Cutting out the estate agent could save homeowners over £7,400

New survey shows over half do not believe that estate agents have their best interests at heart

Homeowners could save themselves over £7,400 in estate agent fees by selling their properties directly to buyers, according to new research by the iProperty Company.

Over four out of ten homeowners believes they would do a better job of selling their own home than an estate agent and more than half do not believe that estate agents have their best interests at heart during the buying and selling process.

iProperty, which is launched today at www.theipropertycompany.com, is the only free-to-use website and app in the UK which cuts estate agents completely out of the buying and selling process. Furthermore it allows buyers and sellers to meet without the need for an estate agent, encouraging a new online community in property transactions.

With estate agents charging an average of 1.5% for selling a home in today’s booming housing market, increasing numbers of homeowners are looking to save a huge chunk of their equity by bypassing agents.

Research by iProperty has broken down the levels of savings that homeowners could enjoy by selling their homes themselves in different parts of the country.  In prime areas such as London, they could save over £7,400 plus VAT. But with some agents charging as much as 3%, these savings could be even higher.

As well as being completely free to use, iProperty allows owners to manage the entire house selling process themselves – from taking pictures to uploading details and meeting potential buyers.

iProperty carried out a survey of over 1,200 people by Opinion Matters. The main findings were:

  • 41% of homeowners think they could do a better job of selling their house than estate agents
  • 50% of homeowners believe estate agents do not always put the buyers/sellers interest first
  • 53% of homeowners say estate agents should charge a set fee for selling a house, rather than a percentage of the sale price
  • 37% of homeowners say that a lack of knowledge on the legal issues around selling a property is the biggest hurdle to preventing them from selling their own home
  • 22% of homeowners say that not knowing what price to sell their house at, would prevent them from selling their own home

Other findings from this survey are that the Welsh are the most confident in their ability to sell their home without an estate agent (51%), while the Scottish are the least confident (34%). People living in Northern Ireland are most likely to believe that estate agents will not put their best interests at heart (73%), while those living in the South West think they could make more money selling their house than homeowners in other regions (32%).

To combat any concerns sellers have, iProperty helps them through the process with its range of ‘how to’ guides to help users sell their homes successfully.

Launching the new website and app, former property developer and iProperty co-founder John Candia said:  “Most people do not realise that estate agents do not need qualifications, so no-one is more qualified to sell your home than yourself. Our research has found as well as doing a better job than an estate agent, homeowners will also save thousands of pounds by selling their homes directly to buyers.

“Homeowners are sick to death of the extortionate fees charged by estate agents – particularly in a booming housing market – and increasing numbers are now looking to cut them out of the process. This is an exciting shift in the market and we are delighted to be at the forefront of this change”.

ENDS

Notes to editors

 

Region

Average saving on agency fees £ based on average house prices  including VAT

London

7460

South East

3982

East

3329

South West

3222

West Midlands

2402

East Midlands

2292

Yorkshire & the Humber

2106

North West

1962

North East

1787

Wales

2029

Scotland

2760

The iProperty Company is co-founded by John Candida and Brian Blake. Brian has an exceptional business history and was the man behind Swinton Insurance, the first insurance company ever to sell on the high street.

Unlike other online sites, the iProperty Company website and app is a completely free to use service. Furthermore, home owners can place their homes with an estate agent as well as iProperty if they wish. There is nothing preventing them from doing so.

 

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2 Comments

  1. 26/07/2014 at 12:40 pm — Reply

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