Is Greed Still Good? Not In The Property Business, Mr Gekko.

You’ve been nesting – not investing – for the past few years, even though it’s been fun to watch the value of your home increase. It’s not been that much fun watching that value decreasing recently, though, until you suddenly realise that it’s not just you who’s lost money when the property market went through its adjustment: it’s everybody, especially those in larger properties. This makes the financial gap between where you live now and where you’d like to live next a little bit narrower, so, all in all, now would be a good time to move!

Now the market is a little tougher you decide to put your house on the market before starting the search for your next home. Not only does it put you into a much better buying position because agents and sellers will take you more seriously, but it also means there’s less chance of you finding your ideal home… but losing out on it. And you don’t need that heartbreak. And you don’t really need the surprise variation in the valuations you’re given by the agents who come round. And why would that be? Some agents are after a quick commission, so they’ll undervalue your property for a quick sale. Others don’t care how long it takes to get their commission, as long as it’s a big one. So they significantly overvalue your property to tempt you to give them the instruction rather than any of the competition.

And, of course there’s quite a significant difference between the lowest and the highest selling fees: let’s assume your house is worth about 180,000, the typical UK property price at present. One agent generously tells you he will only charge you 1.5% plus VAT, or, in real terms 3,240. Another agent claims he’s the best in town and therefore worth every penny of his 1.75% plus VAT, or 3,780. And yet another agent says he’s the best in the county, with a massive network of offices – and just look at these sales particulars printed on high quality glossy cardboard. And because of these benefits, his bosses won’t let him go below 2%, or 4,320.

In 2007 you took out a 90% mortgage when you bought your home for 200,000. Now the value has gone down by 10%, there is no equity remaining but at least you have 25,000 in savings. So you’re prepared to bite the bullet on the assumption that your new home is going to in increase in value in the long-term. Four years ago, your new quarter of a million pound property would have been worth 275,000. But – and this is a big but – much is it going to cost you to move? You have solicitors’ fees, stamp duty… and, naturally, what you have to fork out for an agent to come around, take some photos and upload them to Rightmove. When all is said and done, there might not be enough money left over for you to move. Thank you, Mr Estate Agent.

Well, it was a good idea while it lasted. Wouldn’t it be nice if there was an alternative offering the same kind of service offered by our greedy friends on the High Street? Or even better? And at a greatly reduced price? Actually, there is: eMoov. We help you sell your home – online – without relieving you of every single spare penny you’ve set aside to cover the cost of moving house. Estate agency is moving from the High Street to the Internet, so the whole property industry is changing and we think you’ll like these changes. After all, with fees starting at just 99, using eMoov could make the difference between staying put and moving house!

Home buyers don’t bother to walk into estate agency offices these days. 90% of them search for property on the web. eMoov, internet estate agents, cover the whole of the UK but save money by not having hundreds of properties which you otherwise end up paying for in high estate agents fees. eMoov are online estate agents and ten times cheaper than the High Street.

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