subject: The Options Available To Home Sellers Are Improving [print this page] Selling property in the UK is completely different today than what it was five years ago, and even more different to what it was going back 10 or more years. The good thing is that it is different in a good way -- good for buyers and sellers that is.
As most of us now know, there are thousands of properties for sale being advertised on the internet. Some of them are being advertised by estate agents on property portals, but there are a growing number of websites out there allowing people to cut out the middle-man and market their own property for sale.On top of that there is a new breed of estate agent; online agents, who charge a one-off fee to advertise property, and then allow sellers to tag on additional services like viewings, and negotiations.
All this is good for sellers, because it gives them more choice and better value for money -- it can also increase their chances of getting a good price for their home.
In a large-scale study the Office for Fair Trading conducted recently regarding 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. The results caused the OFT to suggest to sellers to bargain for a lower fee for their agent and look for better prices.
The main result of the OFT study recommends that the market must be adaptable enough to make room for new models of business. A suggestion that was outlined was that those websites who simply introduce the potential buyers to private sellers must not be mired 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 Little House Company is not permitted 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.
The OFT have not suggested the formation of bodies that pertains to private sales but it will certainly be a very good idea for the future of private sales. Estate agents unite with the National Association of Estate Agents and bodies like this can be use to apply pressure to sites like Rightmove.
The best thing is that there are now options. Property sellers can now choose not to use real estate agents and do the research of their property value and sell their homes for a vey good price. 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's hope the OFT ensures its findings are acted upon, and that selling UK property has even more choices, and is therefore even more different in another five years.
