Are you facing the decision of selling your property and wondering: agent or private sale? This question is central to your selling success. Learn here how to optimize costs, time, and selling price.
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The topic briefly and concisely
The decision 'broker or private' largely depends on your personal resources, your market knowledge, and your risk tolerance; careful consideration is crucial for successful sales.
While a private sale saves estate agent fees of approximately 3-7% of the sale price, there are costs for marketing and potentially for errors; an agent can often achieve a higher price and quicker sale.
Regardless of the sales method, a realistic, data-driven property valuation is fundamental; Auctoa offers AI-based solutions and consultancy for this purpose.
Selling a property is a significant decision. Many owners wonder whether they should handle the sale themselves or hire an estate agent. Both approaches, agent or private, have their specific advantages and disadvantages.
This article highlights the crucial factors such as costs, time commitment, necessary market knowledge, and legal aspects. The aim is to provide you with a data-driven basis so that you can choose the best strategy for your situation and achieve the maximum return. Careful consideration can save you thousands of euros and valuable time.
The cost issue: Broker commission versus hidden expenses in private sales
A main argument for selling real estate privately is the saving on the estate agent's commission. This can range from 5.95% to 7.14% of the sale price, depending on the federal state and agreement. For a sale price of 300,000 euros, this equates to a sum of up to 21,420 euros. Since the end of 2020, these costs are generally split equally between the seller and buyer if the buyer is a private individual and it concerns a single-family house or apartment. In a private sale, this item is eliminated for you as the seller.
However, the costs for self-marketing should not be underestimated. These include expenses for professional photos, the creation of a high-quality exposé, ads on property portals (often several hundred euros), obtaining necessary documents such as the energy performance certificate (costs between 50 and 500 euros depending on type), and possible legal advice. Errors in price setting or in the sales process can also lead to financial losses that quickly exceed the saved commission. A detailed cost breakdown for house sales helps with the calculation. The decision whether to sell your property privately or hire an agent should not be based solely on the commission rate. A precise analysis of all potential costs is essential.
Realistically assess the time commitment: The effort involved in selling private real estate
Selling a property privately requires a significant amount of time, which is often underestimated. From the initial market analysis to the handing over of keys, it can typically take five to twelve months. In urban areas, selling a detached house can take on average 4.8 months, whereas in rural areas it may be 5.5 months. The following tasks typically occur and demand your time:
Preparation: Gathering and preparing all documents (land registry extract, energy certificate, building plans, etc.), which can take several weeks.
Valuation: Market research and determining the price, which must be well-founded to avoid losses.
Marketing: Creating professional photos and an appealing brochure, placing advertisements on various platforms, which requires ongoing maintenance.
Prospective Buyer Management: Responding to inquiries, pre-selecting prospective buyers, coordinating and conducting viewings (often in the evenings or at weekends). This can extend over several weeks or months.
Negotiations: Price negotiations and clarification of contract details with potential buyers.
Contract Handling: Engaging a notary, preparing the notary appointment and accompanying it until the final handover.
An estate agent takes on these tasks and can often accelerate the process through their experience and network. Consider how much of your own time you can and want to invest before deciding against professional support. Selling without an agent requires full commitment.
Market knowledge and price determination: Achieving the optimal sale price
Setting the correct asking price is one of the most critical steps in selling a property. A price that is too high can deter potential buyers and unnecessarily prolong the sales process – often requiring a price reduction after several months, which can make potential buyers suspicious. Conversely, a price that is too low represents a direct financial loss for you. Private sellers must acquire the necessary market knowledge themselves. This includes analysing current selling prices of comparable properties in the area, assessing local demand, and considering market trends. Only about 30% of private sellers correctly estimate the value of their property.
An estate agent, on the other hand, has professional valuation tools, access to current market data, and experience from numerous sales. They can objectively assess the value of your property and develop a sales strategy aimed at achieving an optimal price. Often, agents achieve a selling price up to 15% higher than private sellers, even after deducting the commission, thanks to their expertise and negotiation skills. A neutral, data-backed evaluation, such as that offered by Auctoa with AI technology, can provide you with an initial important orientation and is a good starting point for your private valuation strategy.
Marketing: Ensuring Visibility and Professional Presentation
Effective marketing is crucial to reaching as many suitable buyers as possible. Private sellers need to take an active role here. This includes creating high-quality photos – often, professional shots come with costs of 200 to 500 euros – and preparing a compelling brochure. Choosing the right marketing channels is also important; most private sellers use 1-2 online property portals.
An estate agent, on the other hand, has access to a wider range of marketing options. These not only include presence on all relevant portals (often on better terms) but also the use of their own client databases, which often contain several hundred or thousand verified prospective buyers. Additionally, agents employ professional marketing tools such as virtual 360-degree tours, high-quality videos, or home staging to optimally present the property. Professionally presented properties typically sell 30% faster. The entire organisation and conduct of viewings, which for private sellers can often involve 10-20 appointments, is managed by the agent. This not only saves time but also ensures that only credit-checked prospects view your property. Consider whether you have the resources for such comprehensive marketing if you wish to sell your property privately.
Legal certainty in the sales process: Pitfalls and liability risks
The sale of property is a complex legal process. As a private seller, you bear full responsibility for the accuracy of all details and the completeness of all documents. Mistakes can be costly here and may even lead to the reversal of the sale or result in claims for damages. Among the most important documents are a current land register extract, the energy certificate (legally required since 2014), construction documents, and potentially evidence of renovations. A common mistake is the incorrect listing of living space; discrepancies of more than 10% can already lead to claims. Concealing known defects (wilful deception) can also have severe legal consequences.
The purchase agreement must be certified by a notary. The notary acts neutrally and advises both parties but does not represent the seller's interests unilaterally. An estate agent supports you in compiling all documents, checks their completeness, and often works closely with notaries. They ensure legally secure wording in the prospectus and can point out potential pitfalls. This significantly reduces your liability risk. Legal caution is especially necessary in more complex matters such as a land sale without an estate agent.
Negotiation Skills and Distance: Emotional Aspects in Sales
Selling your own property is often laden with emotions. For many sellers, the house or flat is more than just an object – it is a home full of memories. This emotional attachment can make it difficult to remain objective during price negotiations. Private sellers sometimes tend to overestimate their property's value due to personal investments or memories. Criticism from potential buyers regarding the property's condition or price can be taken personally, which may strain the negotiations.
An estate agent acts as a neutral buffer and a professional negotiator. They can objectively handle criticism, professionally address objections, and conduct negotiations in a factual and goal-oriented manner. Experienced agents conduct between 5-10 intensive price negotiations per month, on average. This routine and detachment from the property often enable them to achieve a better price while reducing emotional stress for the seller. In addition, an agent can discreetly handle unwelcome tasks such as checking the buyers' creditworthiness, which is often uncomfortable for private sellers. The advantages and disadvantages of using an estate agent should also take this aspect into account.
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Regardless of whether you choose to sell through an estate agent or privately, the involvement of a notary in Germany is legally mandatory. Without notarisation, the property purchase contract is not legally valid. The notary is tasked with drafting the purchase contract, advising both parties on the legal implications of the agreements, and ensuring the registration of the change of ownership in the land registry. They ensure that the contract meets legal requirements and that the interests of both parties are adequately considered.
Notary fees usually amount to about 1.0% of the purchase price, with an additional approximately 0.5% for land registry fees. These costs are typically borne by the buyer but can be contractually arranged otherwise. It is important to understand that the notary is obligated to impartiality. They do not advise either the seller or the buyer on economic aspects, such as the appropriateness of the price. Their role is to ensure a legally correct process. The preparation of the content for the notary contract, especially the exact description of the property being purchased and any additional agreements, is the responsibility of the contracting parties or the estate agent. The commission on house sales owed to the estate agent is considered separately from this.
Special Case of Property Sale: Are There Any Differences?
Is it cheaper to sell a property privately?
At first glance, yes, because the agent's commission (around 3-7% of the sale price) is not applicable. However, costs for marketing, appraisals, and potential errors in a private sale can reduce or exceed these savings. An agent can often achieve a higher sale price.
What documents do I need to sell a property?
Important documents include a current land register extract, a valid energy performance certificate, floor plans, calculation of living space, the declaration of division and minutes of owners' meetings for condominiums, and possibly building permits and renovation certificates.
How do I determine the right price for my property?
A realistic price determination is based on comparable properties, the current market situation, location, condition, and features of your property. Professional agents use databases and their expertise for this. An AI-driven evaluation by Auctoa can provide an initial objective assessment.
What happens if I conceal defects during a private sale?
Fraudulently concealing known defects can have serious legal consequences, including the reversal of the sales contract and claims for damages. Openness and honesty are therefore essential.
Can I still look for buyers myself despite an agent's contract?
This depends on the type of agent contract. With a simple agency agreement, it’s possible. With an exclusive or a qualified sole agency agreement, self-sale is often excluded or subject to commission. Clarify this before signing the contract.
How can Auctoa assist me in the 'agent or private' decision?
Auctoa offers you a quick, objective, AI-supported property valuation. This neutral assessment of your property's market value provides a solid basis for your sales strategy, whether you choose to sell with an agent or privately. Our ImmoGPT chat is also available for initial questions.
Additional useful links
The Statistische Bundesamt provides comprehensive information on construction price indices and the property price index.
Tables on house prices and building land are also available at the Statistische Bundesamt.
The Deutsche Bundesbank provides an indicator system for the residential property market.
The Hessische Verwaltung für Bodenmanagement und Geoinformation informs about the organisation of expert committees for property valuation.
The Verbraucherzentrale offers helpful advice on selling property.
The Deutsche Institut für Wirtschaftsforschung (DIW) deals with the topic of real estate and housing.
FAQ
Is it cheaper to sell a property privately?
At first glance, yes, as the brokerage commission (around 3-7% of the sale price) is omitted. However, costs for marketing, appraisals, and potential mistakes in a private sale can reduce or exceed these savings. Furthermore, an agent can often achieve a higher sale price.
What documents do I need for selling a property?
Important documents include a current land register extract, a valid energy performance certificate, floor plans, living space calculations, for condominiums the declaration of division and minutes of owners' meetings, as well as any necessary building permits and renovation evidence.
How do I determine the right price for my property?
A realistic price determination is based on comparable properties, the current market situation, location, condition, and features of your property. Professional estate agents use databases and experience for this purpose. An AI-supported valuation from Auctoa can provide an initial objective assessment.
What happens if I conceal defects in a private sale?
Concealing known defects can have serious legal consequences, including the rescission of the purchase contract and claims for damages. Therefore, openness and honesty are essential.
Can I search for buyers myself despite having a contract with an estate agent?
That depends on the type of brokerage contract. With a simple brokerage agreement, this is possible. With an exclusive or qualified exclusive agreement, own sales are often excluded or subject to commission. Clarify this before signing the contract.
How can Auctoa help me decide between an agent or private sale?
Auctoa offers you a fast, objective, and AI-supported real estate valuation. This neutral assessment of your property's market value provides a solid foundation for your sales strategy, whether you choose to sell through an agent or privately. Additionally, our ImmoGPT chat is available for any initial questions you may have.
