A home buying service established in 2007 has relaunched with a new name, a £300m purchasing fund and an upgraded proposition for estate agent partners.
Formerly known as National Property Trade, Croydon-based Spring promises to be more transparent on pricing and has also removed several of the traditional stumbling blocks.
It also claims to be a quicker and more rewarding alternative to auctions for both vendors and agents, preventing fall-throughs and completion delays.
Spring pays vendors a guaranteed fixed price of between 91% and 85% of valuation and pays the price difference if the property is subsequently sold for more than its valuation price.
The company says it “aims to give one price to the majority of the properties it engages, removing the multiple price drops historically associated with buying firms”.
Homes sold to Spring do not need to be renovated or prepared for sale, with Spring able to make an initial offer for most homes within 48 hours, completing in as little as seven days.
“Partner estate agents can offer our service in their pitch to their own customers, guaranteeing their clients a certain sale to Spring should they need it, either immediately or at any point after listing with the agent,” says Spring CEO Cormac Henderson (pictured).
Spring enables agents to earn two sets of fees; initially when referring customers to Spring and then following completion, when Spring will instruct them on the onward resale of the property.
“We can also refer potential clients, who have declined a Spring offer but are still seeking a sale, to our best-performing partner agents. Spring can also make offers to fix any chain breaks affecting the agent’s existing stock.”