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The difference between Open Property Group, an Estate Agent and an Auction

 26th January 2017

When it comes to selling a property, there are different avenues available that all lead to your house being sold. Ultimately, the best method for you will depend on your current circumstances and your future priorities, although some may be more beneficial in the long run. With that in mind this post looks at the three most common ways to sell your house; through a cash buyer such as Open Property Group, an Estate agent, or through an auction. All three can result in different sale prices, levels of time required and the effort required from you. So whether your questions is how to sell a house quickly or how to get the most money there is an option available.

piggy bank pounds

Cash Buyers – Open Property Group

Pros:

Open Property Group is a property investment company that has large cash reserves and has a more long-term view when buying property. This means that as a cash buyer they are not influenced by other factors in the housing market and so will offer you a fair price for your house as they can afford to wait for it to gain value. If you are wondering how to sell a house quickly then cash purchasers are the quick house buyers you need. Other pros of selling your house to a cash buyer include the following:

  • Open Property Group Buy for Cash: Open Property Group purchase private and commercial buildings for cash at a price agreed with the seller.
  • Fast Sale Process: A cash buyer lets you sell your house quickly; often in as little as three days!
  • Guaranteed Offer and a Fixed Price: With a cash buyer, property owners will receive a guaranteed cash offer therefore the price you sell your home at is fixed throughout.
  • No Fees: Selling house, ground rent or commercial property to Open Property Group also saves you thousands in fees and commissions that would have otherwise been paid to an Estate Agent or Auctioneer. Legal fees are covered with no additional costs incurred.
  • No inspections: Open Property Group will buy houses in any state, making it a good way to offload problem properties.
  • No Chains: Other methods of selling a house take longer than opting for a cash buyer as they also involve inspections and more significantly, chains. How it works with cash buyers is that once the sale is confirmed, the purchase amount will be immediately transferred to you. No third parties influence the deal. For those wondering how to sell your house fast, then choosing the cash buyer route may be the best option as it eliminates the delays caused by chains breaking down or taking too long.

Cons:

While there are many pros to selling your house quickly through a cash buyer, there are of course cons:

  • Lower price: The offer received may be slightly less than the market price for the property. Although this may be the case, a fast house sell does also mean lower bills to pay during the transaction, and less stress.

estate agents

Estate Agents

Estate Agents have long been the most commonly used in property transactions. The profession acts as a mediator between house sellers and buyers. This method will suit those with more time on their hands and are willing to wait for the market to determine the final sale price or meet their valuation. To find out whether an estate Agent is right for you here are their pros and cons:

Pros:

  • A Higher Selling Price: Estate Agents may be an ideal way to sell your home if you are willing to wait and happy to deal with the issues that come with it. Ultimately an estate agent may be able to achieve a higher selling price as a result.
  • The Potential for Multiple Offers / a Bidding War: Estate Agents will also give your property exposure to a larger number of buyers and so there is the potential to receive multiple competing offers if a bidding war develops and therefore push the price higher.
  • Peace of Mind. Estate agents are the traditional, tried and tested method of selling property and therefore offer peace of mind during the process that you’re following the route your family and friends have used.

Cons:

  • Chains: Most property sales undertaken through estate agents will likely involve a chain. This raises the possibility of delays and transactions breaking down. In fact 1 in 3 sales fall through.
  • Viewings and Inspections: Property sales through estate agents also require viewings by potential buyers, which means regular arrangements need to be made while you are still living in the house or have tenants. Prices can also change after Inspections. On average a seller will need to take 7 days of annual leave to sell a house.
  • Estate Agent and Legal Fees: Another disadvantage of selling your house this way is the commissions, estate agent fees and legal bills you will have to pay.

Auctions

Lastly, we look at the pros and cons of selling your house at auction; the Auction House is also a mediator between the buyer and seller whose advantages include the following:

house auction

Pros:

  • No fixed Price: Selling your house with no fixed price at auction means you could end up getting more.
  • Legally Binding Sales: The auction winner is legally bound to purchase the house at the final bid price which means sellers are unlikely to be gazumped.
  • More Reach: Auctioning your property can also expose it to a wider group of buyers in comparison to your local estate agent as well as be completed fairly quickly in just under a month.

Cons:

  • Price Uncertainty: Although sellers can set a reserve for the lowest amount they are willing to sell their house for, there is still a lot of uncertainty as to the final selling price.
  • Viewings: As with estate agents above, selling your house at auction means you have to open it up to potential buyers for viewings prior to the bidding.
  • Auction and Legal Fees: A mediator in a property transaction, Auctioneers will receive a commission from the final sale price while legal fees are also applicable.

In conclusion, it is clear that selling at auction is right for some people and not for others, just as estate agents and Open Property Group are for property owners in particular circumstances. As mentioned above, the choice may be influenced by a variety of factors; your plans, and the condition of the building. Problem properties may be more suited to cash buyers and auctions for instance, while those with the time to wait can opt for an estate agent. In addition, those willing to take a chance on the price can also choose to go through an auction, while a fast house sale can be achieved through a cash buyer such as Open Property Group.

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