Press release – 15th June 2017
What, no commission?
Difference between traditional and online estate agents
the Experts in Property, the network of nearly 80 independent estate agency offices across the South West, has launched a hard-hitting campaign illustrating why sellers should use traditional estate agencies rather than internet-based listing agencies to sell their home.
As part of the campaign, a video commissioned by the network titled ‘What, no commission? Listing call centres v full service estate agents’, is expected to go viral on social media. The straight-talking cartoon-style video features a discussion between a seller and an online-only listing agency representative, about the service she will receive and the fee she will be charged to sell her home.
The conversation highlights the fact that fees are charged up front and are payable whether the property sells or not; that the seller must do her own viewings unless she pays more; and that there would be no, or very little support after a sale on her home is agreed.
Needless to say, the seller comes to the conclusion that the listing agency has absolutely no incentive to get the best price for her property, or even get a buyer at all. She also hopes that, should she agree a sale, no problems arise during the conveyancing process as the representative has given her absolutely no assurance that they will step in if needed to assist moving the transaction forward to completion. But, the representative does point out that the service is cheap, which seemingly, in his opinion, is the deal-cruncher.
the Experts in Property network has created the campaign to raise awareness of the difference in levels of service provided by traditional high street ‘full service’ estate agencies and the cheaper online-only alternatives.
Steve Moir, chairman of the network, said: “Our homes are our biggest, most crucial, and highly valued assets so it makes absolute and non-disputable sense to take the path of greatest care when selling them.
“Granted, listing agencies are cheap but is that really the case when all the basic extras are added on and they have no incentive to get the best price? There is a whole lot more to selling a home than simply advertising it on the internet, and finding a buyer is only the start of what a good agent does for his/her clients.
“Like full service estate agencies, some listing agencies are of course better than others and you only have to look at a trusted reviews sites such as AllAgents, which sorts the best from the worst. In terms of service, some vendors are obviously happy to take their own photographs, manage and conduct their own viewings, negotiate their own offers and liaise with solicitors and estate agents up and down the chain to sort any issues before they become problems. But surely that doesn’t suit the majority, including those who work, those with small children and the older generation, all of whom may not have the time, the confidence, or the inclination to handle all that themselves.
“Our network is made up of full service estate agencies, all of which have high street offices with highly experienced, local agents who know their patch, and a local reputation to uphold. We take professional quality photographs, we prepare property brochures and we provide a For Sale board, if required. Properties for sale with us aren’t just listed on major portals, they are advertised in the local press, in office and they feature on our own web sites and via all 80 offices in the Westcountry as well as our affiliate office in London. We are in regular contact with prospective purchasers, we accompany viewings and report feedback, and we are trained negotiators with the objective of achieving a sale at the best price. Once a sale is agreed, we keep in touch with solicitors and estate agents up and down the chain to ensure the transaction progresses as smoothly as possibly to completion, ironing out any issues before they become problems.
“We are real people proactively trying to sell property. We do all of this on a no sale-no fee basis, for an agreed percentage of the sale price on completion, giving us even more incentive to sell homes for the best price. There really is no reason to choose a listing agent – let’s take an example: A property sells with a listing agent at £200,000 and the fee is £1,000, so the net gain (irrespective of VAT or any other costs for these purposes) is £199,000. But, with a full-service estate agency, a sale is negotiated at £210,000 on the property at a commission rate of 1% – the fee is £2,100, over £1,000 more than the cheap onliner, but the net gain for the sale at the negotiated higher price is £207,900. So, despite the higher estate agency fee, the seller is quid’s in to the tune of £8,900. The seller has more money in their pocket and has had very little stress because they sold through an agent who took care of everything for them. It’s a no-brainer!
“We are on a mission to demonstrate that traditional full service estate agents are better and at the end of the day, more cost effective than online listing agents, with very little stress and disappointment, all the way to a move.”
the Experts in Property campaign also includes brochures explaining the difference between full service estate agencies and online listing agencies, which will be made available in member offices from St Ives to Weymouth and Bristol.
Watch and share the video on the Experts in Property’s YouTube channel at https://youtu.be/ROVhM_4_1Os, or find the network on Twitter or Facebook (@expertsinprop).
For further information about the Experts in Property and its campaign, visit www.theexpertsinproperty.co.uk.
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For further information: Samantha Bosher, PR, the Experts in Property, 07957 364179, firstname.lastname@example.org