David has inherited a house in the country. He wants to sell it because he already has a flat in the city. He is considering whether he should arrange the sale with the bank. That way he could pay off the housing loan. In addition, friends have told him that because of the bank's large customer base, interested parties come forward quickly. Is that true?
A brief interjection: "Selling with the bank" is not quite right, because basically the bank also sells the house through a group-owned broker. These belong to the so-called brokerage companies of the banks - for example Raiffeisen Immobilien, sREAL Immobilien or Volksbank Immobilien.
What are the advantages of selling through a bank broker? And what is the difference to selling with a bank-independent real estate agent?
Pro bank sales: Large customer base quickly brings serious offers
The number of offers is certainly one of the advantages that a bank broker can offer you. Prospective buyers usually come from the bank's customer base. This means that many potential buyers are quickly approached. In addition, your offer will also be posted in the bank branches and advertised on the bank's website.
In addition to the quantity, the quality of the offers also counts, of course. Through the colleagues of the bank employees, the bank agent gets to know serious customers who are currently looking for real estate. Accordingly, he can suggest your house to the relevant interested parties. Thus, you receive serious offers from potential buyers who can actually afford your house.
Selling through a bank broker is worthwhile if you want a lot of offers for your house quickly and are already financially secure. One disadvantage of selling through a bank: the financing.
Con: Bank-linked financing offers scare off interested parties
If the bank broker sells a property, the financing usually runs through the bank group, thus also with its credit conditions. This financing offer can deter prospective buyers, as it is often the first offer they receive.
Of course, potential buyers are free to look around for other financing options as well. However, this is often the first hurdle that prospective buyers face and may prevent them from buying.
Pro bank-independent brokers: Independence has a less restrictive effect on financing
A bank-independent real estate agent has no preferences in terms of financing. This means that you can, for example, arrange for a loan to be advertised through a credit broker or financial advisor. This person contacts various lenders to find the best financing option for the prospective buyer.
In doing so, the credit broker or financial advisor turns to offices throughout the EU. In Germany, for example, there is currently a high demand for generation loans, some of which are already offered by German banks to Austrian customers.
Normally, an estate agent already has contacts with credit and finance brokers who can recommend them to you if necessary. Of course, you can also look for a suitable advisor yourself or obtain offers via internet platforms.
The independent real estate agent does not have a bank slope, however, he also does not force rigidly prescribed marketing channels for your house, but selects the most profitable and effective ones for your house sale. He can clearly analyse your property and market it in a way that best suits your property.
Pro bank-independent broker II: Support also outside business hours
A viewing appointment after work or at the weekend? A bank agent has fixed working hours to which he usually adheres. An independent real estate agent is more flexible. Nevertheless, the rumour persists: the estate agent doesn't care about the seller, and neither does the house sale.
Not true. If your house has been on the market for a long time, real estate professionals will push the price down. And neither you nor your estate agent want to sell below value. A bank-independent real estate agent makes sure that the house is sold quickly and, above all, in line with its market value. After all, he depends on the commission.
In addition, a bank-independent broker attaches great importance to customer satisfaction. This is the only way he can prevail against the competition. There are no regular customers in an estate agency, which is why the employees benefit from customer recommendations. And only if you are satisfied with the broker's work will you recommend him to others.
Contra bank-independent broker: No bank client base
Real estate agents who are independent of banks do not have the bank's brand behind them. Therefore, they have to generate prospective buyers via their own website. Placing advertisements on large real estate platforms also brings potential buyers.
The implementation and effect of these measures take a certain amount of time and cost money. But don't worry: a reputable broker covers the costs for the various advertising media himself. There are no expenses for you.
If you are wondering why I do not list the broker's commission as a disadvantage of the non-bank broker: A bank broker also charges commission of 3 per cent of the sale amount. You can find out more about the broker's commission in our blog post "Broker's commission when selling a house: Money well invested or a rip-off?".
As a home seller you are spoilt for choice
I don't want to lie to you: You have a good chance of selling your house in Tyrol at a good price with estate agents from the banking companies. However, you also have this chance with a non-bank broker.
The difference is perhaps less in the agent's company background than in his experience in the Tyrolean market. As the owner of Arealita and a Tyrolean real estate agent, I know the market situation in Tyrol very well and will be happy to assist you in selling your house. Perhaps you would like to get an idea of what we are like during a free initial consultation and obtain a non-binding offer?
We take a close look at your case and help you find the best sales opportunity for your home. Just click on the purple button for more information.
With kind regards
Yours, Bernhard Großruck
Would you like to know more about selling a house?
- Topic #1: "House sale" checklist: How to proceed ideally step by step
- Topic #2: Advertise your house correctly: How to get good offers quickly
- Topic #3: House sale and taxes (Part1/2): How much do you have to pay to the state?
- Topic #4: House sale and taxes (Part2/2): How to keep your house sale tax-free!
- Topic #5: These 5 mistakes cost too much money when selling a house
- Topic #6: Estate agent commission when selling a house: Money well invested or a rip-off?
- Topic #7: With and without an estate agent: How not to give away money when selling a house
- Topic #8: Renting out or selling a house: Expert explains the pros and cons
- Topic #9: Selling a house with an estate agent: What you need to know about the process
- Topic #10: Bank vs. estate agent: Who do I turn to when selling a house?
- Topic #11: Selling a house: How to shorten the selling time!
- Topic #12: At the notary/lawyer: Without these documents the house sale falls through
- Topic #13: Selling a house: What are the advantages and disadvantages of mediation orders?
- Topic #14: House sale - How much is your house worth?
- Topic #15: Recognising the perfect time to sell: 3 insider tips from the estate agent
- Topic #16: Sell your house discreetly - so no one notices!
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