flyp’s Awesome House Selling Service Properly Explained (Review)

flyp in a nutshell

The premise of their service is this:

flyp’s service is designed for sellers to make as much money as possible from the sale of their house. That’s the bottom line.

• Increased exposure to your property
• Receive more offers
• Statically quicker than average sale time (80% of flyp’s clients get an offer within 3 weeks and currently have an 85% sales rate)
• Increased chance of getting a higher sale price

And it seems to work – I’ve received genuine feedback from folk who have used the service. Moreover, they’ve managed to achieve an impressive 4.7/5 on TrustPilot. Make of that what you will.

flyp’s offers two types of house-selling services

You would never be able to tell from their website, but flyp provides two distinctly different house-selling solutions, and one will likely be more suited to you than the other. For some unknown reason, flyp have meshed the details of both services together, giving the impression they’re flogging one product when they’re absolutely not!

Pick your poison!

• 1) “Multi-agency strategy” sales service

  

  If you’re looking to sell your home faster and for more using traditional means, this is it.

  It’s very similar to selling a home on the open market via an estate agent, but flyp’s version is like a stone-cold junkie on steroids.

  In short, flyp’s multi-agency sales strategy makes use of their fancy algorithm that tracks down the best performing 4-5 local agents in your area, and then they get them all to market your property all at the same time.

  Yes, you basically have an army of agents working for the sale. And, if any of the agents aren’t pulling their weight, they can be dropped and swapped with someone new so you don’t risk relying on any agents who are all chat and no trousers.

  Winner takes all – the agent that gets the sale earns the sweet commission. And as normal, no sale, no fee.

  flyp cycles the marketing listings (e.g. Rightmove) between the agents, so it always stays fresh.

  They manage the agents and all the viewings on your behalf, so you only deal with flyp.

  Neato.

• 2) “Improve it, rent it, and flog it” service (designed for empty properties)

  This badboy is the service that really caught me off guard, because I’ve never seen anything like it.

  This is a multi-layered customised sales service optimised for sellers with empty properties (obviously applicable to landlords).

  It can be challenging to fully digest, but I’ll do my best to give you the gist of it.

  The service entails three potential stages:

  • Transformation service: enhance the property to increase its sale price beyond the cost of the investment.
  • Short-let property: generate rental income while the property is on the market for sale.
  • Market for sale: utilise flyp’s multi-agency strategy to market the property.

  In short, flyp identifies if and where a house can be improved to add value before going to market (this can include hefty renovations and interior design upgrades).

  flyp pay for the entire transformation (up to a maximum of £150,000) and then recoup their investment from the sale (flyp takes up to 40% of the value they’ve created. I’ll talk more about fees in a moment).

  After the property has been transformed – and if a buyer hasn’t been found yet – flyp will then host short-term rentals in the property, so this way the seller can generate some sweet rental income while it’s vacant and being marketed for sale (with their multi-agency approach).

  If the maths stack, they may offer a completely hands-off, fully-managed short-let service (think AirBnb’s “guest” model) while the house is on the market, generating you rental income in the meantime.

  The tenants (or more accurately put, “guests”) agree to flexible rental tenancies (1-3 months) through a licence agreement so they don’t ever have tenancy rights. They can be vacated with 4 weeks notice, which is actually kind of perfect since it can take several weeks to complete a sale once a buyer is found.

  flyp manages the guest viewings and ensures the property is cleaned and staged each day viewings are scheduled. According to my contact at flyp, this approach results in ‘flawless viewings‘ (their words, not mine!).

  It’s a pretty remarkable service, because it squeezes as much lemonade out of the lemon as possible, from start to sale.

  For more information on this specific service, here’s my in-depth overview of flyp’s transformation service.

For all intents and purposes, flyp’s service is bespoke, so if you’re interested, I can recommend booking a free, no obligation appraisal so they can clearly explain their offering and manage your expectations.

If you’re not convinced by their sales patter, cool.

Get a free no-obligations appraisal from flyp

How does flyp’s service statistically result with a higher sale price?

Marketing horsepower, baby!

By putting multiple top local agents to work at once, flyp gives your property exposure to a much broader pool of buyers, leading to quicker sales. When a property stalls, listings stagnate, often resulting in unnecessary price drops or lower offers.

Moreover, because the agents are competing, they’re motivated to push for the best outcome, not just the first offer. Plus, flyp rotates listings between agents, keeping your property fresh at the top of portals so buyers always see it as new and desirable.

Obviously, flyp can’t guarantee you wouldn’t have achieved the same outcome with your chosen agent, but the odds are slim – you’re gambling that a single agent will deliver the best result. flyp stacks the deck in your favour, helping you get the best outcome possible.

Is flyp’s multi-agency service more expensive than using an estate agent directly?

Most of flyp’s customers typically pay 1.5% of the sale price on fees.

You probably don’t need an explanation, but let me shove the spoon in your mouth anyways. I’ll briefly explain the difference between a sole-agency agreement and a multi-agency agreement, so you can fully appreciate the cost benefits of using flyp’s service.

• A sole-agency agreement gives one agent exclusive rights to market and sell your property for a set period (usually 8–16 weeks). During this time, you cannot instruct another agent without breaching the contract. This is the most common type of agreement.

  The typical fee for a sole agency agreement is 1-2% of the sale price.

• A multi-agency agreement permits you to engage several estate agents to market and sell your property simultaneously. This is essentially the service that Flyp provides on your behalf.

  Typically, the fee for a multi-agency agreement ranges from 2.5% to 3.5% (spoiler alert: this isn’t what flyp charges) of the sale price. This fee is paid to the agent who successfully completes the sale.

Conclusion? flyp makes it possible to get a multi-agency agreement in place for the price of a sole-agency agreement fee. But the real value ad is that they do all the recruiting and management on your behalf.

So how much do flyp charge for their service (revenue model explained)?

Finally, let’s talk turkey.

Keep up with me here, I’ve tried my best to break it down as simply as possible.

• Upfront Fee (offset against the final bill)
  • Pay an initial fee of £375 + VAT to flyp.
  • This fee is guaranteed: if flyp doesn’t engage at least 5 agents for your property sale, you get a full refund.
  • The upfront fee is also offset against the final bill.
  • Side note: I’ve heard through the grapevine that flyp is open to waiving this fee altogether, especially if you pile on a sob story about being strapped for cash. But you didn’t hear it from me!
• Agent Engagement
  • flyp contacts local agents on your behalf and negotiates their sales fees (typically 1.5% of the sale price).
  • You are consulted to approve the agreed fees before proceeding. If you agree, all engaged agents will commence marketing your property.
• Sale Commission Structure
  • When an agent successfully sells your property, you pay the agreed fee (e.g. 1.5% of the sale price).
  • From this 1.5%, the agent pays flyp a fixed portion of 25% – so you never pay more than the agreed fee.
• Rental Commission Structure

• If, during the sale process, you use flyp’s fully-managed short-let rental service to generate rental income during the “emptiness”, flyp will take a percentage of the rental income.
• This service charge can vary depending on circumstances and will be confirmed during an appraisal.
• Summary of Payment Flow
  • You pay flyp the upfront fee (£375 + VAT), which is offset against the final bill.
  • If a sale occurs, you pay the selling agent their negotiated fee (e.g. 1.5%).
  • The agent then pays flyp 25% from their commission.
  • If you use the short-let rental service, flyp takes a percentage of the rental income as their fee, which is determined on a case by case basis.
  • If you use the transformation service, you’ll share a portion of the winnings over and above what the place was worth before (a number agreed with you before anyone picks up a paintbrush) plus the cost of the work itself – so they’re only in the money if you are too, and their recommended upgrades yield you more than you’d have gotten without them involved.

You with me? Cool!

flyp doesn’t explain any of this useful goodness on their website (at least from what I could tell). As I said, useful as a singing bollock.

The only reason I know any of this is because I was persistent and kept asking questions. I certainly don’t expect any sane person to jump through the same hoops (and hopefully now you don’t have to).

How flyp sells houses (step-by-step explanation)

1. Book a virtual inspection for an in-depth assessment on the current and potential value of your property.

   You can do that by either going to their website or using the convenient form below.
2. flyp will identify the best performing estate agents in your area and reach out to them in order to negotiate a deal with them (i.e. agree to a fee to sell your property)
3. flyp will request a few key details of the home, including pictures, floorplans etc. and engage all the relevant agents (typically 10-30).
4. The agents will then provide flyp with property valuations.
5. flyp will contact you to discuss and determine the asking price, fees and strategy with the agents.
6. If you’re happy with the fees and the proposal, you can sign the instruction with flyp.
7. Once your property is sale ready, flyp will instruct the best local agents in your area to market and sell your property. That means you won’t have one agent trying to sell your home, but you’ll have a network of agents tripping over themselves, all trying to get you the best price possible. May the best man/woman win.

Get a free no-obligations appraisal from flyp

Hopefully I’ve managed to explain flyp’s service a little better than they do, and given their fabulous service the true justice and shine it deserves. Feedback welcome.

If you have any questions, you know what to do…

Landlord out xo