Of all the transactions known to man, home buying has to be the most stressful. Finding a buyer for yours, finding somewhere to go, hoping the chain runs smoothly and not to mention finding the best mortgage deal.
Much has been made of the Internet revolution with people shouting about lower costs, speedier delivery and easier access.
How much of this new economy hype is affecting the way we deal in property?
There are several advantages that Internet residential property sites have over high street estate agents. Buyers have access to information on remote properties. Exposure to private, as well as agency sales. On-site search tools can spare home buyer's time and effort by focusing their property searches. Internet sites can provide localised information on demand i.e. Transport Services, Schools and Local Taxes.
In a rapidly developing market there appears to be three categories of property site.
Providing alternative access to existing high street services. Prospective buyers are restricted to viewing only property on that agency's books. Sellers pay a commission on the realised price of the property.
These sites import data from numerous agency sites. They divert enquiries back to the agents who handle any negotiations. These sites are typically financed through advertising, sponsorship and deals with third parties. These can be surveyors, removal firms, mortgage lenders and life assurance companies.
These sites set out to exclude the estate agent and are online advertising facilities for private sales. Non agency sites finance themselves from out of partnership deals. Sellers tend to incur lower costs, where agents tend to charge between 1.5% and 2% of the sale price-these sites tend to charge between nothing and £65.
Here are some of the best sites and the services they offer.
Aims to be an independent ‘buyer friendly’ information site. 08004 offers property search, general local information, property news, interiors and advice.
An anti-estate agent site supporting private sales only. You can advertise for free on this site and even arrange a viewing. The ‘Selling Your Home’ section allows you to list your property details and attach a photograph. The buying section allows you to enter your buying criteria and save this for future use. You can even email the vendors direct.
Primarily a non-agency site divided into three sections. Properties allow you to advertise your home for sale, rent or exchange and also provides search facilities. Guides provide generic advice on selling, buying, moving, exchanging, solicitors’.You get the idea. Resources gives mortgage, life assurance and conveyancing quotes.
Linkup carries residential, commercial properties and land throughout the UK and abroad. The full service matches up buyers and sellers, sellers are charged a fee of between £250-£500 depending on the value of the property. Charges are waived if a buyer is not found within 8 weeks. If you don't require the match making service then you can advertise for a lower fee.
An agency portal offering sales and lettings of residential homes. This site will hold your hand through searching, hiring professional people through to removals. This site will allow you to email the agent for further details and carries several links to mortgage lenders.
All of these sites offer an opportunity to reduce the strain involved with your deal and provide opportunity for hours of happy hunting. We urge you all to remember that most sites derive income via the partners that advertise on them. This means, you may not get an independent view of mortgages or life assurance and may be linked to the providers that have been prepared to pay for the best positioning. Attaining a mortgage quote on-line can be useful - but dealing direct does not normally involve advice. If your circumstances are unusual there can be a great divide between obtaining an initial quote and your solicitor receiving a formal mortgage offer. Life Assurance can also present problems (especially for gay men), if the provider is asking personal lifestyle questions and for HIV testing.
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