Cost price selling a property
How many hours does it take selling a property and some of the costs.
- Preparation before the market appraisal/valuation – researching the market and values – 1/2 hour
- Our meeting and property inspection exploring the best marketing plan and looking at the future move and purchase 1/2 hour to 2 hours, say on average an hour.
- Compiling a full report with marketing prices and reasons why = 1 hour.
- Preparing the property for marketing including or in house photography, floorplans and brochure write up at the property. One and a half hours.
- Compiling the brochure, editing the photographs, plans, text preparing newspaper advertising, internet, window cards and social media. Two hours.
- Contacting all our database and arranging viewings two hours.
- Conducting viewings and follow ups, some properties this could be ten hours, some more some less.
- Checking offers and chains and agreeing a sale at least another hour.
- Weekly sales progressions checking solicitors, buyers, sellers, agents up and down the chain and updating clients 1/2 hour x 12 weeks = at least 6 hours.
So the total could be 25 hours for some shorter and other much more.
On top of this time is our costs –
- We pay office rent, rates etc to display your property in our window and be a local hub for all house buyers to come to.
- We pay marketing costs to advertise your property.
- We pay property portals over a thousand pound per month plus our own web developers to advertise your property.
- We pay staff wages to do all of the marketing of your property.
- We pay for local advertisings and marketing to drive buyers to our website and office to see your property to buy it.
All of the above sometimes we do not earn a penny if a seller decides to stay put at the eleventh hour. This means the sales that go through do pay a higher amount to have the privilege of paying after completion. If for instance everyone paid whether it completed or not the fee could be reduced by a lot. [If we acted like the Online call centre agents a very basic service from a centralised office in the middle of no where and you pay whether you move or not we could match their rates] but if we did sellers would suffer – poor service – less local marketing – in the end a much lower selling price. It would be a false economy the call centre agent would not be incentivised to get the sale through and many we see get much lower offers some between £5,000 and £35,000 lower than we get.
If you divide our basic running costs by the amount of properties we sell this could be £2,000 – £3,000 per property.
Solicitors charge £200 plus VAT per hour so this would be even if we charged half that per hour it would be another £3000 on top.
Some people think we do nothing for our money!