Crashing property market creates new breed of Estate Agent

November 5, 2008 · 62 Views

- New online service matches motivated sellers with ready buyers
- Service sells 400% more properties than average estate agent

A new alternative to the traditional estate agent, set up in response to the falling property market, is selling properties faster than it can replace them. The Discount Property Shop (www.discountpropertyshop.co.uk) is an online estate agent that matches motivated sellers with motivated buyers, and is selling at a rate of four properties a week – more than four times the national average of 0.88*.

The principle behind www.discountpropertyshop.co.uk is simple: the organisation only deals with sellers who need to sell quickly, whether for financial reasons, after a divorce or separation, or because they have inherited property or are relocating. These sellers are required to reduce the prices of their properties by a minimum of 10% from their independently verified market value, and once the properties are on the market, they receive some of the widest online advertising coverage in the industry.

On the other side, the organisation will only take enquiries from buyers who are ready to proceed – i.e. with finance in place and solicitors available to buy quickly. That way both buyers and sellers avoid many of the traditional hurdles that can slow down the process, such as onward chains collapsing, something that is increasingly common in the current property market. Buyers can make enquiries round the clock via the 24/7 Enquiry Line.

Mark Brogan, Managing Director of www.discountpropertyshop.co.uk comments:
“The Discount Property Shop offers a fully transparent service that represents a win-win situation for buyers and sellers, and we are completing sales in record time – on one occasion we registered a serious buyer within thirty minutes of advertising the property.
“In the current economic climate, the business model for the traditional high street estate agent is no longer viable and the industry needs to respond to market forces. Not only do our sellers offer appealing discounts on quality properties, but we are also able to reduce costs ourselves by conducting our business online and in many cases registering block viewings.”

The British property market is facing significant slowdowns, with estate agents selling properties at one fifth the rate of last year. Furthermore, repossessions are rising and the Centre for Economic and Business Research predicts that the average cost of a home will fall by £40,000.

* Royal Institute for Chartered Surveyors

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