Online agency defends fees, saying 98% of homes sell at ‘valuation price’

Online estate agency House Network claims that “the percentage of houses sold at the original valuation price is 98 per cent”. 

The claim is made in a statement by its founder and chief executive Mark Readings who says that in terms of deals with vendors his company’s preference is for a one-off fee.

“There are many reasons for this” explains Readings.

“Over the last 15 years our research has shown that the first three weeks are the most important in selling a property. The one-off fee allows us to maximise the marketing of a house when it matters. If we do not sell within the first month then we keep marketing until the sale is achieved, so it is always in our interest to sell your property to the agreed price as quickly as we can” he claims, adding that this is “a win-win situation” for the client.

Readings’ comments come in a statement advising the public to be wary of entering into long-term contracts with traditional agents. 

“We know that most properties sell within the first three weeks, so it makes no sense to sign-up with a single agent for six months and potentially have your property sitting with them unsold and un-viewed for over five months. We always advise using the best options for selling your house, and avoid being pushed into a deal which suits the agent” he says.

He admits that for some sellers a High Street estate agent may be the best option “but for many people the online service we provide gives them the service and the savings they are looking for.”

House Network started in 2004 and describes itself today as “the first online estate agency”; in February it staged a TV ad campaign to promote a new 20-point customer promise, including a pledge that as each stage of the sales process vendors would be managed by a dedicated relationship manager.