Depending on your situation, you may want to explore a few different options for selling your home. Typically, people explore the high street estate agent route, selling their homes locally with the assistance of estate agents and conveyancers working on their behalf. In more recent times, the increase in online estate agents has meant that people are choosing to sell their homes with more control and flexibility. Cash property buyers operate differently, buying your home almost instantly providing you with cash for the sale and covering the seller’s costs as part of the process.
It can be difficult to know which is the best route for you, as either side has pros and cons. In this article, we’ll explore both to help you make the best-informed decision.
In this article:
Online Estate Agents
The number of homes selling via online estate agents is slowly increasing with currently around 3-4% of house sellers in the UK using them.
Upfront costs tend to be cheaper than your traditional, high street estate agents which initially feels much more attractive. Online agents manage everything to get your home on the market including valuations, photos, floor plans and online listings. It’s down to the seller whether they manage the viewings themselves or ask the agent to do it on their behalf. The more that you require the agent to do, the more this will cost, so it’s worth keeping this in mind when you are deciding how to navigate the sale.
When you sell your property with an online estate agent, you decide how ‘hands-on’ you will be. Prepared to manage the sale yourself? You pay less. Prefer for the professionals to take care of this for you? Expect to pay more for their time and expertise. Online agents operate nationally, and the big names are Purple Bricks, Emoov and Yopa but there are others of a smaller nature. Be sure to do your research and pay close attention to Trustpilot reviews to see what you expect.
Cash Property Buyers
On the other side, you’ve got companies that buy homes for cash. These companies tend to help those who are looking for a quick sale of their property and they have the funds
available to do so. For people finding themselves struggling to sell their home on the first attempt or stuck in a long property chain, cash property buyers will be more attractive. Similarly, if people are dealing with a difficult divorce or have inherited a home, they may look to these companies for support.
Once you’re provided with an offer in principle after a thorough in-house valuation, if you accept then you can exchange contracts quickly and complete the sale. Companies of this nature work quickly and aim to have everything completed from start to finish in about 2-3 weeks.
With online estate agents, it’s all about making your home look as good as possible, and finessing photos where possible but cash property buyers will purchase homes in any condition. This may offer peace of mind to sellers who have had difficulty selling their home in the past or are worried that they may not be able to sell it.
Good Move is a highly recommended and the most regulated cash home buyer on the market that you can genuinely trust, but other companies include We Buy Any Home, The Property Buying Company and Sold.co.uk.
The Key Advantages and Disadvantages
Pros of online estate agents
Management. If you don’t want to do anything, you don’t have to! The agent(s) will happily manage every stage of the process on your behalf. However, this will mean that they charge more for their services if you require more work from there. There is an opportunity to manage viewings and negotiations yourself, if your budget doesn’t allow for this.
Negotiation. You can often list your property for a high value, leaving it open to negotiation to find the best possible price for your home. For example, you could list it for ‘offers over £220,000’ or list it for £225,000 and see which offer comes closest to your expectations. This process is removed when using cash buyers.
Pros of cash property buyers
Speed! Selling your home to a cash property buyer means that you can sell your home incredibly quickly. Good Move provides every customer cash offer within 24 hours of your enquiry and then works to purchase your home within 14 days, leaving you to continue your onward purchase with no additional stress or worry.
Guaranteed sale. Cash property companies have the cash flow to buy your home instantly meaning that the price that you’re given is the same amount of cash you’ll receive for the
property.
No fees. Estate agency fees are around 1.28% of your sale price (plus VAT) and you’ll have solicitors fees of around £1,500 to pay on top of that but with cash property buyers, all your fees are covered by the company.
Cons of online estate agents
Speed. Selling your home with an estate agent can be incredibly slow whether you do with an online or high street estate agent – it’s just something out of your control.
Stress and uncertainty. As briefly mentioned above, there are multiple factors just out of your control, so it’s pretty much a waiting game to see how and when a sale comes through for your property. Property chains account for many fallen-through sales, so this is one way to reduce the chance of this happening again.
Cons of cash property buyers
Price. Expect to be paid around 80% of your property’s market value if you sell it to a cash property-buying company. The main reason that companies do this is due to the
convenience and speed of the sale as well as the fact that all your fees are covered on their behalf.
| Sale type | Viewings* | Completion* | Fees* | Price | Regulations |
| Cash property buyers | One will buy your house in any condition in most instances | 2 weeks | None – they are all paid for you | 80% of market value | Look for RICS regulation and a NAPB membership |
| Online estate agents | Around 10-12 | 4 months | Agency fees: 1.28% (plus VAT) Solicitor fees: £1,500 | Highest achievable price | Estate Agent Act 1979 and must be members of the property Ombudsman or the Property Redress Scheme |
*Calculated as averages
How do I find a good cash property buyer?
The best place to start is with a good old Google search. From there, you will see all the different companies that are willing to buy your home. Whoever you do choose to sell your home to, make sure you undergo thorough research into their organisation. Check their reputation amongst their customers on Trustpilot – if they have a high rating and lots of positive reviews, you can trust that they are credible. Pay close attention to what the reviews say and see if you can find people in a similar situation to you, whether that means they are amid a divorce, stuck in a property chain or relocating overseas.
Good Move has an incredibly strong reputation in the industry and many years of experience. Our RICS regulation means that you can trust us to act professionally on your behalf and achieve the best possible outcome. We are the most regulated cash property buyer in the ‘Quick House Sale’ industry.
Don’t be afraid to ask questions, in fact, the more that you ask our team, the better. We understand the importance of selling your home correctly and we will help you do that the smoothest way possible.
FAQs
Which gets me a quicker sale, a cash buyer or an online estate agent?
Typically, a cash-buying company will always help you achieve a quicker sale. On average, it takes around 14 days for Good Move to buy your home, allowing you to move on with the moving process whether this means buying another home, moving overseas or moving in with family. If you need a quick sale, a cash property buyer is always going to be the best option in terms of speed.
Are online estate agents free to use?
No, you must always pay to use an online estate agent. They are a much cheaper alternative to a high street estate agent, as you can choose options with less support and assistance, meaning that you manage the sale yourself. With online estate agents, you tend to pay one fee ranging between £300 and £1,500 –paying for them to list your property, take photos, write up floor plans etc.
Can you bargain with an estate agent?
You may be able to negotiate fees with your agent. Start by asking them what their typical fees are and what is included as part of that. You could ask them to do less work (you manage viewings and handle negotiations) and see if they reduce their fees, you could also ask them to work to tight deadlines and if they don’t perform, to reduce the fees as a result. Don’t be afraid to ask if they have any leeway.
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