22 August 2010

iSold moving national could change estate agents' business models, says Move with Us

Property specialist, Move with Us is advising estate agents to be mindful of the change posed by the emergence of discount online-only estate agents. Earlier this year research revealed that two thirds (67%) of estate agents believed that Tesco's iSold would have an impact if rolled out nationally, which is now proving to be the case.

New entrants to the market, such as iSold, a partnership between Tesco and Spicerhaart, who charge a flat fee, could make estate agents re-evaluate their business and charging models. Move with Us reveals that iSold is slowly moving its offering nationwide, and whilst the number of properties being marketed is still small, it is likely to total several hundred by the end of the year. iSold is offering sellers a fixed price of just £999, including VAT, and they claim that this is a saving of up to £3,700 on estate agency fees for a £200,000 property, and up to £8,400 on a £400,000 home, based on a 2% commission rate.  

Furthermore, Move with Us warns that potential sellers are unlikely to be put off by thoughts of limited distribution as the properties of iSold.com’s clients will be advertised on all of the major property portals, including: Rightmove; Primelocation; FindaProperty; Globrix; Mouseprice; Zoopla; and Homes24. 

Simon King, Move with Us Online Director, commented:

“Estate agents are no strangers to competition although they need to be aware of any change to their business. There is little doubt that clients may look with interest at a new style of fee and agents can rightly point out that, whilst iSold charges an upfront fee, they will only charge customers following a successful sale. We also advocate that agents continue to highlight the quality of their service and the experience they offer clients. This, combined with a strong online presence, will distinguish themselves from new entrants into the market.”

About Move with Us:

We are one of the UK’s leading property experts, as we deliver simple and effective services to help customers buy a home. Our trusted and professional services are second to none.

Based in Cambridgeshire, we currently have over 280 members of our team, who all share the same core values and goals. Through our commitment to continuous innovation, exceptional service and outstanding value we do property, properly.

We work with independent, accredited estate agents across the country, providing property instructions and a host of moving services to help them earn revenues and provide their customers with a smooth, efficient move.

Each element is incorporated into an integrated approach, focused on bringing together the right people, properties and professionals to deliver what we believe is an unrivalled service.