Only pay when you sell.....

There have been some interesting articles in the press recently about online agents. One prominent online agent has recently been banned from showing one of its TV adverts, which was described as ‘misleading’ and did not make clear that customers would be required to pay a fee whether the property sold or not.

Like most traditional agents, we do NOT charge an upfront fee and only charge our customers once the property has sold. The danger with charging a fee irrespective of a property selling is that it might mean the valuation of the property is wildly optimistic, as the agent will make a fee when they list the property, rather than when they actually sell it. One online agent has in fact refused to publish data on how many properties it actually sells, but instead chooses to refer simply to properties listed.

Online agents clearly have a place in the future of Estate Agency, but it is important that customers are not given false hope and are also not misled about charging structures.