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Selling apartment - do we need an estate agent?

  • 26-07-2012 8:30am
    #1
    kdowling
    Registered Users, Registered Users 2 Posts: 375 ✭✭


    We are thinking about selling our apartment and wondering if it is possible or advisable to do it privately?
    How much does it cost to go through an estate agent?


Comments

  • #2
    kdowling
    Registered Users, Registered Users 2 Posts: 375 ✭✭kdowling


    From doing a bit of research i see the cost is about 1% of sell price ex vat and ex advertising.
    Anyone know how much advertising is?
    Also if you don't get a seller or if you pulled out of a sale would you be just liable for the advertising cost?


  • #3
    NIMAN
    Registered Users, Registered Users 2 Posts: 34,681 ✭✭✭✭NIMAN


    Probably depends on agent and location.

    All the agents up here seem to be 1% plus VAT.

    You could sell it privately but will still need to pay a solicitor to do their bits and pieces. They will charge something similar, maybe slightly more.


  • #4
    riclad
    Registered Users, Registered Users 2 Posts: 8,184 ✭✭✭riclad


    Advertising might be 100 or 200 euro.
    say house is priced at 150k, legal fees might be 1200 to 1400 ,
    every solicitor is supposed to set his own price.
    a agent deals with bids , shows potential buyers round,
    you can get an agent to view the apartment ,a valuation is free.
    it depends on the area ,is there loads of apartments for sale ,is it in a good location ,near luas, shopping centre etc
    do you have a large mortgage on it, if so you,ll #
    need the sale price to cover the loan,or you,ll
    have to have money to make up the difference.


  • #5
    RATM
    Closed Accounts Posts: 3,591 ✭✭✭RATM


    Some buyers would be dodgy about dealing with a seller direct, especially when it comes to haggling on price. But that's not to say it can't be done and there are websites out there specialising in it.

    But one thing I'd advise is to make sure you set the price right. An apartment owner upstairs from myself is selling it himself and got a sign made up for the balcony and put an ad up on Daft. That was 18 months ago and it still hasn't sold, this is despite the average time to sell at the moment being somewhere in the 8-12 month range.

    The only reason it hasn't sold is because he's being unrealistic about the price. It started at €150k when similar properties were to be had for €135k, then the market shifted and he had to drop to €130k but other apartments had dropped further to €120k. Right now he has it on for €110k but I don't think he'll get never that either as others are available for €105k. In other words he is chasing a falling market and never catching up. If he had of just bitten the bullet at the beginning and priced it at €125k, i.e. 10k less than others, then it would have sold sharpish. But now he'll be lucky to get 99k for it when it does sell.

    If he had of employed a good estate agent he would have talked him out of his price delusion but he didn't so it's looking like costing him €25k or more.


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