by: Edward Bennett
It is one thing to flog a used pink bathrobe, a Pac Man Fever lunchbox, or a Dukes Of Hazard ashtray. But how many people would be brave enough to sell our houses online?
Plenty, according to a survey by first4sale.com, a innovative online property website. Research by YouGov, which questioned over 2 thousand UK citizens, discovered that seventy percent are fine with the idea of selling their most valuable item - their property - over the World Wide Web. The relatively new idea of SIY - Sell it Yourself - could save four billion pounds in unnecessary estate agency commission, reasons first4sale.com. "It reflects consumer confidence in the internet," says Mark Fisher, the chief executive of first4sale.com. "The net has over 10 million users in this country. SIY has evolved quickly from dealing in smaller, low-valued possessions. More than 190,000 cars are sold on the Internet each year, and houses are now the latest big-ticket item to sell yourself." You can see why. By selling online, you avoid the agent's commission, usually 1ยท5 to 2 percent of the total selling price. Fisher points out that on a three hundred thousand pound property, the owner could save more than five thousand pounds.
But does it work? Only three months ago, Richard Batten, a software company director from Finchley, north London, put a deceased relatives house in Golders Green on the market for £699,000 with first4sale.com. "I don't trust agents," says Mr Battern, "and as I was not under pressure to sell quickly, I thought I'd give it a go." Within two weeks, Batten had 18 inquiries - most from the For Sale board, he adds - and an offer from a family in Hampstead that is going through at just below the asking price. A survey has been carried out and Batten hopes to exchange before long. "I do not see the added value from an agent, and this way you deal directly with the buyer." Now he is selling his own home, shared with his partner and their 12-year-old daughter. Now he has two potential buyers who did turn up both put in offers. "Altogether, I will save £22,000 on agents' fees," he said.