The traditional method of selling a house has become increasingly outdated. Waiting several months to find a buyer, negotiate on price, and conduct searches—among other things—is tedious, expensive, and stressful.
In many instances, people selling their houses are turning to cash-buying companies as a preferable alternative. But what are the key differences between a trustworthy organisation like Sold.co.uk and a traditional estate agent?
Keep reading our blog below to learn more.
What is the difference between Sold.co.uk and Traditional Estate Agents?
Sold.co.uk is an online estate agent with a cash house-buying facility. You can sell your property directly to us for up-front cash within seven days. However, you will usually receive a below-market rate offer from us due to our ability to complete so quickly and because we also buy your house in any condition.
A traditional estate agent does not offer to purchase your property for up-front cash, meaning they only help you sell on the open market. This can take several months to complete, at least. You will usually sell for a higher price using an estate agent than Sold.co.uk. Still, people on the open market will rarely buy your house in any condition.
How quickly does it take to sell my house?
Sold.co.uk can complete your property purchase within seven days because we have all the funds in-house.
According to the latest research, a traditional estate agency takes 25 weeks on average to complete the sale of your property.
How much does it cost to sell my house?
When you sell your house to Sold.co.uk, it is free of charge. There are no hidden fees.
By contrast, a traditional estate agency usually charges upwards of 1.5% of the sale price in commission, and you will also have to pay legal fees, which can amount to several thousands.
What condition can I sell my house in?
When you sell your house directly to Sold.co.uk, you can sell it in any condition. We can buy it even if it has structural issues, is filled with clutter, has sitting tenants, or has many broken doors and windows.
Meanwhile, when you sell using a traditional estate agent, the buyers will likely want to purchase a property they can move into. This means that they will not accept it in any condition and will want it to be inhabitable, tenant-free and with no major structural problems.
Sometimes, renovating your house so it is ‘up to scratch’ can cost thousands of pounds, and it is quicker and less costly to go straight to Sold.co.uk.
How much commission is charged on the sale?
Sold.co.uk does not charge a commission on the sale. We offer you a below-market rate for the property and can, therefore, afford to do so.
Meanwhile, a typical estate agency charges around 1.5% of the sale price. Depending on the company you use, this can often be much higher or sometimes a tad lower.
Can I sell my house with tenants in situ?
When you use Sold.co.uk, you can sell directly to us with tenants still in the property. However, this may affect the valuation of your property.
On the other hand, traditional estate agencies rarely sell a house with tenants still living there. Potential buyers on the open market usually want to live in the property themselves.
How personalised of a service do I receive?
Sold.co.uk and a high-quality traditional estate agency will provide highly personalised service. Regardless of your route, our job is to give you outstanding service, answer all your questions, and find the best resolution for your situation.
How do you value my property?
Sold.co.uk will visit your property in person to value it. This will usually only need to happen once. Still, depending on how tricky the circumstances are, we may send a second person to look it over and confirm. You will receive a confirmed figure within a few days of the valuation, and it is then entirely up to you whether you sell to us or not. This valuation will typically be below the market rate, as we are paying in up-front cash (as a chain-free buyer) and can be completed within seven days.
A traditional estate agency will usually follow the same process of visiting your house in person and then giving you an estimation of what the property could sell for. Many home sellers choose to get multiple different opinions when going down this route, as estate agents are sometimes suspected of exaggerating their valuations. So you are more likely to pick their company to sell it (only to reduce the asking price further down the line when it doesn’t find any suitors).
Where do you sell in the UK?
Sold.co.uk is proud to sell in almost every major town across the UK. This includes Birmingham, Bristol, Cardiff, Coventry, Leeds, Leicester, Liverpool, London, Manchester, Newcastle, Nottingham and Sheffield. This list is not finite, and there are other areas we buy and sell in throughout England, Wales, and Scotland.
Traditional estate agencies operate in practically every part of the UK. Although different companies work in different areas, traditional estate agents are very common, so you shouldn’t struggle to find someone to sell your house in any given location.
How quickly do I receive the funds?
When you sell directly to Sold.co.uk, you can receive your funds within days of completing the sale.
Using a traditional estate agency can take 7 to 28 days for the funds to arrive in your account. However, some companies have been known to be faster.
Am I obligated to proceed with the sale?
When you sell to Sold.co.uk, you are not obligated to proceed with the sale and can drop out at any point before the exchange of contracts. There is no fee involved for dropping out of the sale, either.
With a traditional estate agency, you are not obligated to proceed with the sale until a contract exchange occurs. However, depending on your estate agency’s policy, you may face costs for dropping out. You should check this with the company you use beforehand.
Are there any hidden costs?
When you sell using Sold.co.uk, there are absolutely no hidden costs. We are transparent at every step, so you will not be blindsided.
While some of the most reputable traditional estate agencies do not have hidden costs, this cannot be said for everyone. Before starting, you should read the small print and raise any concerns to the estate agents themselves.
Are you trustworthy?
Yes, Sold.co.uk is a completely reliable and trustworthy company. We have many positive reviews from satisfied customers – and we can give you references or answer any of your questions if you are unsure.
Most traditional estate agencies are reliable, too. You can usually trust them if they have positive reviews and many happy customers.