A cut-price online letting and sales agent has launched online – and is so cut price that it does not charge sellers any commission.
Instead, Easy4UProperties makes its money by charging buyers a premium, up to £1,000, depending on the size of the property.
The service for vendors includes free floorplans and valuations, home visits, photography and negotiations.
Founded by Anoop Hothi, the business is based in Twickenham, Middlesex. Properties are advertised on Zoopla, Propertyfinder and other sites, but not Rightmove.
The service also handles lettings at a fixed monthly fee of £45 for a tenant-find service, plus £30 for rent collection, with rent guarantee insurance thrown in. Full property management is £95 per month.
There is no VAT to pay on any of the charges.
Online estate agent to charge sellers nothing
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Comments
Why even bother selling homes if you act for buyers.
Just become a buyer/negotiator and charge a fee.
House on market at £250k
Buyer will pay £245k
Buying agent gets house for £244k.
Buying agent keeps 50% of saving = £500.
There is room for a good buying agent.
At a time where theres been reports of gazundering coming back to the market, is it really a good idea to set up a business you ask buyers to pay your fees. As in this market with more and more properties coming to market why would a buyer choose easy4u when they can purchase any of the other properties in the area for nothing!
The model is flawed!
Maybe all the good names have been used up? Certainly seems it...
'Bill' - I Didn't make any "acussations" as you put it - I asked questions. Whether I believe your response or not is another matter. But thank you for clearing up the matter that the company launched a website in haste obviously to try to look good before the press releases were issued. If they'd waited with both, they would have scored more credibility points. Perhaps you may be good enough to pass that advice on to them? After all - your business is their business...
PeeBee, I'm multi-landlord and I'm selling one of the HMOs they are advertising and I've spoken to Easy4U about their website, they just had a new website built and new search function they said is avaialable to use from next week. They advertise on so many property websites that so far seem to bring the right type of persons to me. U shouldn't just make false acussations aginst me without doing a bit of research first.
Oh Dear, how rubbish....No doubt we will be hearing plenty more from Easy4U due to the fact that useless PR stories on estate agent today willbe the only way they can afford to advertise.
This isn’t a bad or indeed new idea and if they can get the revenue in quick enough then it should be a runner although at a grand a pop on completion they are going to have to go some.
Its one thing being able to list them, it another getting the prices right and making sure they are desirable properties that people want to buy.
Im working off the ‘if its that easy everyone would do it’ idea and talking myself out of it now………………..nope, it wont work, ive changed my mind – the name is to horrid to attract the big stuff where it might have a chance – and a grand isn’t enough to make it viable without volumes that would make a Northern City Centre agent wince.
Its easy to pitch against as they aren’t acting for the vendor so a couple / few grand off the fees will be insignificant against a badly negotiated sale…it goes on.
Good luck pal – you will get some happy punters like Bill (below – Hi Bill) but unless you are funding it from another business, which I believe you are I can’t see it making a profit.
Nearly had me on side there
Jonnie
Love the HIP advice on the website, by the way. Very relevant...
Bill: Please tell me - why the Hell are you happy with these people? You cannot even search for a property on the site - it says 'Coming Soon'!
Tell the truth - you're not REALLY called Bill, are you? And you aren't REALLY selling anything through this 'Agent' either, are you?
Diabolically poor effort at justifying the existence of a fatally flawed concept. Congratulations on gaining instant loss of credibility with the industry.
Sellers ain't stoopid, you know...
I sold through Hatched and they advertise on Rightmove (as well as all the other sites). I think I can safely say that they attract the vast majority of buyers this way. And they only charge £500 to sell a house. That's not cheap, it's great value for money...PS I also got the price that it was valued at by a local agent, so I think I did alright!
Remember, good business is not always entering a mass market and grabbing the bull by its horns.
If Easy4u have identified a significant % of the market that is likely to use their service (and they actually do), then this will be a success (in their own right).
Don’t follow the flock – yes, many feel this service is no good (and I’m much of that opinion), however, this will suit others.
This will work for some buyers as well - paying the fee (which will only be £1000 for higher end property) provides access to your own little market. In the grand scheme of things, the fee is nothing, especially if you find the perfect house, with less buying competition.
Of course there are pro’s and (more) con’s of this venture, but he only needs to attract a small slice of the pie for his business model to work.
Possible? Maybe. Don’t knock it just yet…He doesn’t need to make enough money to take over the estate agency market, just enough to exist, then hopefully expand.
I'm trying to sell a property and after reading that article, I'll be calling Easy4U. I'm not paying 2% to my local estate agents anymore when all they do is show my house to people supposedly interested, that do tend to be a waste of my time, having to be at home as they go through all my wardrobes and kitchen cabinets!
I'm currently using 2 agents to sell 2properties, 1of whom is Easy4U Properties. They provide a very honest and hassle free service. Easy4U charge the buyer a fixed fee of upto £1K on completion to avoid timewasters. Believe me, its very frustating when potential buyers pullout at the last minute and leave u stuck in a hole!
So, far I have recieved aformal offer for 1of my properties and its through Easy4U, will let u all know how it goes...
whoever is behind this idea please dont waste anymore time/money on it.
Imagine the scene: two Agents open up next door to each other. Both have big banners stating their opening offers. One says " Buyers - pay nothing to buy from us!" T'other says "Buyers - Pay us a fee to buy a property!"
Where do you think the buyers will register?
I would imagine that the site will be very popular with vendors (those of a certain level of intelligence), mind you... ;0)
"Easy4UProperties" - yeah, that doesn't sound at all crap does it??! Ha Ha
It is a pleasure to get one of the sensible members of the selling/buying public on this site. I echo wardy! ;0)
Tim: the same will happen that happens with Stamp Duty etc. The buyer will simply factor the cost into their offer - thus the vendor will still pay for the service! There is an Agent in my patch offering No Selling Fees - and charging the BUYER 5% (or five grand minimum...). Like that's going to get the seller best value... ;0) Funniest thing is, the Agent's normal Sale fee is about a third of that!!
"HatchedSW"
Surely in order to be great value for money you would need to be an Agent that attracts as many buyers as possible, this way you are achieving the best price possible for the vendor (hence creating great value for the fee they are paying) how does an online agency like yours accomplish that when it comes to attracting buyers with no internet access....?
You represent the more sencible vendor. I salute you!
Exactly so, if an agent cann't negotiate a reasonable fee for himself, what hope is there of him negotiating a good price for your property.
Clearly a low fee demonstrates an inability to negotiate.
WFPV - some agents are cheap, but some are just great value for money ;)
Great business model, I wonder why no other agents is doing it....oh yes you'll go bust!!
I am not an agent, but I do own property, and think that when I sell property I am more than likely an average seller.
If I was selling a property I would be very worried by an agent working for the buyer (his paying client) and not me! - I cant imagine selling one of my largest assets via a website, that charges the buyer a fee, but not me. Who will they be negotiating for? (their client 'The buyer' I guess!)
Business model flawed in my opinion.
I recently sold a property, and was very worried by the agents in my town offering fees of .75%, let alone nothing. Dont get me wrong I wouldnt have paid the 3.2% sole agency that I was quoted by One 'dreamy agent' either, but I felt that to sell my property in this tough market I needed an agent who would be getting paid well, to do a tough job. As i say i am an average vendor, and I have many friends with portfolio's of properties who share my views. Estate agents - please do not be fooled in to thinking that you have to drop your fees to get instructions in this market. It is a very different marketplace, and sellers want a decent agent who will work for them, not a 2 bob agent who wont get the job done.
Buyers will be well pleased that on top of surveyors, solicitors, stamp duty etc. that they are also expected to pay the sellers estate agency fees.
First time buyers will be over the moon. As will those selling with one agent and buying through Easy4. Two agents to pay.