Get SoldUK - I don't understand how it could work?

mi-key

Sarah1Mitty2 said:

propertyrental said:

You won't get full market value.

These companies prey on people who don`t understand what "market value" is, you cut them out of the equation by reducing your asking price.

Completely irrelevant to the conversation. This isn't a 'we buy your home' company, they are an estate agent selling it for you

Sarah1Mitty2

mi-key said:

Sarah1Mitty2 said:

propertyrental said:

You won't get full market value.

These companies prey on people who don`t understand what "market value" is, you cut them out of the equation by reducing your asking price.

Completely irrelevant to the conversation. This isn't a 'we buy your home' company, they are an estate agent selling it for you

What ability do they have to sell it that cutting the price wouldn`t have?

Sarah1Mitty2

Actually the first lot of reviews I found for this company are total red flags, naming sales staff by first names in multiple reviews, all positive of course, and the page is tagged as having fake reviews. Avoid IMO, go to a well known local agent and price sensibly. 

mi-key

Sarah1Mitty2 said:

mi-key said:

Sarah1Mitty2 said:

propertyrental said:

You won't get full market value.

These companies prey on people who don`t understand what "market value" is, you cut them out of the equation by reducing your asking price.

Completely irrelevant to the conversation. This isn't a 'we buy your home' company, they are an estate agent selling it for you

What ability do they have to sell it that cutting the price wouldn`t have?

The same as any other estate agent...  Nobody has mentioned cutting prices apart from you? 

_Penny_Dreadful

Getting the buyer to pay the fee will put a lot of buyers off, myself included. 

pinkteapot

Would not touch them with someone else's barge pole. 

First, looked at their page of properties and found some of the 'Sold STC' ones on Rightmove. Yes, they're real properties but mostly well out of date - sold (completed) over a year ago. They're clearly not selling many houses.

Second, they previously traded as Easy Moove or Moove Easy (several pics still have that watermark). GetSold was only registered with Companies house in August 2022, so is a new company, and some of the sold houses above sold by Easy Moove were before that date. So, this isn't just a rebrand - they were Easy Moove who have shut down, and they've started back up (legally) under a new name. 

Third, their claim that the buyer pays is a bit of a stretch (quotes from the T&Cs): 

"Get Sold UK will advertise your property at the agreed offers over price (marketing price). Anything over this amount will be kept by Get Sold UK. Payment for this is requested via an invoice and sent to your conveyancer prior to exchange of contracts and payment will need to be issues within 7 days of completion.

[...]

If Get Sold UK provides you with an offer greater than the offer over price (marketing price) and you decide to remove your property from the market, then you will only have to pay us £449 as we have completed the service that you instructed us to carry out. If, however you decide to put the property back on the market with a different agent within 4 months (from the date that you removed the property) then you will have to pay our fee in total. (The fee that you would have paid from the offer that we provided you in writing by letter or email)

[...]

Get Sold UK will also pay for your legal fee for the sale only if we achieve a minimum of £5000 over the marketing price."

https://getsold.uk/terms/

I don't see how they're not mis-selling their service. They say 'sell your house for free', but they take a portion of the sale price (the amount above the 'offers over'). 

They say: "When we sell your property we only make money by selling it for more than you price you agreed to sell it for. In other words, you get the money you wanted for the sale, and we take our fee from the buyer."

What their way of working means is their sales staff are highly incentivised to use every dirty trick going to get the maximum offer out of buyers, as every penny over the 'offers over' goes in their pocket. 

user1977

pinkteapot said:

What their way of working means is their sales staff are highly incentivised to use every dirty trick going to get the maximum offer out of buyers, as every penny over the 'offers over' goes in their pocket. 

And/or to persuade their clients to agree to market at the lowest possible asking price.

"We're free because your solicitor pays us out of the purchase price" is obviously a load of ballcocks (and no different from how paying the EA's fee normally works).

Sarah1Mitty2

user1977 said:

pinkteapot said:

What their way of working means is their sales staff are highly incentivised to use every dirty trick going to get the maximum offer out of buyers, as every penny over the 'offers over' goes in their pocket. 

And/or to persuade their clients to agree to market at the lowest possible asking price.

"We're free because your solicitor pays us out of the purchase price" is obviously a load of ballcocks (and no different from how paying the EA's fee normally works).

Exactly, it won`t work otherwise, very telling that their sales have dropped off over the last year or so.

JuzaMum

I was property hunting a couple of years ago. One property I was interested in was marketed with an agent with a similar method. In the end I decided not to view mainly due to this. I didn't want a new clever better way of buying. The property stayed on the market a while, I don't know how long as I stopped looking once I found something suitable. 

Sarah1Mitty2

pinkteapot said:

Would not touch them with someone else's barge pole. 

First, looked at their page of properties and found some of the 'Sold STC' ones on Rightmove. Yes, they're real properties but mostly well out of date - sold (completed) over a year ago. They're clearly not selling many houses.

Second, they previously traded as Easy Moove or Moove Easy (several pics still have that watermark). GetSold was only registered with Companies house in August 2022, so is a new company, and some of the sold houses above sold by Easy Moove were before that date. So, this isn't just a rebrand - they were Easy Moove who have shut down, and they've started back up (legally) under a new name. 

Third, their claim that the buyer pays is a bit of a stretch (quotes from the T&Cs): 

"Get Sold UK will advertise your property at the agreed offers over price (marketing price). Anything over this amount will be kept by Get Sold UK. Payment for this is requested via an invoice and sent to your conveyancer prior to exchange of contracts and payment will need to be issues within 7 days of completion.

[...]

If Get Sold UK provides you with an offer greater than the offer over price (marketing price) and you decide to remove your property from the market, then you will only have to pay us £449 as we have completed the service that you instructed us to carry out. If, however you decide to put the property back on the market with a different agent within 4 months (from the date that you removed the property) then you will have to pay our fee in total. (The fee that you would have paid from the offer that we provided you in writing by letter or email)

[...]

Get Sold UK will also pay for your legal fee for the sale only if we achieve a minimum of £5000 over the marketing price."

https://getsold.uk/terms/

I don't see how they're not mis-selling their service. They say 'sell your house for free', but they take a portion of the sale price (the amount above the 'offers over'). 

They say: "When we sell your property we only make money by selling it for more than you price you agreed to sell it for. In other words, you get the money you wanted for the sale, and we take our fee from the buyer."

What their way of working means is their sales staff are highly incentivised to use every dirty trick going to get the maximum offer out of buyers, as every penny over the 'offers over' goes in their pocket. 

I would think they are making very little at this stage with that business plan?