An online company has claimed that there are three times as many people who want to sell their home than there are properties on Rightmove.
KnockForSale.com which acts as a facilitator between home owners and people who would like to buy their home, claims that its research among 1,000 home owners proves there is a ‘shadow market’ of vendors who would sell if they were approached with an offer.
The company is attempting to persuade vendors and buyers to circumvent estate agents entirely and says its online platform enables house sellers to save £3,275 based on an average agent fee of 1.42%.
KnockForSale.com charges buyers £5 to send a card via its app to an address which makes an offer for their home saying ‘I love your property’ and asking whether it is ‘potentially for sale’. Each card then directs potential vendors to the company’s website where they can see more details of the buyers’ offer.
Cut out agents
The service appears to be an attempt to intervene in the property market before people instruct agents and cut the industry out of the process.
The business has been backed with £150,000 provided in part by the founder of SpareRoom.com Rupert Hunt (left).
“’Hand delivering flyers is recommended by plenty of property gurus but one of its pitfalls – along with territorial dogs and twitching curtains – is that buyers have to be there, and give out their contact information,” co-founder Kerrie Powell told The Daily Mail.
“Our service offers a layer of security and convenience for buyers, as well as the opportunity to secure a home that’s not on the market. And, for homeowners, we offer the possibility of a direct sale without having to pay commissions or fees to estate agents.”