subject: More Must be Done ToImprove the Choices of Home Sellers For Their Benefit [print this page] We all know that these days, there is a lot of properties for sale being heavily marketed online. Several of these properties are advertised on real estate agent's sites but there is a quick growing number of websites that allow sellers to directly sell their property without the need of a middle-man.On top of that there is a new type of estate agent; online agents, who charge an one-off fee to advertise property, and then allow sellers to tag on additional services like viewings, and negotiations.
This is a very good benefit to sellers since they are able to have more choices and will get value-for-money which will also increase the likelihood for them to get a good price for their real estate.
In a large-scale research the Office for Fair Trading conducted recently about home-selling in the UK, 32% of those asked stated that they feel the charges the real estate agents receive is slightly poor if not very poor value for money. OFT, due to the result of the study, recommended sellers to seek more lower fees for real estate agents and look for better prices.
The conclusion of the OFT research was to open up the market so that new business models will fit in easily. A suggestion that was pointed out was that those websites who simply introduce the potential buyers to private sellers must not be burdened with unnecessary rules.
OFT Chief Executive John Fingleton said:
'In the present economic climate it is more important than ever that people get a good deal when buying or selling a home.
'Encouraging new business models, online estate agents and private seller platforms could put useful competitive pressure on traditional models and lead to better value for buyers and sellers. The Government can help this process by updating legislation and making sure regulation only applies where it is essential to protect consumers.
'We also encourage home sellers to negotiate hard on commission fees and consider using alternatives to traditional estate agents.'
The results of the OFT study indicate that private sales websites such as The Littile House Company is not allowed to advertise on the leading portal in UK which is Rightmove, and there are also many websites that won't allow private sales websites to advertise since their core market is the real estate agents.
One thing the OFT didn't suggest, but that would likely be a good suggestion for the future of private sales, is the formation of UK bodies relating to the industry. Estate agents have the National Association of Estate Agents, which unites the industry and can be used to apply pressure to the likes of Rightmove.
The good thing is that choices are now available. Home-sellers can now promote in their local market and have a god price for their properties without needing real estate agents if they would like to. Buyers will have the ability to directly negotiate with the sellers for a fair price without any motive plus they can instantly view the property online. Consumers should always have choices helping to make any industry work, including home-selling.
Let us wait for the OFT findings to be acted upon and hope that UK property selling may have even more choices and that it will be completely different five years from today.
More Must be Done ToImprove the Choices of Home Sellers For Their Benefit
