Nows the time for a PROPERTY business?

[Hortz]

Hi there,

I'm curious about the timing for a new (residential) estate agent - ideally a cross-breed of a traditional high street agent and an online offering. My thoughts are that high st agents are too expensive but online agents are to faceless and have no presence... Therefore, so I can try to get a snapshot of (a) the idea (b) the timing - I would be very very grateful if you could give me your views on the following:

1. What do you think of the fees most agents charge? (In my area it tends to be 1.5% of the amount achieved)

2. Would you use an online agent?

3. Would you use a "local" online agent - with a local presence?

4. In my opinion, communication is key, but it is something that a lot of agens are bad at - what are your thoughts - or do you have a different bug-bear?

5. Anything else of relevance or any advice your can give!

Thanks in advance!
H

[Global Assistant]

Having just sold our house (yes it has now sold - yeah!) I am in a good position to give you my opinions.

Fees ranged from 2% for a "national chain" but most came in at 1%, this was a special they were offering to boost the number of houses going on the market. One local company went as low as 0.5% but they massively undervalued the house (and I can say massively as ours sold for £15000 more than she wanted to put it on for).

This is the first house we ever sold, so we were a bit green, thinking that a bigger company would be better than a more local one. I have changed my mind now because I think the biggest factor is that your house MUST also be listed on Right Move, as everyone uses this. So as long as your company also advertised properties on Rightmove you would be OK.

The worst thing we found with the agents was the lack of communication. So if you can master that, whether you have a shop or not does not matter.

We found that most people had seen our house on the internet, phoned for an appointment and then phoned with the feed back, they never went anywhere near the shop.

Most shops are not open on a Sunday anyway, which to my mind is one of the prime days for someone to look for a house. So I suggest you be on the end of the phone to answer questions on a Sunday.

Hope this helps
Katherine

[Hortz]

Thanks Katherine - appreciate your time and your thoughts!

H

[creeriver]

When we bought our house last year ( timing was poo ) we looked online first in order to get an idea of what was available in our price range. Once we'd narrowed it down to a couple of properties we then got in touch with the agent.

1. What do you think of the fees most agents charge? (In my area it tends to be 1.5% of the amount achieved).... about average?

2. Would you use an online agent? Only to narrow down my search.

3. Would you use a "local" online agent - with a local presence? Definately as local knowledg can be a big help.

4. In my opinion, communication is key, but it is something that a lot of agens are bad at - what are your thoughts - or do you have a different bug-bear? I agree,communication should be both prompt and relevant

5. Anything else of relevance or any advice your can give! Be available and above all...honest!

[self-sale]

Good luck with you venture. Online is the future. Take a look at our site- we've been going since may 08. In answer to your questions:

1. 1.5% - 2.0 %
2.Yes
3.Yes
4.Customer service is everything.

Hi there,

I'm curious about the timing for a new (residential) estate agent - ideally a cross-breed of a traditional high street agent and an online offering. My thoughts are that high st agents are too expensive but online agents are to faceless and have no presence... Therefore, so I can try to get a snapshot of (a) the idea (b) the timing - I would be very very grateful if you could give me your views on the following:

1. What do you think of the fees most agents charge? (In my area it tends to be 1.5% of the amount achieved)

2. Would you use an online agent?

3. Would you use a "local" online agent - with a local presence?

4. In my opinion, communication is key, but it is something that a lot of agens are bad at - what are your thoughts - or do you have a different bug-bear?

5. Anything else of relevance or any advice your can give!

Thanks in advance!
H

[Hortz]

Thank you both for your comments - much appreciated!

Self-Sale - can I ask - what promted you to ask for a small amount upfront? Maybe cashflow? Do you feel you lose custom as traditional agents don't usually ask for part payment? And finally (for now!!!) who designed your website, or what software do you run?
Hope I'm not being too cheeky!!
Thanks
Hortz!