A USA today article stated that a property in the Hamptons, New York with sea views and spanning over 40 acres was sold not by an agent but by the owner, it is estimated that the property owner saved in excess of £5 million in commission fees.
Although this is not yet the typical way to market a property in the big apple or the united states, it shows a tendency as more and more people take up the option of self marketing dodging the obligation of paying hefty commission fee.
The last official figures recorded that in 2006 12% of all homes sold in the USA were for by owner sales, and is widely considered that this figure has increased year upon year with an estimated yearly savings of $17,105,540,000,000! In commission fees.
Is it now the case that estate agents need to fear the onslaught of the for sale by owner websites eating into their market place, as it stands at this period of time the public has little time for the estate agent pasted reputation and they only have themselves to blame for that, with their underhanded tactics, tying sellers into unrealistic contracts, undervaluing, and all the other underhanded tactics that many agents have used in the past, they cannot be surprised if people make a decision to use alternative means to advertise and sell there properties. Now the fact is the sale by owner has already got 1 foot in the market place and with so many estate agents going under due to the worldwide recession, the sale by owner looks to becoming a more prominent tool used by sellers to market their properties, that coupled with the fact that in most cases the seller will only pay a flat fee to a for sale by owner websites and therefore having the ability to keep what they would have paid out in commission could be a factor that is needed to push more people away from the estate agent.
Although the for sale by owner websites are already over here and doing a roaring trade, if we look to the example of the United States it is imperative that the estate agent upped their game and doesn’t merely dismiss the services of the by owner websites as insignificant, an estate agent who takes that attitude does that at its own peril, the for sale by owner here and I don’t think they’re going away.
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