What is an Online Estate Agent?

They’re estate agents, also referred to as “self-service agents”, that don’t have shop-fronts, they operate online. This virtual set-up means they can drastically reduce their overheads, which ultimately means they can offer a much cheaper solution to home-sellers than high-street agents. Sounds compelling already, right? Yes, indeed.

It’s the same kind of concept as an Online Letting Agent, only difference is, Online Estate Agents try to sell your property, as opposed to let. Go figure.

Online Estate agents market properties for sale across several (if not hundreds) of the biggest UK property portals. Their aim is exactly the same as any other High-street agent, to generate as many enquiries as possible for the vendor. When a prospective buyer makes an enquiry, the vendor will be notified by the online estate agent, and is then expected to arrange and take the viewing.

I’ve noticed more and more of these online estate agents emerging by the day. No doubt the industry will quickly become overcrowded and saturated, consequently most of them won’t be around this time next year. However, for now, while every slick motherfudger out there thinks they can dominate the space, the competition is fierce and the options are almost limitless. So there’s plenty of choice.

List of Online Estate Agents

Below is a small list of Online Estate Agents. I’ve not tried any of them, so unfortunately I can’t say a good or shitty word about them.

Why use an Online Estate Agent?

I’ve already touched on the main advantage above, but here it is again: it’s all about the money. Nothing else.

High-street estate agents typically charge anywhere between 1%-2% of the sale price achieved. I’m told that the average estate agent fee for selling a property in the UK is £4200. Ouch! That’s a decent boob-job right there. When you compare that to the average cost of an Online Estate Agent, £300, it suddenly becomes clear why these websites are taking off like Hugh Hefner’s penis.

Most High-street agents source their buyers from online enquiries

90% of home-buyers research properties online. I can’t remember where I read that statistic, but I remember hovering my beady little eyes over that nugget of information recently. Either way, it sounds good, and it sounds right, so I’m going to run with it.

Let’s face it, most high-street agents source their buyers from online enquiries these days, specifically from websites like Rightmove. Long gone are those days when Estate Agents have to pull in the punters by the hair off the street. So my question is, why not just go with the online agent if both types of estate agents are sourcing the buyers from the same place?

The selling process

Selling a house through an online estate agent may sound like a lot of effort and a difficult process for someone that doesn’t fully understand how the selling process works. If you’re one of those people, I genuinely think you would be surprised by how easy it can be. Credit where credit is due, most online estate agents have made their service pretty easy to digest. Moreover, they do offer support. Almost all of the online agents I have looked at have phone/email support to assist with any enquiries to help through the selling process, which includes providing advice and direction.

In all honesty, the process isn’t much different than when using a traditional high-street agent. In my opinion, the only extra burden and leg-work required when using an online agent is that the vendor is required to arrange and take the the viewings. The rest of it is trival to how much extra value high-street agents will offer. *ducks and cover* I’m sure that statement will go down like a tonne of used condoms with high-street agents.

Put it this way, if selling property through these websites was difficult and didn’t work, there wouldn’t be so many of them around… making money.

An example of how Online Estate Agents work

I’m going to use iThink Online Estate Agents service as an example. Let me clarify, I am in no way affiliated to their website, nor have I ever had any communication with any of their staff. I’m simply using their service as an example to demonstrate how the process typically works.

They offer 3 packages, but I’m going to focus on their Gold package, which is £295 + VAT.

Once you sign up to their service
Once you have signed up to iThink’s service to sell your property, you will receive a call within 24 hours from a Local Estate Agent based in your area, who will arrange a convenient day and time with you for them to come and carry out their inspection and take necessary details and photographs.

Yes, an agent will come to your property and take all the details. You don’t have to take pictures or get on your knees to take measurements yourself. You can just relax and leave it to the monkey.

Photography and measurements
During the visit, the Local Agent will take measurements of the rooms, as well as written details. They will take high quality wide angle photographs and prepare a bespoke floorplan.

If you have requested a Virtual Tour or Energy Performance Certificate (required by law when renting or selling property), the Local Agent will do this too. This information is then sent electronically to iThink and they will then get in touch within 24 hours to discuss and agree a marketing price.

Preliminary property details
You will shortly receive your preliminary property details by email for you to check. iThink will ask you to check the details that have been prepared, so that they adhere to the Property Misdescriptions Act 1991.

Once you are satisfied, you can confirm by ticking a box and email it back to them. If there are any amendments required, you can email or phone them, and they will make any necessary changes.

Your property will then be uploaded onto all the Top UK websites including Rightmove.co.uk, Zoopla.co.uk, Findaproperty.com and Primelocation.com and will be live across the UK.

Enquiries
When they receive enquiries and viewing requests from buyers, they qualify them by taking their full details and establishing their position. You will then receive a phonecall or email (depending on your preference) to arrange a viewing for you to take.

Viewing Feedback
Feedback is followed up the following day and emailed to you.

The Offer
When iThink Online Estate Agents receive an offer they will phone you and email the details to you. They also offer a full negotiating service between buyers and sellers to help you achieve the best possible price.

Conveyancing
Where there is a chain involved with your buyer, iThink Online Estate Agents will check the details with other agents in the chain to ensure the chain is complete and establish how far advanced it is.

Once a sale has been agreed, you will need a conveyance solicitor to handle all the legal paperwork. They usually charge a few hundred pound for their service. Here’s a list of licensed conveyancers, regulated by the CLC (Council For Licensed Conveyancers), who are qualified specialist property lawyers

That’s it.

Personally, that doesn’t seem too painful to me. The service comes for a flat-fee of £295 + VAT (excluding the Convenyancing solicitor fee and any extras like the Energy Performance Certificate (EPC)- but that’s also the case with most High Street estate agent fees).

Most of the Online Estate Agents i’ve looked at run in a very similar way, making it easy and compelling to even those with very little knowledge. So it’s a no-brainer, or at least it’s worth a punt.

If anyone has any experience with Online Estate Agents, or has any thoughts, advice and tips, i’d love to hear from you.

Happy and cost-effective selling, folks.

Related posts:

Questions Buyers Should Ask Estate Agents
Do You Feel Sorry For Estate Agents?
Online Letting Agents

More and more people, both home buyers and sellers, are starting to ditch the traditional high-street Estate Agents because it’s become so easy and cheap for home sellers to privately market their property on the biggest UK property portals like Rightmove via Online Estate Agents.

The truth is, most high-street estate agents use websites like Rightmove, FindAProperty, Hot Property and PropertyFinder to market their properties, and a large portion of the times, that’s where they get their leads from. So why not just bypass high-street estate agents and advertise on Rightmove and the alike via an Online Estate Agent for a fraction of the cost? High-street agents charge a whopping 1-2% + VAT commission (approximately) of the sale price achieved. That’s A LOT of money. The online agents listed below charge a fixed rate which doesn’t even come close to high-street agent fees. Why are high-street agents much more expensive? Well, because high-street agents have a load more overheads to cover e.g. staff, premises, utility bills..etc.

The “online estate agents” will market your property-for-sale on the biggest UK property portals, such as Rightmove, Property Finder etc. If you want to sell your house privately with the best possible chance of succeeding, then you need to list your house for sale on the biggest UK property portals, especially Rightmove.

Online Estate Agents that will allow private sellers to advertise their house-for-sale on the most popular UK property portals like Rightmove:

Disclaimer

The portals I mentioned, such as Rightmove and PropertyFinder, don’t deal with private home-sellers directly, they only deal with estate agents, so you can’t just go direct to the portals looking to market your vacant property. That’s why you need to use the “online estate agents” I mentioned above as a gateway to upload your property details onto the portals.

Please be assured that I can’t guarantee that any of these websites work or will successfully find you a buyer. All I can say is that I’ve used similar services in the past, and it’s worked for me.

Did I miss any “online estate agents” out?

If you want to be listed above, please read through the requirements right over…here.

Want to advertise your rental on Rightmove?

If you’re a landlord wanting to market your rental property on Rightmove and the alike and bypass the cost of using a high-street letting agent, then you may want to visit the Advertise Rentals on Rightmove page.

Related posts:

Do I Need A HIP When Selling Privately?
The Advantages And Disadvantages Of Selling Property Privately
How Landlords Can Advertise Rentals On Rightmove

Why all the hoo-ha? Well, for three primary reasons. Firstly, it’s a free service for private sellers. We all like free shit, right? Right. The second reason accounts for two HUGE points, because it’s created by Sarah Beeny (I hope you can all see what I did there), so it’s bound to get a lot of publicity.

Essentially, Teplio is a platform that will allow people to take control of buying and selling their own home. It’s like Rightmove, only for private sellers (not estate agents) and it’s free. It’s still at its early stages, so it won’t attract masses of traffic just yet, but it sounds like a semi-erection that’s wants/needs to blossom and squirt.

According to Tepilo, these are the key benefits of using the website:

• There are no agent fees to pay
• The site is completely FREE to use and puts you in control of how you sell your home
• The site depersonalises the negotiation process
• Innovative new functionality enables you to provide the ultimate overview of your home and gives buyers the best chance of finding the “right” property

Helpful tips and advice guide you through the sales process

It all sounds rather swell, and with a pair of huge breasts leading the campaign, I can’t see any reason for failure.

Got a property to sell? Try it out; you’ve got nothing to lose. The worst that can happen is that you save a few thousand pounds on commission. I wouldn’t suggest completely abandoning the traditional local estate agent, because you unfortunately, there’s still nothing quite as powerful as a local estate agent when it comes to shifting the goods. But if it were me, I would run both campaigns simultaneously. Whoever wins, wins.

Related posts:

I Didn’t Receive A Single Enquiry From Tepilo
Do You Have A Useful Service To Offer Landlords? Advertise it for FREE
I Finally Received An Enquiry From Tepilo

• Rightmove
• Find A Property
• Property Finder
• Prime Location
• Globrix

I think most people are familiar with Rightmove as it’s advertised heavily on the radio and TV. The average Jo may also be aware of Find A Property as it’s well branded. But my question is, which one actually gets the most traffic? According to Alexa, a well-known traffic comparison website, these are the results…

Just to clarify, the graph is showing “page views” and not unique visitors. What’s the difference? If I view 10 houses on Rightmove, that would be 10 page views. However, i’d be one unique visitor.

No real surprises that Rightmove is on top, but I had no idea it would be by such a significant margin. Find A Property is second, which is expected. However, I didn’t expect it to be so marginally close against the other portals. Perhaps people don’t like the functionality on Find A Property, and that’s why it’s so far down amongst the other portals.

Coming in last is Globrix (that’s the thin grey line trickling in at the bottom, which is barely visible), but I don’t think that’s a surprise, as I’m sure it’s the least known.

So, how is this relevant?

If you’re trying to shift a house through an estate agent, it might be a good idea to make sure they’re advertising with Rightmove or a collective bundle of the less popular portals. From what i’m aware, Rightmove is more expensive than the others, so while a lot of agents are tightening their marketing budgets, they may be opting for the less costly alternatives.

Either way, make sure your agent has online presence, because it’s a HUGE advantage!

Related posts:

Here’s A FREE Marketing Website Every Landlord Should Use To Find Tenants
“House Price Crash” (HPC) Website Mentality
Eager To Invest In Property, But No Suitable Property For Sale

It’s been a while since I’ve touched the whole Home Information Pack (HIP) saga. In fact, what’s the deal with those again? From what I remember, it’s just a ridiculous ploy for the rich to get richer, and the poor to get poorer by dishing out more money on the already expensive process of buying/selling property.

Having said that, I still like to know what’s going on in the world of Home Information Packs because one day I will be selling, so I’d prefer to be informed. I guess it must have been fate when I crossed paths with a consultant from over at HIP-Consultant.co.uk. Obviously I took full advantage of the encounter and requested for a cheeky Q&A session so I could dig my claws in a little. Or worse yet, actually learn to appreciate the packs and understand what they’re about, beyond the whole ‘Sheriff of Nottingham’ antics, of course.

So here’s what the HIP consultant had to say for himself when I hit him with a few of my finest questions.

Before I try and provide a few explanations/answers to your questions just wanted to thank you for allowing me to come across to your blog which you know am a regular reader of. Hopefully I can offer a different point of view on the Home Information Pack (HIP) legislation which maybe some of your readers may not have considered.

1) A lot of people are very much against the HIP’s because they think it’s a waste of time and money, which not only slows down the process of a sale, but also makes it a more expensive process. Of course, I’m guilty of being one of those people (I’m the head cherrleader, in fact). How do you respond to those kinds of statements?

I understand many people believe similar to yourself and you certainly are not alone in holding these views. If I could explain that the majority of the contents of a HIP have always been ‘required’ in the buying and selling process. For e.g. Land registry documents, leasehold documents, searches. These have always been prepared; traditionally by a conveyancer. So the major difference is that we now provide the documents at the start of the process.

The new addition is the Energy Performance Certificate (EPC) which when selling a property is included within the HIP. I am sure your readers are aware that this provides an assessment of the energy efficiency of the property when assessed, alongside offering practical recommendations to improve this rating. Often by following the low cost measures you can make good savings on your utility bills and also has a positive impact on your carbon footprint. Which lets face it is never more relevant than now with British Gas recently putting up prices; gas prices by 35%!! Granted that some people are not interested in saving the planet, though am yet to meet anyone who isn’t interested in saving a few quid on bills if it can be easily achieved.

I have digressed a little and will try to comeback to your points.

Cost wise – we have seen reductions in the major fees within the HIP i.e. search fees. This is solely due to Home Information Pack legislation and most HIP providers have passed these savings onto clients. As I have stated these documents are now being prepared by ‘HIP providers’ instead of conveyancers; whom some may have reduced their fees to reflect this.

Time wise – one of HIPs major goals was to help speed transaction times up. There is not a great deal of evidence due to the slow current housing market. However, Connell’s solicitors have publicly stated that on average since HIPs were introduced their average transaction time has increased by 12days. There is other similar evidence been put forward though unfortunately at present the media are not inclined to widely report this.

2) I’m still actually unclear on the pricing structure of the packs. I’ve seen some relatively cheap packs, but also some wild cowboy quotes that make me a little nervous. So how much does a pack basically cost? Do the prices vary depending on the size of the house and the consultants you use?

HIP pack cost can vary in price and as with most things the price is set by the market place and the provider. The average cost is about £350 and I am pleased to say we are able to beat this price without sacrificing quality or service. Some providers base their fees on size of property, though I have been against this from the outset and we certainly do not have this type of pricing structure. The same documents are required whether it be a 1bed flat or a 4bed detached house. Where we do differentiate as is standard, is based upon the tenure i.e. freehold or leasehold. Leasehold properties require additional documentation therefore unfortunately cost more.

I am in complete agreement with you on the ‘budget’ HIPS, they make me very nervous though it would not be right for me to make any further comments on this. I don’t fancy a law suit against me.

3) From what I’ve seen, HIP consultants/providers provide different pieces of information with in the packs. What does a vendor actually need in their pack to actually sell their property legitimately? What are the mandatory documents?

We have provided masses of resources over at our site, including highlighting each ‘compulsory’ and ‘optional’ documents within a Home Information Pack and each document is explained individually.

Though a quick summary of documents is as follows:

Home Information Pack (HIP) Index
Energy Performance Certificate (EPC)
Sale statement
Standard searches
Evidence of title
Additional information for leasehold and commonhold sales, where appropriate.

4) I’m not convinced that anyone will even pay any attention to the pack itself. People buy homes based on fundamental factors such as price, location, transport, and the look/condition of the property. If those 4 key factors are spot on, do you think the energy efficiency levels will even matter to the average joe?

This is a major issue at present there is no doubt. It has been suggested that Estate agents are not pro-actively promoting the viewing of Home Information Packs and few buyers seem to be asking to view the packs even though they should be freely available. The government has agreed that this is a current failing of the packs acceptance and popularity; measures are being put in place to improve this.

The factors you mention will always play a large part in a decision to buy a house or not; a HIP certainly will not change this though it was never designed to do so. However, if you looked in the HIP and saw that they were planning to build a new supermarket across the road to the property you were considering making an offer on, would you reconsider and be grateful you had been supplied this information? I guess so.

5) What percentage of people do you think would require the packs if they were optional?

The truthful answer is very few at present and probably closer to zero than 10%.

6) Why should we be thankful for the packs? What advantages do they provide for buyers and sellers, in your opinion?

When we made offers in the past on properties, what information did we have at our fingertips prior to making this offer? Very little. What other product/purchase are you given such little information on prior to being expected to make an offer? Let’s remember property is for many the biggest purchase of their lives. Very few. Consider the information provided for all kinds of products and compare to property.

At present the information may not be massively interesting to home buyers though this does not detract from the usefulness of it in the home buying/selling process. Recently, we have been able to resolve an issue thrown up by the Home Information Pack we were instructed to commission. If this had not been addressed it could have potential added weeks to the transaction time and could have ultimately led to the sale falling through.

The Home Information Pack will be developing for sure and we will be regularly updating our blog on these developments, which Property Investment Project have kindly linked to. The Property Information Questionnaire (PIQ) is planned on becoming a mandatory document on 1/1/09 and this will provide useful practical, ‘user friendly’ information that will provide further interest to home buyers for sure.

7) Finally, just to give your site a half decent plug (and to settle some personal curiosity), why should I use your HIP consultancy agency? What makes you better than the others out there? Feel free to gloat.

HIP-Consultant.co.uk is an independent family business focusing on a high level of customer service and satisfaction. We solely specialise in Home Information Packs and Energy Performance Certificates therefore you can rely on ‘our’ expertise, efficiency and receiving a cost efficient solution when requiring either of these products/services. We are happy to offer impartial advice with no obligation to all Property Investment Project readers.

I would like to thank Property Investment Project for the opportunity to answer some of their questions. I hope we have provided an insight into the benefits and positive aspects of Home Information Packs.

My final thoughts

Admittedly, that was quite educational. For one, I didn’t realise (or maybe I did, but just forgot) that the packs included documents that a conveyancer would normally aquire. On that note, have conveyaners reduced their fees for the less work they have to do? I’ll take a stab in the dark and say….No. But perhaps our consultant could shed some light on that issue to confirm?

While I can now understand that tree-huggers and penny pinchers would benefit from the packs, I’m still reluctant to believe that the average person would constructively use the packs- so perhaps they should be optional- so everyone that wants to benefit, does benefit.

However, I can sort of see the point of them, but who needs the extra costs? It’s expensive enough to buy/sell already…and that’s always been my argument.

Once again, many thanks to the guys over at HIP-Consultant.co.uk, and I wish you luck with the uphill battle in convincing the mob that the packs are a good idea. Unfortunately, I’ll be on the other side of the line, convincing people to get the packs to be made optional, free or abolished!

If you have any questions about the HIPS, just ask away, I’m sure they’ll get answered by our consultant =]

Related posts:

Interview With The Angry HIP Consultant
Interview With Ajay Ahuja
Amusing Interview With Sarah Beeny On Scott Mills Radio 1 Show

So, the question is, does an estate agent get paid even when they’re not responsible for selling your home? I’m afraid so, it’s very possible. Don’t be alarmed if estate agents try and unfairly squeeze every penny out of you they can, they’re only doing their job (even if they didn’t actually fulfil a service).

It’s an interesting question, and a situation that I’m sure many people have got themselves into. Hypothetically speaking, you instruct an estate agent to sell your property with the condition of being liable for a pay 1% commission fee if the agent introduces the buyer. But somewhere with in the contract it states,

“you will be liable if we find you someone ready willing and able, even if you subsequently withdraw from the sale”

What does that exactly mean? If the vendor decides to withdraw their property from the market for no reason other than changing their mind, will they still be liable to pay commission? What if the vendor finds a private buyer? More importantly, how long does the terms apply for?

Ultimately, it can vary from agent to agent; the terms and conditions are, as always, stipulated in the agreement. Every estate agent generally uses slightly different wording, consequently it’s sometimes difficult to say whether commission is payable or not.

The general rule is that commission is paid only where there is a completed sale of the property, and not where the agent merely introduces a potential buyer. And of course, that’s how we all know the operation of paying an estate agent works. However, some of the more sneaky, sneaky estate agents often stuff the agreement with a clause which implies that they are entitled to a commission fee if they introduce a buyer that is “ready willing and able” to exchange contracts at a certain price. If there is such a clause, you may have to pay commission if you choose to back out after a buyer makes a firm offer.

The law- Foxton’s Vs Pelkey Bicknell case study.

The law is quite sketchy about the entire issue- there is nothing set in stone, from what I’m aware. However, there was a recent case that dealt with the issue, by the Court of Appeal in the case of Foxtons Ltd v Pelkey Bicknell. In that case, a Foxton’s agent showed a potential buyer around a house. The potential buyer later viewed the same property through another agent a few months later. Eventually, the buyer purchased the property from the 2nd agent, so they got the commission. Foxton’s believed they were entitled to the commission because they initially introduced the buyer to the property, and in the agreement with the vendor there was a clause which stated something along the lines of them being liable to pay commission if they introduced the buyer. The court decided that Foxtons weren’t entitled to the commission because they had not been the “effective cause” of the sale itself.

If the case study was put into the current content, the vendor would prove to be victorious, and the agent wouldn’t be entitled to any commission. However, that was one case, so it’s still not clear which side the law is on.

More importantly, how many people would actually take an estate agent to court over this issue? I’m sure many people would just read the clause in the agreement, believe the agent’s argument of doing their job by introducing them to a “potential buyer”, and then cough up the doe while slapping themselves on the forehead for working with such idiots and completely ignoring the smallprint.

Things to remember

I guess the most important rule is to ALWAYS read the agreement in complete when engaging into a working partnership with an estate agent- be ary of pretty much every clause. The secret is in the writing, as always. Just for clarification, you should verbally go over the commission structure in detail.

A few questions to ask agents:

• Will I be entitled to pay commission if I end up selling privately?
• How long am I tied into our agreement for?
• Am I still liable to pay commission even if I change my mind and decide not to sell my property

If the estate agent DOES have a clause which states that you are liable to pay commission even if they don’t ultimately push through a sale, then I would either:

a) tell them to remove that clause
or
b) refuse to work with them. Why would you want to work with such money grabbing parasites anyways?

Has anyone been in this kind of situation, or heard of anything alike?

Related posts:

Estate Agent Uses A Poor Choice In Picture To Market A Property
Why You Shouldn’t Always Trust Your Estate Agent
Just Another Reason To Hate Estate Agents

Thousands of landlords are attempting to break into the sale-and-rent-back (Sarb) market as growing number of people face repossession.

Many say it’s a sport that preys on the weak. The game is simple: a homeowner gets on the property ladder with the help of a less than perfect mortgage package. The fixed term comes to an end; remortgaging won’t help because the latest rates are pathetic. Low and behold, the borrower slips behind on payments and lapses into a state of arrears. The lender quickly gets on the blower and says, “This ain’t working, you should sell and give us our money back”. And that’s when the concept for Sale-and-rent back becomes a reality…

What is a Sale-and-Rent-Back Scheme?

It’s when a homeowner sells their property to a landlord with the agreed condition that they can stay on as tenants.

Typically, the homeowner will receive 70-85 per cent of the property value, with no real guarantee they can stay long-term (unless stipulated in a contract somewhere, but that’s not always the case). But in many cases the alternative would be repossession.

Advantages of the scheme for landlords

As mentioned, they get to buy a discount property, some times which equates to a 30% reduction. On top of that, they acquire tenants that want to stay long-term and will treat the place like a home.

Advantages of the scheme for the seller

The seller can clear debts, stay in the family home, keep their kids in the same school, and no one will ever need to know what happened- apparently “image” is a big deal…

The critics rant

The critics? Of course. You didn’t expect a scheme like this to go under the radar of the hippies, did you?

The hippies find it immoral that landlords are able to buy property at discount because the seller is desperate to avoid repossession- apparently it’s taking advantage of others misfortunes. There have also been cases where landlords provided very limited tenure tenancy and after a short while the tenant is kicked out or the rent increased.

I don’t understand the critics cries

Hmm…i’m struggling to wrap my head around the problem. Perhaps I’m just a beastly parasite that has no remorse or compassion? Or perhaps I’m just unable to see the problem with companies/people offering solutions to problems.

If the homeowners don’t sell, the likelihood is that they will face repossession. If the homeowners try to sell through an agent in an attempt to reach the best possible sale price, they may have to wait months before someone bites in the current dry market- furthering their debt problem. Additionally, both scenarios means that the vendor will need to find a new place to live when they don’t necessarily want to.

So am I stupid to think that the alternative solutions, as mentioned above, are far worse than the offer on the table?

Ultimately, the Sale-and-Rent-Back Scheme is just an option; no one is forced to do anything. Previously I had a rant about the ridiculousness of mortgage lenders being blamed for borrowers getting into debt. Surely, we, as individuals, should take responsibility for our own actions? Same principle in this case- there is no gun to the head involved. If someone is too incompetent to make sure that all the adequate conditions are in place (e.g. guaranteed long-term tenancy without rent increase), then surely our personal stupidity is our own weakness, and not the actual offer?

Do these companies/people prey on the weak? Not in my opinion. They offer an optional solution which isn’t perfect for the struggling homeowner- but when you’re in the shit, you don’t expect to jump out onto a field of gold, do you? If only life was one long episode of Neighbours.

Related posts:

Taking In Lodgers- ‘Rent-A-Room’ Scheme
Does An Estate Agent Get Paid Even Without A Sale?
Tenancy Deposit Scheme For Landlords

We’re a nation fixated with money and greed, and what better way to calculate our wealth than tallying up the value of our most valued asset- our homes? Whether you want to value your home for personal pleasure or for the prospect of selling your home, the best way to find an accurate answer is by monitoring the activity of your local market.

National house price statistics can actually vary drastically. There are several indices that measure house prices, and they don’t always tend to agree with one another, as they have different ways of gathering their data. For example, in April, Rightmove reported that average house prices were £239,521, while Nationwide claimed the average was £178,555. That’s a 60k difference. The Halifax index is represented by statistics based on the mortgages they approve, while Rightmove’s index is based on properties listed on their house. Two very different methods, two different results.

Here are some tips on how to get an accurate valuation of your home (forget the national indices, they’re garbage on a local scale)

Multile Estate Agents

Don’t limit yourself to your most convienient estate agency- get quotes from several of your local estate agents. The average value will be the most accurate.

Rightmove/Findaproperty

Rightmove and Findaproperty are the biggest two property classified websites for UK property. Utilise their data by finding out what other people in your local area are marketing their properties for. That should give you a good idea of what vendors are expecting.

Ourproperty/Upmystreet

The beauty about Ourproperty and UpMyStreet is that they store recent sale prices of property in your area. Websites like Rightmove only show you what the properties are being marketed for, and not necessarily what the properties sold for. Properties rarely sell for the initial asking price. Ourproperty and UpMyStreet can tell you exactly how much properties sold for in your local area.

Both websites actually gathers their data from the Land Registry, so it’s pretty reliable and accurate stuff.

Once you’ve got the golden figure- time to get real

No matter which method you use to get your estimate valuation price, it’s important to remain realistic. Ultimately, properties are only worth as much as what people are willing to pay. The odds are, the majority of people won’t value your property at the same price as your valuation tag says. Whatever quotation your price tag has, subtract about 5% from it- that’s your golden figure. Keep it real. Anything that you get offered above your golden figure is a juicy bonus.

Related posts:

Tips On How To Make Your Home ‘Green’
Home Information Pack- Quick Guide
Tips For Selling Your House

1) Front door colour

First impressions are a big deal when it comes to property, so it’s important to get the visuals right. Afterall, if you can’t get people through the door- how are you going to sell? A recent survey by Co-operative Bank Mortgages has discovered that the least desired front door colours are as follows: pink, orange, yellow, purple and grey. Hmm…I don’t think I have EVER encountered a door in either of those colours. The survey also revealed that the most appealing and welcoming colour is.. *drum roll, please*…white! No real shock there.

If you happen to be some kind of fruity arty-farty person that is trying to sell a house with an obscure door colour, perhaps its time to confirm to the social norm just this once by painting your door white.

2) Bad odours

Buyers don’t like bad smells, which is very understandable. Ever noticed that it’s always the smelly people that got neglected at school? Don’t get me wrong, I’m not surprised, it’s all very logical- no one wants to hang around bad odours. Properties that host unpleasant odours also get the same treatment- neglect.

If a prospective buyer walks into a house that smells of Pete Doherty, the buyer is going to be forever wondering what other morbid attributes the house has to offer.

The main problem is that ignorance is bliss. What do I mean by that? I mean that most people are immune to the smell of their own habitation, so they wouldn’t have a clue whether or not they have an odour problem. Solution? Get a neutral friend into your home and ask for an honest opinion on the matter. If the independent surveyor mentions anything like ‘tobacco’, ‘dampness’, or ‘drains’, you should worry.

3) Small Kitchens

According to the survey that provided the door colour facts, 29% of buyers LUUUURVE big kitchens. Physically creating extra space isn’t the obvious solution. But what I would say is declutter your kitchen, maximizing on the space you do have available. Tuck those stacked utensils away neatly, put the kid’s toys in the appropriate rooms and draw in as much natural light as possible. Think clean, think big!

4) Dirty Surfaces

Spring cleaning before viewings is always a worthy investment. Buyers take notice of features like dirty carpets and dirty walls. Much like the bad odour scenario- buyers will wonder what other morbid features the property possesses if there are fundamental problems.

The market is currently swamped with buy-to-let investors, and you know what that means don’t you? It means that a lot of landlords want to buy properties quickly that will require extremely little work and money to get it into a reasonable condition for letting. I know from personal experience that if carpets needs changing and walls need completely stripping, I’d be put off.

Solution? Roll up your sleeves, get on your knees and start scrubbing, or better yet, call in the professionals for a thorough soap-up.

5) Property Exterior

Finally, a survey by Propertyfinder.com revealed that 38% of buyers are put off by exteriors that are in poor conditions. Kind of a no-brainer, if you ask me. But if you’re trying to sell a property by luring people into your home by strategically putting trash cans on the drive way — stop it. If the front door or brickwork is haunted by peeling paintwork, put on the overalls and open that tin of paint. You know it makes sense…

Related posts:

Factors That Make Potential Property Buyers Walk Away
Questions Buyers Should Ask Estate Agents
How To Paint A Front Door

There was a time when vendors only needed to provide proof that they had ordered a HIP before putting a property on the market. Essentially, you could market, find a buyer, and even exchange contracts before receiving a HIP. Apparently it takes 28 days for the pack to arrive in your hands (but I wouldn’t hold my breath), so with in that 28 days you could have done all of the above.

However, unfortunately, the rules change from the start of next year (2008). The new rules stipulate that a vendor actually needs to obtain the pack before marketing the property. This is called the end of the ‘first day of marketing’ principle. The general belief is that for HIPs to do their job properly, all the information must be made available to potential buyers from the offset.

Looks like the government are trying to run a tight shop; closing up all loopholes.

Out of curiosity, has anyone used/purchased one yet? If so, were they useful?

Related posts:

Make Your Own ‘To Let’ Sign To Help Market Your Property
The Cooling Property Market
Estate Agent Uses A Poor Choice In Picture To Market A Property