Private Sale or Purplebricks - what do people think?

[WoolyMammoth55]

So we have a lovely, spacious, garden flat in Stroud Green near Finsbury Park. It's got high ceilings and original features and chandeliers (!) and we've been renting it out to lovely tenants who are on a rolling-monthly contract and have a great relationship with us and are happy to facilitate viewings. One of the reasons we get on so well is that we maintain it really well for them - new boiler and radiators last year, new (madly expensive) timber-framed double glazing to match the original windows, new consumer unit 3 years ago, etc. Because it's currently rented we have elec and gas safety certificates up to date (as per the landlord regulations). Also it's chain-free at our end as not our main home.

We are selling due to impending separation/divorce so really need to maximise the sale price - if I can't buy DH out after the (hefty) mortgage is paid off then I have to sell the family home and kids will have even more upheaval to deal with! The local EA who we bought from 14 years ago has valued it and complimented it, and then said their fee is 1.25% plus VAT - which is a hefty chunk when the sums are as tight as ours.

We have great photos and a floorplan from using OpenRent to find the tenants, and (obviously) we know it well enough to write a compelling listing blurb. Even if we went with the local EA we would likely do "open house" style viewings where the tenants vacate for 2 hours and lots of people view at once - one on a Saturday and one on a weekday evening - this would be so that the tenants are disturbed as little as possible. Given this, it would be quite easy for us to conduct the viewings ourselves.

I am sorely tempted to either use Purplebricks or just whack it on Rightmove myself and sell privately. What do people think about this? Would it put you off as a buyer? I believe (but might be massively naive) that as long as we have decent solicitors then there's not loads of value the EA can offer in these circumstances? But am pretty stressed ATM and would be grateful for any advice!

Have you considered offering it to the tenants to buy? Remember to factor in that they might not leave at the end of the s21 - you could be waiting months for them to leave, nice as they are.

Thanks @TallulahBetty - luckily one is a solicitor so they always do everything by the book! They were very interested in buying but it's out of their price range unfortunately.

I was about to say 'neither' but actually it does sound like you could do a good job.

Having said that... Google says that you can't sell privately via Rightmove. And if you're selling at this price, the issue for me would be the financial checks on potential buyers. This is a LOT of money to be responsible for understanding the source of. Purplebricks will take their fee whether you sell or not, and in this market 'not' is highly likely.

I would negotiate the fee.

You could look into selling to another LL - although it reduces your pool of potential buyers, you wouldn't have to worry about the paperwork etc of serving notice to the tenants.

Sorry, I know that doesn't answer your Q about which agent to use out of your choices mentioned, however I believe there are agencies that specialising in selling LL to LL.

100% purple bricks if you know it will sell definitely. I’d only not use PB for more unique properties eg equestrian or doer uppers. Depends on the market, but if you know it will definitely sell, go for it !!! As they are not no sale no fee unlike other agents but yours sounds perfect for PB.

Purplebricks has a bad reputation with some solicitors. I sold a previous property through a cheap online EA and it was easy but they went out of business later. I agree that it's annoying to pay an EA a percentage of the value of your property. I didn't know that you could put it on Rightmove yourself. Do you have to pay for that? It sounds like a good idea to me as you could save a lot and control the process. Good luck!

I've bought a house from a person who used Purple Bricks and it all went very smoothly. I was the first person to view. I offered full asking price on condition she removed advert and no more viewings. Seller accepted. Then we both instructed solicitors. I think Purple Bricks price realistically so people tend to go with full asking price.

I'm always a bit put off when I see properties listed with PB as I have found in the past it can be difficult to arrange viewings etc. If your property was 100% what I was looking for I would definitely contact you even if it was listed with PB but if I was a bit more on the fence I might not bother TBH. 1.25%+vat is steep - I would also shop around if you decide to go for an EA.

I sold my London flat last year on Strike (who I believe are now owned by Purplebricks?) thinking it was a very easy sale... it was, but the buyers we got were an absolute nightmare and at the stages where an agent would have normally intervened to smooth things over we had to do it ourselves and it made everything much more difficult.

I'd sort of forgotten that the agent isn't just for the purposes of getting the sale. If you had a very smooth sale with no bumps then it can work, but if things go wrong a good agent is worth their weight in gold.

You can’t ‘just whack it on Rightmove’. Only
estate events can list on there.

However you could try quicklister.co.uk. I think that’s the cheapest way of getting on Rightmove.

Haggle and compare selling rates, just sold a house for .5%....

Agree you can reduce the estate agent rate. We got ours down to 0.85%

Thanks all! Appreciate all the advice.

Wow @bumblebee1000 .5% (was it plus VAT?) is awesome! I tried haggling and was told that they only go down to 1% on properties over £1.5 millon (which ours is no where near!) But yes I could definitely ask other EAs to give me lower fees before going Purplebricks nuclear...

@sweetpickle2 sorry to hear that. Thing is I'm not sure that I've ever had a good EA really help when chains got sticky - it was always me hassling and cajoling the solicitors etc. AND then paying the whacking fee!

@PermanentTemporary with the financial checks - can I ask the solicitors to do that for us?

Again, thanks all, it's great to hear people's thoughts and advice.

Yes plus the VAT, sold late aunts house last year, only on market for 3 days, got 70k over asking as went to bids, houses rarely come up for sale in that area and its got catchment for excellent schools so families tend to stay a lifetime. good luck.

I'm sorry I've no idea! I've only ever used an estate agent myself. It sounds quite feasible though.

It was less hassling and cajoling the solicitors (which I still had to do and was expecting) but it was a leasehold property and there was no end of hassle from the management agency who made things very tricky, the buyers got spooked and wanted loads of money off, and I had to have those discussions with them directly as it’s not something a solicitor would typically involve themselves in. Would have much preferred for an agent to handle those conversations and not us directly.

Selling your biggest asset is not the time to cut corners.

A good EA can help a lot with the negotiations and with the stressful things that can happen even after a price is agreed. Remember that they don't get paid until and unless the sale reaches completion unlike PB so they are motivated to get to the finishing line not just start the race.

You can’t just list on Rightmove, the fact you even seem to think that you can tells me that you probably need a lot of help to navigate this process. I would get a proper estate agent if I were you. I wouldn’t cut corners with PB.

Your inexperience is also why the estate agent isn’t coming down on fees, they know you have no frame of reference so are “negotiating” because that’s what you’ve been told to do- not because you know what to ask for.

I also wouldn’t deal with estate agents who have the bulk of their properties at a different value to yours. They won’t have the potential buyers on their books.

We sold with Purple Bricks and the individual we dealt with was excellent, unlike previous encounters with estate agents!! Try it and see how the rep is, as that makes the difference. As for solicitors, seems that's pot luck too.

Thanks all for the thoughts! We have decided to use QuickLister.co.uk as @Doris86 suggested - they have a money-laundering checks package which makes me feel calmer about @PermanentTemporary 's point. It looks like it's going to cost £275 all in!

DH will host the viewings. We've made a gmail address for the sale, and I'll answer the emails (and phone once we get to the point of sharing my number...)

Listing is ready to go and I'm really hopeful that we've saved ourselves £9000! Will update here when there's any news to report... Wish us luck!

I think that’s a mistake. However it could work out ok as long as the sale goes smoothly on the whole journey to completion.

I wouldn’t want to take that risk personally - especially in a difficult market- but Good Luck.

Thanks @Twiglets1 for the advice - I guess let's see? We will engage good solicitors and hope that they can undertake the "smoothing things over" stuff for us pretty well. The other point is that because we are selling a rental property we won't be incurring fees on a purchase like survey or searches - so in a way, should the wheels fall off part-way through and we have to cut our losses, we can walk away relatively unscathed? But let's see. Fingers crossed for a buyer to fall in love with it (like we did 14 years ago!)

@WoolyMammoth55 solicitors don’t get involved in smoothing things over. Tbh they are more likely to be creating issues than trying to solve them!

It’s true though that if you don’t have an onward purchase you have less to lose if the sale does break down (hopefully it will all be smooth sailing though).

Don’t use purple bricks without reading the multitude of dreadful reviews first. A private sale could work well. I did it successfully in London and had no more problems than I’ve had with an estate agent.

Suggest you talk to Kate The Agent (find her in instagram). She markets many garden flats in nth London.

PB are so often used by crap or dodgy vendors. They are a sure sign of a penny pinching suss vendor. I would actively avoid them if I was buying.

A highly motivated, self employed personal agent who can do a beautiful video is far more likely to get a higher price for you.

good luck!