Selling a property without using an estate agent will be a cheaper option, although it will require more effort on the part of the seller. Although money will be saved on estate agency fees, a legal professional will still be required to carry out the legal process of the sale of the property.
The property will need to be valued; there are a number of ways a property can be valued:
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By a professional surveyor
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By an estate agent - estate agents value a property based on the price that similar properties of a similar size and type are selling for in the same area. Estate agents will monitor any changes in the property market and advise a suitable asking price in order for your property to sell
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By estimating a value - by conducting research and finding out the prices similar properties have sold for in the same area. This may give an idea of the value of your property. It is particularly difficult to do this where there is a downturn in the market as there will be fewer comparable properties. There is a danger in this approach that, if the value is wrong, it will affect the sale of the property.
Traditionally, newspaper adverts, for-sale signboards and word-of-mouth were, and remain, useful means to marketing a property. However, the internet is now a popular way of selling a property. There are a number of property websites that will charge to market the property on your behalf. Private sellers who want a quick and hassle-free sale at or above the asking price should promote their property for sale as widely as possible.
To increase the chances of selling the property, it is advisable to market the property with an estate agent(s).