You can find them easily enough; just look for titles like “Sell Property Privately In Ireland: Gain the Insider Knowledge of a Real Estate Professional and Save Thousands by Selling Your Home on Your Own. For those who would rather go it alone, there is also a product called The Complete Idiot’s Guide to Success as an Estate Agent: The Sell Your Own Home Kit.
DIY home sales are commonplace in some regions, and so is the practice of publishing the views of so-called “property gurus” on the subject.
There are now Irish online services available to homeowners who would prefer to sell their homes without paying the typical 2% commission plus VAT to an estate agent. These percentage-based commissions have skyrocketed after years of exponential growth in house prices, to the point where homeowners with a “who needs them” attitude toward estate agents can pocket thousands for very little work on their part.
In contrast to traditional real estate agencies, start-ups like Daft.ie, Myhome.ie, Mysale.ie advice, website advertising, and general support to sellers for flat fees ranging from €120 to €399. Esales International also markets to Irish Expats living all over the world looking to relocate back home.
The sites aim to “deconstruct and hopefully demystify the process of selling” and reduce the expense of relocating. If a home sells for €300,000 and the commission is 1.5% plus VAT at the standard rate of 21.0%, the estate agent will collect €5,445. The homeowner could save €5,325 by going with one of these sites basic package, which includes a For Sale sign and online advertising until the home is sold for €120.
Some of these sites will send a photographer to the seller’s house for €350 to take photos for the website and offer the seller tips on how to make the house more appealing to potential buyers. Some are a free platform for private sellers to advertise their wares and obtain a sellers’ guide. Prices start at €149 to get a For Sale sign and upload photos to the website. For the low, low price of €399, homeowners can hire a professional photographer, get some assistance writing up a detailed description of their home, and upload additional photos.
The do-it-yourselfers claim that selling a house requires little expertise because the legal matters are handled by the sellers’ and buyers’ attorneys.
One of the sites owners has told us 4-5% of all property transactions currently occur privately “without any real help,” which he finds “quite exciting.” He doesn’t want to “attack” real estate agents because they “do a job.” “But often times they are functioning as a keyholder, allowing people in and out, and homeowners are starting to realise it.”
There has been a rise in the number of people looking for homes online, which is great news for private sellers who can attract more buyers at a lower price point thanks to the proliferation of online real estate listings. In addition to posting photos of their homes on niche sites private sellers can also promote their properties on well-known, highly-visited property portals. While private sellers are restricted from using the popular real estate listing website http://www.myhome.ie, they can use daft.ie.
You may promote your home for a flat one off fee on daft.ie and your ad will be up until the property is sold.
Many sellers believe that auctioneers may coerce purchasers into bidding above and above what the property is actually worth by utilising different pressure methods on the naïve and the desperate.
Bolger argues that with just two interested parties, the same bidding process as with an estate agent may be initiated. The caveat, he says, is that you need to be a self-assured individual with the patience to put in the effort. Hold open houses and private showings on Saturdays and weeknights when buyers are most likely to be available.
While others conduct their own searches, some sellers use the help of a real estate professional. They can avoid the commission by going with a customer who discovers them through their own advertising efforts, albeit this strategy might cause some uncertainty. Bolger suggests not being sneaky and informing your real estate agent of your plans.
However, agents are increasingly include provisions for exclusive sales territory in their agreements. They are aware of the ease with which real estate may be advertised online and the widespread exposure it will receive, he adds.
In many regions throughout the nation all that is necessary to sell one’s property is a For Sale board linking to your property ID on a website.
There is still a lot of interest in desirable houses, making this a seller’s market. Could going it alone without the marketing muscle of a large auctioneering business be as tempting if the sluggish market suddenly had a scarcity of buyers?
Bolger is of the opinion that it would. To paraphrase, “If the economy is in the doldrums, that gives individuals even more motivation to rescue the commission.” Only a small percentage of buyers and sellers handle the conveyancing themselves, he explains.
“You probably need some sort of training in that field. It is always in your best interest to consult a lawyer. It’s one thing if you work in the industry, but it’s not for the average Joe.”
Anyhow, conveyancing fees have decreased over the past few years, with a shift away from the costly commission-based charges in favour of lower flat fees of €999 plus VAT or less. In light of this, consumer activists have been calling for auctioneers’ fees to be lowered.
It’s not always about the cash, though. The tone is warmer and more intimate.
Spiddal, Co. Galway resident Patricia Tully sold her property privately through one of these sites.
ie “It seemed to me that I would be in charge of the sale of my home. Simply put, I found the concept to be extremely interesting and thought-provoking. Since the bids would be directed toward me, I would always be aware of their status “What she says, she says.
“I don’t want to sell the property but owing to employment I need to shift to the other side of Galway,” she says. Because of her emotional investment in the home, she prefers to handle the sale herself.
“I believe I will be able to assess better whether or not I have obtained the proper bid with more face-to-face contact.” Before, Tully used the services of an auctioneer to sell a home. Those nine months were a nightmare, and I have no desire to repeat that experience.
Someone from the site called to have a look at her home and gave her advice on how to stage it and where the paint was needed.
“People were more likely to stop by and inquire about the home after the boards were up, indicating that it was being sold privately. I’m encouraged by the prompt reply because I wasn’t anticipating one “As she puts it.
However, it’s still early, and there aren’t any formal bids just yet. As of right now, Tully is finishing up some final touches on her home. She has been gauging her asking price by observing recent sales in the area, but she is now planning to have a professional appraise the property.
I’m hoping that by placing ads in the Galway Independent and the Galway Advertiser, two neighborhood newspapers that are distributed door-to-door, I might drum up some interest.
Tully defends auctioneers, saying she’s using one herself to locate a new home.
“Even after answering the auctioneer’s broad questions about location, budget, and preferred kind of home, I was presented with a mountain of listings. So many of the pictures I’ve seen are of houses that are either out of my price range or not in the neighborhood I’m interested in. They offer you a tonne of data, and you have to sift through it all because you can’t afford to miss anything.”
She comes to this conclusion because she observes a lack of effective matching of buyers and suppliers. Given the sum they pocket for evacuating your home, “a lot of it is left to chance and pot luck,” you say. Contact is Today to buy or sell property in Ireland fast online
