Norwegian man sells apartment above asking price without a real estate agent, sparking debate on self-sale risks and rewards

Thorstein Wang (30) recently sold his apartment for 225,000 Norwegian Kroner above the asking price, saving between 50,000 and 60,000 Norwegian Kroner by not using a real estate agent. Most property sales in Norway involve an agent, but Wang believes more people should consider selling their property themselves.

Wang sold his apartment in April, with the new owner due to take over in September. He handled most aspects of the sale himself, despite the considerable work involved. Although he had to familiarise himself with the necessary rules and documentation required for a property sale, he found the process not overly demanding.

Typically, a real estate agent would arrange documentation, engage a home stylist and photographer, and create a sales ad. Wang, however, did most of these tasks himself, including conducting house viewings. For the bidding round and finalising the sale, he used the online service Propr.

Despite the work involved, Wang believes the money saved made the process worthwhile. While he acknowledges that self-selling isn’t for everyone, he believes there is room for more people to handle the sale themselves and save money.

However, Carl O. Greving, the managing director of the Norwegian real estate agent association, warns of the risks involved in selling property without an agent. This includes the risk of not getting payment after the sale or potential legal disputes later. If something goes wrong with the sale, it could be costly for the seller.

Consumer lawyer Nora Wennberg Gløersen agrees there are potential savings, but stresses that people need to understand the risks involved. She advises that anyone considering selling a property without an agent should thoroughly consider if they are comfortable with the work and responsibility involved.