The latest research has revealed that as a nation, we spend £3.5 billion each year in agents fees alone. However this figure does not take financial advice into account, something which most estate agents charge extra for, meaning the annual total stands at an even bigger £5 billion.
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Those living in the Home Counties, especially Surrey, harbour the most resentment towards estate agents possibly due to the fact that house prices in these regions are some of the highest in the country and therefore they are subject to some of the highest agency fees in the country.
In addition to this, two-thirds of recent sellers described their estate agents as wide boys, whilst nearly a quarter considered them smarmy. Unfortunately, the stereotypes dont let up there after 23 per cent of sellers mentioned their estate agents either used excessive amounts of hair gel or wore shiny suits. Just six per cent thought their agent was easy to relate to, whilst a meagre eight per cent of homeowners described them as down to earth.
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Despite the fact that 22 per cent of sellers think their agent is too young, and therefore possibly too inexperienced to be handling such a large transaction, they say they wouldnt dream of selling their home without one.
Taking this all into consideration, Wow Property has launched the UKs first low-cost, fixed rate estate agent, which enables homeowners to sell their house for a fixed fee of £899 including VAT.
The firms managing director, Nick Wright, believes that estate agents place too much emphasis on frills: The commission-based model is no longer viable – youre charged on the basis of the value of your house rather than the amount of work taken to sell it. Its essentially like a beggar demanding 3 per cent of whats in your wallet! Easyjet and IKEA have proven that its possible to provide great products and services at a fraction of the cost, and our aim is to revolutionise the property market in the same way.
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