A traditional estate agency has launched a new online package to give vendors the opportunity “to save thousands.”
FranKeys in Lincoln has launched the savvyseller.co.uk website promoting an online sales option where vendors pay a one-off fee starting at £834 including VAT.
The agent provides a valuation, professional photography and brochure preparation, a For Sale board, advice and support at viewing and offer-acceptance stage, and of course listings on Zoopla and Rightmove and up to 50 other online sites.
The website also carries a ‘savings tool’ showing that, for example, on a home valued at around £250,000 the vendor’s saving will be about £4,500. It then equates that saving with everyday consumer products - so the £4,500 would cover 774 months of Netflix subscription, 1,827 cups of coffee, or 83 weeks of average shopping.
FranKeys, which still continues its traditional sales and lettings options from its central Lincoln office, was launched in 2009 by managing director Frances Warriner, who tells the local press that: "The beauty of using Savvy Seller is that you are still getting the full package from an estate agents with local knowledge but at a reduced rate. If you're savvy you can save a lot of money just by doing your own viewings and chase-ups. It's cost-effective and we keep on marketing until a property is sold."
You can see the agency’s online option here.
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£4500 saving on a £250,000. I make that around a 2% average fee they are comparing their £834 against......ASA!!!!!! Actually, just been on the site and the "saving" does not take into account the upfront fee of £834 the customer pays, so that more like £3666 and it clearly states against a 1.8% fee...really is that the average in Lincoln?
And another one...this is certainly looking like the way forward for many, combining an online and traditional model to make ends meet.
We reached peak estate agent a few years ago - in other words, far too many agents entered an already overcrowded market as property prices boomed. Now, with more difficult market conditions and political and economic uncertainty in the country, many are struggling and looking at ways to diversify. Expect more of this from traditional agents.
I fear the days of agents charging high fees are over, no matter how many people want to shout out about the great work agents do. Although our reputation has improved in recent times - helped by the increasing unpopularity of reality TV stars, journos and politicians - the public still don't like much agents as a general rule. Of course, once they actually get to know us and see the work we do, they are appreciative and change their mind about agents, but the perception is still very much negative. The image of a greedy, money-obsessed, lazy agent is still king.
In some cases, unfortunately, that's entirely true. In others it's entirely unfair. Like any other profession, there are good, bad and average agents. Alas, the bad and average agents get the most coverage.
Rather than getting really defensive against the online boom, though, I think agents should own it - take on the hybrid approach, show the onliners how it's done. Many traditional agencies, despite what they say, operate significant online operations - glossy websites, social media, heavy presence on the portals. Offering an online-only service - alongside a traditional one - seems the next logical step.
Travel agents have almost died out because they didn't adapt or evolve. I'm not saying agents will go the same way, but complacency and a heads in the sand approach will get us nowhere either.
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