Having been involved in property sales in both England and Scotland I have mixed the two processes together to actually create a very efficient way of being able to sell without estate agents.
Typically, in the UK an estate agent will value a house at a high (often unachievable) figure, only because this massages the sellers ego and gets the listing for the agent of selling. Now obviously this overvalues, and then after little interest, the agent suggests the price be reduced (to a realistic amount that other agents suggested in the first instance).
A recent house for sale that was with an estate agent was valued at £215,000 and it went on the market at that price. I understand from the sellers it had plenty of viewers in the first week or so but no ‘sensible’ offers. After a couple of months had passed they, guess what? Where advised to reduce it by the estate agent. So, reduced it was to £205,000 but still nothing.
After another couple of months, the sellers took it off the market under my direction (In doing so, without any penalties from the estate agent). I had them clean the carpets, new bedding in all the bedrooms, new bathroom vinyl, pastel towels throughout, spring cleaned and de-cluttered, nothing extensive, spending less than £500 hundred all in.
We then put it back on the market, and independently advertised on the biggest property sales portal of them all at a figure of £195,000. The first week we had many enquiries and booked in viewers for an open house viewing for the following weekend. The buzz of many viewings all at once created 8 interested parties. I then invited offers from these 8 and suggested the 3 highest offers would have the final opportunity to buy, subject to proof of finance viability and being in a position to proceed in a timely manner.
The sellers accepted an offer which was over £200,000. All in the space of less than three weeks of our re-advertising.
It had been on the market with the estate agent for nearly 5 months in total!!!
So, it just goes to show, you really can Sell without an Estate Agent