Looking for opinions?

lizmail1000

I am a dreaded estate agent. However, I'm also, unenamoured by the extortionate fees, inaccurate valuations and lack of service.

I'm in the office each day and know the market isnt looking too good. I'm considering offering a service to people who are both looking for homes and considering selling.

I propose to set up a site offering the service a) to contact potential sellers on behalf of serious potential buyers. i.e if someone approaches me to set a price for their property but are not ready to officially go on the market -I would advertise their property with an invitation for people to tender for their property in a bid system to gauge the level of interest and potentially, if the right offer is made agree a private sale and b) offer the buyers an opportunity to have an intermediary to approach a seller of a certain property or a property on a certain street where the seller can consider a possible offer if they were not originally intending to sell.

This service would be provided for a nominal set fee and would avoid the whole estate agency fee altogether.

Any thoughts?

dolce_vita

There are hundreds, if not thousands of people working as estate agents in offices all around the country thinking the same thing
Many of them have tried or are thinking of trying the same thing.

Don't bother would be my advice.

Doozergirl

I think you'd spend a lot of time approaching people who didn't want to sell their house = wasted time.

If I'm not ready to go officially to market, I'm just not ready, surely?

Sorry, I don't get it

PasturesNew

Yeah, I don't get it either.
If they want to sell, they'll give it a go and see what happens, via a normal estate agent.

What are the real benefits to sellers of listing with you?
How would you reach them?
Have you done a business plan for this?

lizmail1000

Thanks for your thoughts but I'm not sure that you're really missing the point here?

Sellers are not listing their property for sale, as such and will not be incurring high estate agency fees. For example, when a seller registers on the site they would simply be gauging interest and how much someone may be willing to pay for a particular property. A seller who puts their property on the site is not charged for it and fee would only be charged if an introduction to a buyer was made that resulted in a sale agreed and completed. In essence it's just on the site to see if that magical number offered just can't be refused. I would advise serious/those who want a quick sale sellers to advertise elsewhere either under their own steam or with an agent.

With regard to the buyers registering, I think you'd be surprised at how many people are looking for particular properties or properties on particular streets only who would not dream of approaching homeowners direct. You're absolutely right that many people may have no interest in moving and that's fine, however many will, if the right opportunity comes along.

dolce_vita

You could call the site "www.timewasters.com"

Floxxie

I don't get it either. Sellers don't pay their EA fees until they have completed on their sale so can't see how your site would be any different.

And if I am selling a property and want to gauge the interest in it, then I ask my EA. If they advertise on sites such as rightmove, then there are stats which would give me the answer.

Running_Horse

Before going on the market we used to wonder about all those EA leaflets saying they had buyer Miss A with £X to spend in our street. If there were some way of putting Miss A in touch with seller Mr B directly it would cut out the need for an EA, so of course they won't do it, even if Miss A existed.

How would you make your money?

lizmail1000

OK - I'm still working on the sellers 'make me move' price - give me a break its only a seedling of an idea that's why I'm on for opinions. But as regards the buyer introduction - this would work very well, especially now as if the property isnt actually marketed, the seller is just approached by my because a buyer has registered an interest in that property, it avoids the need for a Home Information Pack saving them £300 and the need for an estate agent saving them thousands. If a sale is agreed due to my introduction I would charge a fee.

lizmail1000

That's really helpful

pinkshoes

I think the idea has potential, as I know quite a few people contemplating selling their house, but are in no hurry to sell or move.

Obviously it would also depend on the fees, as they would need to be significantly less than the 1% that can normally be negotiated with the EA... How would the web page be advertised? How would it gain enough publicity and branding so that people knew where to look? (everyone knows rightmove!).

Any EA that would treat you like a human being rather than walking commission would be a good start!! Geez, some of them aren't even that great at hiding it! I detested being treated like I was stupid!