They charged £616 to install a security light. A further £2,000 deposit for an offer to be "taken seriously" and even a £1,495 buyer's "progression fee". These are real fees being charged by real estate agents, such as Foxtons. One landlord recently discovered he has been charged £1,900 in commission fees for various jobs on his numerous properties. "Commission fees", not the actual cost of the repairs and paperwork needed, but a cunning slice of the action for estate agents.
Total Bill paid by landlord: £616
Actual Work: £412.50
Foxtons' Commission: £137.50
Over £500 ad hoc management fee = £65.50
Foxtons facing £42m legal bill = priceless
You don't need an over-illuminated security light to see this is daylight robbery. And estate agents are doing it to sellers, buyers, renters and landlords without remorse. Why is this still considered acceptable?
Something has to change
We set up SellMyHome.co.uk and RentMyHome.co.uk because we were fed up with being charged through the teeth for a non-existent service. Why should you be paying 1.8% (plus VAT of course) minimum, for someone to show people around your home? Who knows it better than you do? No one. Times have changed and the online world opens up your property to an intrigued world waiting to find your home and on your terms. You no longer need an agent to tell people about it and to convince you they are going to get as much mythical footfall as possible. You no longer need to have in-house agent mortgage lenders or solicitors to get you the best deal. You no longer need to negotiate your time into an agent's 'busy' schedule in order to see a property. It's high time estate agents went the way of the dinosaurs.
We are an online estate agent and all these other estate agencies are giving us a bad name. If you want something done properly, do it yourself. Vote with your feet and help change estate agents for the better. Just because something has been done a certain way for years does not mean it should not have to evolve.
So here's the plan; forget estate agents. Forget their fancy suits and funny little branded cars. For a simple one-off fee you can list your property with us and gain access to the biggest portals, including Rightmove and Zoopla. We are not going to suddenly throw in a hidden charge; you choose the service you want, we list it on our website and anything you make on the property is yours. Exactly the way it should be.
You are going to save yourself thousands in commission and a whole lot more besides in stress. Help us change the estate agency business for the better, for everyone.