Sell via online or high street estate agent?

by Readers Question

9:59 AM, 22nd March 2015
About 4 years ago

Sell via online or high street estate agent?

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Sell via online or high street estate agent?

I have been a long time Property118 reader and am always amazed at the amount of advice that readers questions get, so have decided to try it for myself!

I am a small time landlord with 4 properties which I self manage. For work reasons we have been living in rented accommodation, but now wish to buy our own place. Three of our properties have long term tenants in them who are great and give us no trouble at all. The other is a student flat in central Edinburgh. The tenants are no problem, but they change every year and this means that this flat is the most work and that is why we have decided to sell this one.

The flat itself is in a great location, loved by students and rents out almost instantly every year when I put it on Gumtree. It is ex-local authority, in a rather ugly concrete building.

My question is; the most probable buyer will be either another landlord or a student parent, so what is the best time to put it on the market? Term starts at the beginning of September. Is Easter too early? The current students there are both leaving at the end of May, although I can easily rent it out over the summer if I need to. Online or high street estate agent

Also, does anyone have any advice about whether I should use an online or high street agent? I think most buyers now use the Internet, so why pay the much higher prices for a local agent?

I would be grateful for any advice from anyone out there who has knowledge of the Edinburgh market or any good online estate agents that deal with Scotland.

Many thanks

Angela



Comments

Mark Alexander

10:02 AM, 22nd March 2015
About 4 years ago

Hi Angela

For what it costs, I would join the Scottish Association of Landlords if I were you. They are incredibly well placed to advise you because they know the market and they may know other landlords who could be interested in buying your property.

If it was in England I'd definitely say try an online agent but I don't have a good enough understanding of the Scots market to say whether that would apply there.

Please take a look at this >>> http://www.property118.com/scottish-association-of-landlords-membership/
.

Gary Nock

10:56 AM, 22nd March 2015
About 4 years ago

If there's an online letting agent then I would give it a try providing they have all the relevant memberships and Client Money Protection. I know in Scotland that landlords or letting agents can't charge fees so a lot of High St agents have gone under. If you can find a Letting Supermarket (operates in England and Wales very well )type operation in Scotland with the same sort of fee structure (probably a bit more as they can only charge landlords) I would go for that. Alternatively find a local property manager to do it all for you. Again this would be at less money than the High St.

Ian Ringrose

10:46 AM, 23rd March 2015
About 4 years ago

It is a student flat.

Therefore talk to all the student LETTING agents in your area to see if they know of anyone wishing to buy a student flat.

(As student most let for a year, having it empty could reduce it's value.)


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