Mr R decides to sell his flat in Ealing, London W5. He invites two local estate agents round to discuss its marketing, fees and price.
One of the agents tells him to market at £250,000 and the other at £275,000. The latter, Foxtons of Ealing quote him a selling fee of 3% plus vat. A total of £9,900 based on the higher valuation.
Once his composure recovers, Mr R sits down at his laptop and finds (easily) eMoov.co.uk who are low-cost online estate agents.
With a one-off flat selling fee of £295 plus vat, with no commission and nothing else to pay, he begins researching eMoov.co.uk to establish their credentials.
He quickly establishes that they’ve been around a while and have a large number of sold properties on their website with fee savings of thousands.
So he calls them and signs up.
Within a couple of days, the eMoov.co.uk assessor has been to take photos, to compile a floor plan and carry out an EPC.
Three days later Mr R’s ad is live on Rightmove, Zoopla, Prime Location, FindaProperty and dozens of other property websites at a price of £275,000.
Within 24 hours a viewing is booked for a prospective purchaser. That viewer, a first-time buyer, proceeds to make an offer of close to the asking price. A deal in the offing within the shortest time and at an estate agency cost that is some TWENTY-EIGHT times less than Foxtons.
A ‘mini’ miracle, you might say?