A property developer has set up an estate agency that charges no commission to sellers but instead levies a non-refundable reservation fee on buyers, on top of the purchase cost of the property
Rezee works like this.
A prospective buyer can use the Rezee website to get an automated valuation of their property.
“Within an hour, we can market your property to our exclusive network of vetted buyers looking for properties in your area. We’ll also list your home on leading property platforms like Rightmove and Zoopla” says the new agency.
It continues: “We charge the buyer a non refundable reservation fee to buy your home. This is on top of the agreed sales price to ensure their commitment to the sale … Once the offer is agreed then we set out realistic timeframes that work for all types of buyers. This can be anything from seven days for cash buyers and investors through to 60 days for first-time mortgage buyers.”
The Rezee website is sharply critical of existing agency models saying: “We believe the industry has needed a shake up for quite some time. With over 20-plus years of combined director experience in the property industry, we’ve seen first-hand both the positive and negatives of the current selling systems. We’ve taken the best bits and got rid of the bad bits to create a completely new way of selling your home — Rezee.”
It says the aim is to avoid the “ever increasing number of sales falling through” giving vendors “peace of mind” and allowing them to focus on their next move.
The model, operating in the East Yorkshire area, has been created by George Beercock and business partner Fran Bradley.
Beercock tells Business Live that: “Selling a house can be an extremely stressful experience and when you take into account that one third of house sales fall through, sometimes just days before completion, then it is clear that the traditional model is in need of a revamp.
“In the aftermath of the recent lockdown and with people facing financial constraints, we know that now more than ever sellers are looking for genuine commitment and certainty that the sale will proceed without costly delays and the even costlier implications of a sale collapsing.
“The industry has been in need of a shake up for many years and the current post-lockdown climate has accelerated the need for this new approach. We genuinely believe that this model could completely revolutionise the way that people in the region buy and sell houses.
“Placing the onus on the buyer to provide a genuine commitment to the sale, significantly reduces the risk to the seller. Whilst working to a fixed timeframe reduces any uncertainty on completion dates for all parties and ensures that the process doesn’t drag.”
You can see the Rezee website here.