A new ‘for sale by owner’ property portal is offering agents free listings.
BuyMyHome has been set up by Chris Hall, a graphic designer, who was selling his own home through a local agent and stumbled across a ‘for sale by owner’ website.
He said he was so appalled by how it looked and worked, that he thought he could do better.
He had also not appreciated until then that it was possible, and legal, for people to sell their own homes.
Hall is planning to grow the site to 15,000 private listings over the next five years, and attract financial investment from a backer.
However, he said he feels it is important to work with estate agents as well, and offers them free listings through a Partner Plus scheme.
The site is here and it would be interesting to know what you make of it:
https://www.buymyhome.co.uk/partners
Comments
I think that for sale by owner sites are signs of the times and probably where the whole industry is heading in the future unless agents change how they work and move with the times. I came across another similar site called Nesthunter recently.
Scott (and Chris...):
" So there you go Chris, this is the sort of comment you need to get used to if you follow your current path."
I don't really think that is fair to say here.
"I am afraid if you intend to offer FSBO on the same site as estate agents listings you will come up a against a brick wall.
IF a site that offers a service it claims to be dedicated to AGENTS, then does a 180 and offers the same service to private owners, then those Agents are perfectly entitled to spit their dummies out. Rightmove is of course the prime example of where a phenomenal amount of brown and sticky would collide with the electrically powered ventilation device were they to go down that path - but they never will as they know that to be the case.
But Chris ISN'T doing this - quite the reverse. Therefore if he offers the service to Agents, it is the PRIVATE SELLERS he has aimed his marketing at who should feel justified to spit their dummies out.
Chris - in fairness to you the site LOOKS way better than most in my opinion. Whether it WORKS better - or gets you the 2% market share/million-pound revenue you have been published elsewhere as anticipating is another matter entirely, Sir.
I, for one, will watch with interest.
So there you go Chris, this is the sort of comment you need to get used to if you follow your current path.
But here's a bit of constructive criticism, from experience.
I am afraid if you intend to offer FSBO on the same site as estate agents listings you will come up a against a brick wall.
In the beginning we offered free advertising to private sellers and estate agents but it didn't take long to realise it is the wrong thing to do if you want agents on your side.
Even with a guarantee that the site will always remain free to advertise, we realised it would be an uphill struggle.
You need to understand that agents only advertise on portals in order to reach a wider market (even if only locally), with the aim of obtaining qualified leads that they can follow up and convert in to sales, that's their job that's what they are good at.
When we had FSBO listings on our site we couldn't get agents in the UK to list with us.
However within weeks of removing the FSBO feature and adding the bulk upload data feed facility, we were signing up an average of 6 independent agencies a day and now have over 300,000 listings in the UK alone.
Our site is still free for agents will remain free for agents and is growing day by day, but it has taken 2 years of hard slog to get here.
I do have two final pieces of advice for you.
Do one or the other, FSBO or Agents but don't do both.
Get the financial backing from an investor before you start, or make sure you have very deep pockets. This business isn't cheap.
Cheers
Oh okay let me give you all my stock so you can grow your site and then when my vendors you are a really big site and market leader instead of paying me 5k they can sell direct with you for £199 or what ever you charge, where do i sign!?
from the website:
''How do I value my home?''
''Ask an estate agent'' !
Thanks but no thanks Chris
I am impressed. A company run by a man who didn't know you can sell your own home ! I didn't know you could design things yourself I thought we had to use a graphic designer to design all our adverts etc.