How to go about selling an empty property

Auction:

Selling property at auction remains a popular way to sell and, with the changes in the financial climate over recent years, makes the auction option even more attractive for both sellers and buyers alike. Over 25,000 properties are sold at auctions every year and if a property is difficult to sell, they could be a quick and decisive alternative.

There are many advantages of selling at an auction:

• Certainty - properties are not sold `subject to contract' in the same way as occurs via a traditional estate agency sale method. The successful bidder is legally obliged to complete the sale once the gavel falls
• Good marketing exposure - many auctioneers advertise in national, local and trade press and attract an audience of developers, portfolio landlords and property investors
• Good sale price - with a set guide price, your property should be able to achieve the best possible market price
• Speed - sale is relatively quick and completion usually takes place 20 - 30 days after the auction. The contract is legally binding when the gavel (auctioneer's hammer) falls.

Selling privately:

Selling a property without using an estate agent will be a cheaper option, although it will require more effort on the part of the seller. Although money will be saved on estate agency fees, a legal professional will still be required to carry out the legal process of the sale of the property.

The property will need to be valued; there are a number of ways a property can be valued:

• By a professional surveyor
• By an estate agent - estate agents value a property based on the price that similar properties of a similar size and type are selling for in the same area. Estate agents will monitor any changes in the property market and advise a suitable asking price in order for your property to sell
• By estimating a value - by conducting research and finding out the prices similar properties have sold for in the same area. This may give an idea of the value of your property. It is particularly difficult to do this where there is a downturn in the market as there will be fewer comparable properties. There is a danger in this approach that, if the value is wrong, it will affect the sale of the property.

Traditionally, newspaper adverts, for sale signboards and word of mouth were, and remain, useful means to marketing a property. However, the internet is now a popular way of selling a property. There are a number of property websites that will charge to market the property on your behalf. Private sellers who want a quick and hassle-free sale at or above the asking price should promote their property for sale as widely as possible. To increase the chances of selling the property, it is advisable to market the property with an estate agent(s).

Estate agent:

Using an estate agent to sell the property will make the process easier as they will be responsible for:

• Valuing the property and advertising it in the best way in order to target suitable buyers
• Arrange viewings of the property and to show potential buyers around
• Receive offers from potential buyers and help negotiate offers
• An estate agent may be able to advise you on any improvements that could be made to the property to help achieve a sale
• Likely to have good knowledge of the local market