An estate agency that charges buyers not sellers is proposing to roll out nationwide.
FreeAgent247.com, has been set up by Daniel Lewis and Gerard Smith, and claims to provide owners with a ‘free’ way of selling by reversing the fees so they are paid for by the buyer.
A statement about the agency, issued by its accountant Haines Watts, claims that the approach has been ”extremely successful” in Worcestershire, where the company has been based, with the agency regularly handling over 100 different properties.
It also claims to have achieved the asking price on 99 per cent of properties, which it says is “a key national measure of success for estate agents.”
“There were a lot of doubters when we launched FreeAgent247.com, but I think it is safe to say that we have proved the critics wrong” says Lewis.
“Reversing the fees so that the buyer picks up our charges makes complete sense for the seller. It takes away a big additional cost, whether you are selling a two-bed starter home or a luxury rural property. We are now seeing a steady stream of clients asking us to sell £1m+ properties.”
He continues: “Usually in our sector, when you lower the price for the client, they expect the service to suffer. This couldn’t be further from the truth, with a team of experts - covering estate agents, digital marketeers, photographers and video specialists - handpicked to deliver outstanding customer service and, importantly, to use their skills to sell your property.
“We’ve tested the model in Worcestershire, now the emphasis will be on increasing our geographic reach across other parts of the country.”
The firm was set up in 2018 and is online-only, with no shopfront premises.
On its website it tells sellers: “We can create a bespoke marketing video to highlight your property’s key selling features … We will pick a launch date and time to optimize market reaction.
“Your property media will then be showcased on our website, social media, Rightmove and also handed over to our Digital marketing team who target your perfect buyer through continued online campaigns.
“FreeAgent247.com will then deal with all enquiries personally, accompany viewings and negotiate all offers on your behalf. We proactively alter our property details every week to ensure your property is amongst the most viewed online, every single week. We also provide a detailed weekly report on the online activity.
“Once we have agreed a sale for you, we will work closely with all parties and solicitors to ensure your move goes swiftly and smoothly. And you pay us absolutely nothing.”
At the bottom of each property’s details on the agency’s website, there is the statement: “PLEASE NOTE A buyer's fee of 1.0% +vat of the agreed purchase price is payable by the buyer, upon completion only legally through the solicitors, in addition to the agreed purchase price to FreeAgent247.com.”
You can see the agency’s website here.