There are several ways to sell a flat quickly for the best price.
Using a high street estate agent remains the most popular method. But this isn’t the only route available.
Selling a flat online is an increasingly popular option.
But how do you do it? And is it a good way to sell your flat?
Selling property online: An overview
Selling property online means relying mainly on websites or social media to sell your home.
It’s increasingly popular for selling all types of property.
Online estate agencies specialise in this area. You will sometimes meet them in-person.
Instead, you’ll primarily work together over the phone – or via virtual meetings – to arrange listings and viewings of your property.
Online property-selling channels
Some of the methods you can use to generate interest in your house online include:
- Rightmove
- Zoopla
- Social media
- Your estate agent’s website
- Paid advertising in local magazines and publications.
Online estate agencies are often flexible with their pricing. Many don’t have in-person offices, so their overheads – and therefore your fees – are lower.
They will ideally have a list of pre-qualified buyers they can contact immediately. Many online estate agencies have a cash-buying facility you can utilise, too.
You can also take on aspects of the selling process yourself. This might include hosting viewings, taking all photos, or creating a floor plan.
How common is selling a property online?
The market share is roughly 7% for online and hybrid estate agencies.
In other words, approximately 7 out of every 100 people sells their house online.
Selling flats (in general)
There are several different types of flats in the UK. They are the second most common type of property in the UK.
So, whilst there is a large market for flats, there is also a lot of competition.
Furthermore, making flats stand out is challenging because of their nature (and size).
So, flats take longer to sell in the UK on average.
How to sell flat online
1. Decide on a method
You can sell your flat online in one of two ways:
An online estate agency
An online estate agency does this by gathering all important info about your flat. This includes:
- Square footage
- Unique features
- Number of bedrooms
- Location
- Selling history
- Garden area – if applicable
- Buyers will want to know about any ongoing neighbour disputes, easements, planning permission restrictions, or other details.
Check the online reviews of any online estate agency you choose. And ask the company for proof of flats they’ve recently sold, at what price, and in which location.
This demonstrates whether they have the experience and expertise to pull your sale off.
Do it yourself
This is less expensive but far more time-consuming and difficult than using an online estate agent. You’re also more prone to errors.
2. Set your flat’s price
Your price is arguably the most important detail when you sell your flat online.
After all, online listings are easier for potential buyers to browse. So its easier for potential buyers to detect if your price is out of sync with equivalent properties.
You’ll need to get a valuation at the beginning of your journey.
You should research the price of similar properties in your area, to act as a benchmark.
This can help you to decide whether the listing price your online estate agency suggests is fair.
Marketing your flat
Once you’ve settled on the listing price, it’s time to raise awareness. Your online estate agency can take over from here, they should have a database of pre-qualified buyers to contact.
Your property should be listed on Rightmove and Zoopla with all key details included. And you can advertise your flat in local magazines.
A ‘For Sale’ sign can be put outside your flat building. Clear photos should be taken, and an accurate floor plan should be arranged.
(You can’t misrepresent the flat in any way, as a potential buyer could take action against you further down the line.)
Host viewings
It’s time to host viewings and receive your offers from here. Discuss what’s going wrong with your estate agent if enquiries are slow.
Once you receive a bid that you’re comfortable with, you’re ready to say goodbye to your flat.
How much does it cost to sell a flat online?
Most online estate agencies charge a flat rate. This means that the entire sale price goes to you – there isn’t a commission.
Each company has a different rate. Some organisations ask for as little as £999, which comes with a significantly reduced service. Others charge £2,000 for a more complete package.
The price set by most online estate agencies is immune to circumstance.
This means that it doesn’t matter if you’re selling a one-bedroom flat, or a five-bedroom detached house. Either way, your cost will often be the same.
Advantages to selling a flat online
Lower costs
When you’re selling a flat, your margins are tighter on the sale. So, if you can save several thousand by avoiding commission, it will make a big difference to your finances.
Many online estate agents also don’t charge up-front. You’ll only pay once the sale completes.
Flexibility
Selling online often gives you more flexibility. You can choose a package based on how involved you want to be.
And your estate agents will sometimes have a representative available 24/7.
Cash-buying option
Some of these organisations also have a cash buying facility – so you’re guaranteed a sale, even if you can’t find a buyer on the open market. (See below, ‘When to consider a cash buyer for your flat’.)
Experience and audience
Your online estate agent should have lots of experience at creating outstanding listings on Rightmove and Zoopla.
They could have a large database of pre-qualified buyers and investors to contact.
The best online estate agents have a sales success rate as high as a ‘regular’ estate agent.
Disadvantages to selling a flat online
Lack of local knowledge
Your estate agent will likely have experience selling a flat in your location if you live in a major city or town.
This is especially challenging, because flats are more difficult to sell than other types of property in the UK.
Your estate agent could misjudge the local market concerning advertising and price range.
Lack of in-person interactions
You may also never meet your estate agent in-person throughout the selling process.
This takes away a ‘personal touch’ many crave when selling such a valuable asset.
Time-consuming
You must carve the time into your schedule to handle aspects of selling yourself.
Online estate agencies tend to leave several parts to you, depending on your package, as this translates into the lower cost.
Be prepared to take on tasks such as hosting viewings, negotiating with buyers on price, and taking photos of your flat.
When to consider a cash buyer for your flat
If you cannot sell your flat via traditional methods or online or if you need to sell it urgently, you can consider using a cash buyer.
There are dedicated cash-buying companies (such as We Buy Any Home) and some online estate agents also have a cash-buying facility.
This method can guarantee a quick sale (in as little as seven days).
