North London estate agency Anthony Pepe has introduced what it calls a Zero to Hero fees policy, allowing vendors to choose what to pay - including paying nothing.
Sellers using the agency's new Highbury office can for a limited time pay 0.0 per cent up to 2.0 per cent, depending on their view of the service they receive. Previously the agency had a policy of paying at least 1.0 per cent - the firm says the average fee for the company under that arrangement had been 1.7 per cent.
“It’s obviously a bit of a risk in terms of offering anywhere from 0.0 per cent but we are confident that we provide a first-class service. Many clients actually chose to pay over and above 1.0 per cent with our ‘pay what you want’ initiative. We also believe that giving more control back to the customers really sets us apart from other estate agents” says Charlie Perdios, director at Anthony Pepe.
A vendor put forward for publicity purposes by the agency - apparently the first to take up the previous ‘pay what you want’ offer - paid 1.25 per cent.
Anthony Pepe has recently opened its third north London office in Highbury.
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Trust, being the bi-product of integrity, works both ways, so congrats to Charlie for having faith in potential clients. Would be interested to hear what the contract says.
Like this initiative, bold move reinforcing the objective of working for the fee!
What happens when/if someone decides to pay 0% - not great for the business coffers is it?
We tried it years ago and the average worked out just under 1% and yes someone did get to exchange and paid us nothing, because the sale took an extra day to exchange??? Most Vendors didn't get it and thought it was out of desperation we were doing it, which was not the point, so we dropped it after 6 months.
Yes, Robert, I can see how the charge of desperation could be levelled in this situation, but a brave and bold move nonetheless.
So they can advertise - we can get you on RM and Z for £0
Ummm. And still open to CPR's and BPRs and the EAA 1979 and all the fines that can go with them.
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