New Service Seeks to Reduce Agency Fees for Property Sellers in Leeds

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The Student Property Shop is a free, fast and impartial service that enables home sellers to achieve significant savings on agents' fees.

The Student Property Shop is a free, fast and impartial service that enables home sellers to achieve significant savings on agents' fees

A new service has launched, aimed at driving agents’ fees lower for consumers in a reverse auction in Headingley, Leeds.

At the same time, The Student Property Shop also says it will deliver estate agents to secure leads by offering to name their fee upfront.

The agent offering the lowest fee will secure the lead exclusively.

The Student Property Shop says it should cut sellers’ fees by up to 50%.

Agents will have to sign up to The Student Property Shop – which does not mention how much it will cost agents.

We queried this with The Student Property Shop.

Director John Barnes said: “It is difficult to give a single figure for cost because our fees vary depending on the agent type, their location and the areas they choose to cover.

“However, I do take your point. I can confirm that fees start at £25 per month.

“There are no minimum terms which means agents are free to start and stop their subscription as they like.

“We launched two weeks ago and have four agents currently signed, with three others who are awaiting their registration details to be verified.”

The The Student Property Shop service is open to both traditional and online agents, but the vendor will have to choose which category they wish to use.

Sellers list their property details for free with The Student Property Shop, uploading their own particulars.

Agents who sign up must agree to deliver a standard set of services before competing for a lead.

For example, they must either be members of the NAEA or RICS, or working towards membership, and must also offer For Sale signs.

All offers made by agents are listed anonymously, and no one, other than The Student Property Shop, knows which agents are involved.

The agent offering the lowest fee at the end of the process is declared the winning agent and notified privately. The agent can then contact the vendor to arrange a single visit to verify the property details, undertake market valuation and have the vendor sign the agents’ paperwork.

Barnes said: “Since the vendor is aware of the fees and the standard services to be offered, the process is transparent. The vendor is aware of what to expect.

“They are also aware that no rival agent was willing to offer a lower fee, and therefore further negotiation is unlikely to yield any results.”

It is anticipated that we will help sellers to slash their costs by up to 50%. With estate agency fees currently between 1% and 2%, this could mean savings of up to £5,000 for anyone selling a home.

“The Student Property Shop is a free, fast and impartial service that empowers the seller. Using the service to reduce agents' fees should bring about the single, largest reduction in the sellers' costs.”

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