News and Press Releases from MyKeys.co.uk
Concept for Living magazine - November 2006.
UK Skepticism of Estate Agents Expands Private House Sales Network
This Autumn sees the official launch of MyKeys.co.uk, a new venture aimed at raising awareness to home vendors of the opportunities of selling privately and enabling them to overcome the increasing disillusionment and substantial costs of selling through estate agents.
The initiative follows increasing consumer dissatisfaction with UK estate agents.
A recent Which? Report concluded:
- Less than half of buyers and sellers were happy with the service they received from Estate Agents
- A third said the Estate Agent did not keep them informed
- Only one in ten home buyers and sellers strongly agree that estate agents can usually be trusted
- Seventy percent think that estate agents frequently give misleading information about properties
Developed to help people sell their homes privately and avoid hefty commission fees, often in excess of £4,000, MyKeys.co.uk gives the seller full online visibility with top ranking search engine listings and major websites, a personalised for sale board and expert advice on selling homes professionally, for a one off fee of £110 and no time limit.
Currently only ten percent of homes are sold privately in the UK, predominantly in the London region, and according to MyKeys.co.uk the low uptake of selling privately is due to a lack of awareness and appreciation of the simplicity and effectiveness of handling the house sales and marketing process by the home owner.
In an industry worth over £4billion, comprises about 1.8 million transactions a year and charges fees well in excess of those that would have been due had they risen in line with inflation, the lack of consumer confidence is indicating a need for change.
Key Note, an independent consultancy, estimates that 90% of sales go through agents, and commissions average about 1.5% of the selling price. It reckons agents’ income (including contributions from lettings and financial products) shot up from £1.7 billion in 1996 to £5.7 billion in 2004 and 2005.
As an independent advertising medium and not an estate agent, MyKeys.co.uk enables vendors to promote their homes privately and avoid steep commission fees. The vendor can still use a traditional estate agent if they wish, with no implications, as many estate agency contracts permit the vendor to sell privately alongside the agent.
Elizabeth O’Hanlon, Marketing Manager for MyKeys.co.uk explained: “More and more people are realizing that selling your home is relatively simple and doesn’t have to cost thousands. Traditionally, an Estate Agent’s service includes online sales listings, advertisements in the local paper, setting of viewing appointments, the offer to conduct viewings and management of the negotiation process.
“In reality though, many people find themselves doing their own viewings and negotiations with the estate agent acting as an expensive, messenger service for sales offers. It is not surprising that in London where house prices frequently top £500,000, more people are choosing to sell privately and avoid excess fees. It is anticipated that the number of private house sales will substantially grow across the UK by 2012 and consequently the role of the estate agent will diminish.”
By advertising on MyKeys.co.uk for just over £100 and maybe placing a low cost advertisement in the local paper’s property section (often below £100), sellers can market their homes easily and with a similar visibility to that of the estate agent service, but without the large commission fees.