Susan Jacobs is from Liverpool. Last year, after her father passed away, she and her sister (who now lives in Canada) inherited his property in Sussex but discovered that selling a probate property is not straightforward. “To be honest, we were totally lost. It was bad enough that our father died, but then we found ourselves suddenly overwhelmed by complex legal processes that were horribly stressful and put a real strain on my relationship with my sister” Susan told us.
Aside from the probate process being complex and time-consuming, Susan discovered how many expenses and fees are required to sell a probate property, ranging from payment to estate agents or auction houses, to lawyers and valuers, as well as taxes and maintenance fees. Although executors or administrators of the estate are usually in charge of paying these costs from the assets of the estate, if the estate’s funds are inadequate, it may be necessary to sell other assets or borrow money to cover these expenses adding to the emotional stress of losing a loved one, making the probate process even more difficult to navigate.
Susan reached out to Oratto for help and, after appraising her case, we connected her to Manchester-based Smart Property Sales, who, within just four weeks, helped sell her father’s property and charged no sales commission at all. “They were brilliant at simplifying the whole process for us and the fact that they didn’t charge us commission helped on so many levels, not least in avoiding the arguments I would have had with my sister about which agent to choose and how much we should have negotiated with them.”
Smart Property Sales is an online platform that simplifies the process of selling property by creating a competitive bidding atmosphere to attract multiple buyers, giving the seller the best chance of achieving a quick, successful sale at full market value. Mark Julien, Managing Director at Oratto, said “their competitive bidding environment means that they are able to attract as many potential buyers as possible to the property, encouraging bid submission, which ultimately drives up the final sale price. For our customers, being able to sell their properties with no commission provides a significant contribution to their estate fees. Three percent (3%) is a typical sales commission in the UK which is a meaningful £9,000 on a £300,000 property, for example.”
They use a unique "committed offer" model to sell properties, setting a reserve price at a specific market value. The seller is in charge of the whole process and the final sale price, and no fees need to be paid. Instead, the buyer pays the fee. And if the property does not sell, the seller can simply walk away without incurring any cost. Bids are submitted online, giving sellers complete transparency and the ability to retain total control over the final price.
The service also includes professional marketing, such as high quality design work, 360o virtual tours, videos, professional descriptions, and open days to give potential buyers the opportunity to see the property in person. According to Susan Jacobs, “the whole process was very smooth and professional. The open day they ran was a really important part of the marketing process, as it generated a lot of additional interest in the property, providing full legal packs to potential buyers with the key information they needed to make suitable offers. In the end, we had five different bids for the property and we felt comfortable that we had achieved the full market value. We were really happy with the process and the experience.”
Zero Commission vs. Traditional Methods: Which is the Better Option for Selling Your Property?
Whatever your reason for wanting to optimise the selling price of your property, perhaps to maximise the value of an estate after the passing of a loved one or to minimise the pain of an already difficult divorce, there are a number of options available:
- Traditional estate agent: this could be a good option if you want to expose your property to a wide variety of buyers and you have time to wait for the ideal offer. On the down side, the process may take longer and you will likely have to pay a commission to the estate agent.
- Specialised property auction: this could be a fast and efficient option, but it may result in a lower sale price than the open market. Additionally, you may need to pay a fee to the auction house and the process can be complicated to understand if you are not familiar with how auctions work.
- Zero Commission Property Sales: this eliminates the need for a traditional real estate agent and allows you to avoid the complications of an auction, steering clear of any commission fees or other costs. This may be a good option for those looking to sell their property in a stress-free and low cost way.
Oratto / Smart Property Sales free no obligation property valuation is available for Oratto customers looking for a zero commission sale. Please visit http://oratto.smartproperty.sale/ for more details.
For legal advice related to wills, estate planning, probate or divorce, please email contact@oratto.co.uk or Whatsapp us at +44 7311 378709.
