
In terms of the economic calendar, after fifteen days of labor market and inflation indicators, activity data will gain momentum in the form of the latest retail sales and industrial production reports.
Earnings Highlight: Monday, July 15 – Goldman Sachs (GS) and BlackRock (Black). See the full earnings calendar.
Earnings Highlight: Tuesday, July 16 – UnitedHealth (UNH), Bank of America (BAC), Progressive (PGR), Morgan Stanley (IN), PNC Financial (PNC) and JB Hunt Transport (JBHT). See the full earnings calendar.
Earnings Highlight: Wednesday, July 17 – Johnson & Johnson (JNJ), US Bancorp (USB), Morgan Children (KMI), United Airlines (UAL) and Ally Financial (ALLY). See the full earnings calendar.
Earnings Highlight: Thursday, July 18 – Netflix (NFLX), Abbott Laboratories (ABT), Black stone (BX), Domino’s pizza (ZDP) and Taiwan Semiconductor Manufacturing (TSM). See the full earnings calendar.
Earnings Highlight: Friday, July 19 – American Express (AXP), Halliburton (THANKS) and Travelers (VRT (return to recoverable value)) See the full earnings calendar.
IPO Observation: Hospital and healthcare clinic operator Ardent Health Partners (TARDT), insurance service provider Twfg (TWFG) and the biotechnology company Lirum Therapeutics (LRTX) are expected to price their IPOs and begin trading next week. The analyst quiet period ends at Rectitude (RECT) to free up analysts to publish ratings.
Police cars outside the residence of Thomas Matthew Crooks, the suspected shooter at a Trump rally on Saturday, investigate the area in Pennsylvania. Following the incident, one rally attendee was killed, two rally attendees are in critical condition and Donald Trump suffered a non-fatal gunshot wound. The shooter is dead after being shot dead by the United States Secret Service. (Photo by Kyle Mazza/Anadolu via Getty Images)
Investors will initially favor traditional safe-haven assets and may lean toward trades more closely tied to former President Donald Trump’s chances of winning the White House after he survived an assassination attempt, according to market watchers.
“There will undoubtedly be some protectionist or safe-haven flows into Asia early this morning,” said Nick Twidale, chief market analyst at ATFX Global Markets. “I suspect gold could test all-time highs, we’ll see the yen being bought and the dollar, and flows into Treasuries as well.”
Early market commentary suggested Trump’s shooting at a rally in Pennsylvania on Saturday could also prompt traders to increase his likelihood of success in the November election. His support for looser fiscal policy and higher tariffs is generally seen as likely to benefit the dollar and weaken Treasuries.
An indicator of market sentiment heading into the weekend: Bitcoin surged above $60,000, likely reflecting Trump’s pro-crypto stance.
Other assets positively linked to the so-called Trump trade include stocks of energy companies, private prisons, credit card companies and health insurers.
Traders will also be closely watching market measures of expected volatility on Monday, such as those in the tariff-sensitive Chinese yuan and Mexican peso, which have begun to price in the U.S. vote.
Trump said he was shot in the right ear after a shooting at his rally. His campaign said in a statement that he was “fine” after the incident, which prompted him to rush off the stage.
“Currencies will be the first major market on Monday in Asia to react to the weekend’s shots. There’s potential for extra volatility, and getting a clear reading could be especially difficult because liquidity will be hurt by Japan’s national holiday,” said Garfield Reynolds, Asia team leader for Bloomberg Markets Live.
Strategists had already expected a volatile run-up to the election, particularly as Democrats are still agonizing over President Joe Biden’s candidacy after his poor performance in last month’s debate raised questions about his age. Investors were also grappling with the possibility that the election could end in a drawn-out dispute or political violence.
But there is little precedent for events like those in Pennsylvania. When President Ronald Reagan was shot four decades ago, the stock market plunged before closing early. The next day, March 31, 1981, the S&P 500 rose more than 1% and benchmark 10-year Treasury yields fell 9 basis points to 13.13%, according to data compiled by Bloomberg.
Bond investors should pay particular attention as the attack is likely to boost Trump’s election chances and ultimately lead to concerns about the fiscal outlook, according to Marko Papic, chief strategist at California-based BCA Research Inc.
“The bond market must at some point become aware of President Trump’s greater chances of winning the White House than any of his rivals,” Papic wrote. “And I continue to believe that as his chances increase, so too must the likelihood of a bond market revolt.”
Kyle Rodda, senior financial markets analyst at Capital.com, said he was seeing client flows into Bitcoin and gold following the shooting.
“This news marks a turning point in American policy norms,” he said. “For markets, it means safe-haven trades, but more tilted toward non-traditional safe-havens.”
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Latest news on July 11, 2024: Airtel says its new Xstream Fiber plans bundle over 350 live TV channels (Official Photo) (Reuters) Disclaimer: This is an AI-generated live blog and has not been edited by Hindustan Times staff.
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News / Business / Latest Business News Live Updates Today, July 11, 2024
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Jio Financial share price: Should you buy this Reliance group stock on Monday ahead of Q1 FY2024 results?
Q1 2024 Results: Jio Financial Share Price will be in focus on Monday as the Reliance Group company has a fixed board meeting on July 15, 2024 to consider and approve the company’s unaudited standalone and consolidated financial results. Trust Group company informed about the Q1 2024 Results date on Wednesday last week via an exchange filing. According to stock market experts, Jio Financial Services Limited is poised to deliver impressive Q1 results for FY25 on solid operating income. They have forecast a healthy QoQ PAT for the company in Q1 FY25.
Jio Financial Services News
Speaking on the Jio Financial Services Q1 2024 results, Manish Chowdhury, Head of Research, StoxBox, said, “We believe Jio Financial Services is poised to deliver impressive results in Q1FY25 aided by its operating income, which is likely to show robust growth driven by strong investment income, which in turn should lead to healthy PAT growth on a sequential basis. Jio Financial Services continues to make strategic moves such as launching digital products and expanding its ecosystem, with a clear focus on future growth. The company has announced plans to introduce products for lending against stocks and mutual funds, leveraging Jio’s large user base, which could be a significant growth driver in the coming quarters.”
“Furthermore, with the NBFC receiving RBI approval to become a primary investment company, Jio Financial Services is well-positioned to unlock value from its investments. Overall, we expect the company to report robust numbers in the upcoming quarter,” the StoxBox expert added.
Jio Financial Stock Target Price
Speaking about the technical outlook of Jio Financial share price, Ganesh Dongre, Senior Manager, Technical Research at Anand Rathi, said, “Jio Financial Services share price is poised to make a fresh high at the ₹260 apiece level. If the stock breaks above this mark, the Reliance Group stock could make a fresh high by touching the ₹290-₹295 zone. Hence, those with Jio Finance stock in their portfolio are advised to stick to the script by keeping a stop loss at ₹205. If the stock breaks above ₹260 decisively, then one can upgrade the stop loss at ₹240 for the near-term target of ₹295.”
On the advice to new buyers regarding Jio Financial stock, Ganesh Dongre said, “New buyers are advised to wait for the breakout. Once the stock breaks above â‚ą260, one can buy this Reliance Group stock at the short term target of â‚ą295, keeping a stop loss of â‚ą240 apiece.”
Disclaimer: The views and recommendations made above are those of individual analysts or brokerage firms, and not of Mint. Investors are advised to consult with certified experts before making any investment decisions.
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