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Home Sellers Now Have More Choices to Their Advantage



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By : Brazg Gavin    99 or more times read
We all know that these days, there are a lot of properties for sale being heavily marketed online. Some of them are being advertised by estate agents on property portals, but there are a growing number of websites out there allowing people to cut out the middle-man and market their own property for sale. Moreover, you can find these days a new kind of estate agents- the online agents who charge a one-off fee to sellers to advertise their property plus giving them additional service such as negotiations and viewings.

This will tremendously benefit sellers since they now have different options and good value for money as well as increasing the odds for them to get an excellent price for their property.

A recent study conducted about property-selling in the UK by the Office for Fair Trading found out that 32% of the respondents found it slightly poor if not very poor value they are getting from the fees that real estate agents receive from them as commissions. OFT, due to the result of the study, advised sellers to search for lower fees for real estate agents and look for better prices.

The conclusion of the OFT research was to open up the market so that new business models will fit in easily. A suggestion that was outlined was that those websites who simply introduce the potential buyers to private sellers must not be burdened with unnecessary rules.

OFT Chief Executive John Fingleton said:

'In the present economic climate it is more important than ever that people get a good deal when buying or selling a home.'

Encouraging new business models, online estate agents and private seller platforms could put useful competitive pressure on traditional models and lead to better value for buyers and sellers. The Government can help this process by updating legislation and making sure regulation only applies where it is essential to protect consumers.

'We also encourage home sellers to negotiate hard on commission fees and consider using alternatives to traditional estate agents.'

The OFT study figured out that private sales portals like The Little House Company were not able to advertise on the UK's largest portal Rightmove, and many other portals which banned private sales websites out of loyalty to estate agents, which made up their core market.

A very good idea for the future of private sales but the OFT did not suggest forming UK organizations for the industry. Estate agents unite with the National Association of Estate Agents and bodies like this can be used to apply pressure to sites like Rightmove.

The best thing is that there are now options. Home-sellers can now promote in their local market and have a good price for their properties without needing real estate agents if they would like to. Buyers will have the ability to directly negotiate with the sellers for a fair price without any motive plus they can instantly view the property online. Consumers should always have choices which make any industry work, including home-selling.

Let's hope the OFT ensures its findings are acted upon, and that selling UK property has even more choices, and is therefore even more different in another five years.
Gavin Brazg is editor of TheAdvisory - UK's largest free resource of free expert advice for UK House sellers.

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