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Frustration with greedy, commission-hungry estate agents is at an all-time high.

Ground breaking research out today by Wow, the UK’s first low-cost, fixed-rate estate agent reveals the UK spends Β£3.5 billion in estate agency fees every year. Given that many firms also charge extra for financial advice, in total we hand over Β£5 billion per year to estate agents.

Unsurprisingly, cost is a key driver for our loathing of estate agents, frustration with greedy, commission-hungry estate agents is at an all-time high for residents in Surrey with 37% saying they resent handing over a percentage of the value of their home to an agent and 29% feeling agents only care about their cash.

Two-thirds of people who have recently sold their house described their estate agents as wide boys, whilst nearly a quarter found them to be smarmy.

23% of sellers also referenced hair gel and shiny suits when thinking of their estate agent. Just six per cent thought their agent was easy to relate to, whilst only 8% of home owners who have recently sold their house thought their estate agent was down to earth.

The credentials of many individuals are also called into question by people – 22% think that many estate agents appear very young and lack the necessary training and experience to be dealing with such large amounts of their cash.

Yet given this extremely negative perception, almost a quarter of people believe that selling their home is such a big undertaking they wouldn’t dream of doing it without the help of an estate agent.

In order to address public concern, WOW Property has launched as the UK’s first low-cost, fixed rate estate agent, which enables homeowners to sell their house for a fixed fee of Β£899 including VAT.

Given that typical estate agents charge between 1 per cent and 3 per cent of the value of your home, or an average of around Β£2,500 to Β£7,000, the cost savings Wow delivers are huge. The company is able to offer these savings by removing expensive high-street shops that are no longer visited, and doing away with expensive β€œdoor openers” to show people around properties – 97% of people think it’s not important to have an agent to do this job.

Wow offers a full face-to-face local estate agency service. WOW’s new breed of local agents provide face-to-face, expert knowledge of the property in the local area. Wow estate agents are also likely to be older, more experienced, have in-depth knowledge of property within the local area and come from all walks of professional life. All properties sold via Wow benefit from huge reach via Rightmove and the other top 7 property portals such as Primelocation and Findaproperty.

Nick Wright, managing director, of Wow comments: β€œEasyjet and IKEA have proven that it’s possible to provide great products and services at a fraction of the cost, and our aim is to revolutionise the property market in the same way. I mean is it really necessary to have a cappuccino machine and branded cars? The commission-based model is no longer viable - you’re charged on the basis of the value of your house rather than the amount of work taken to sell it. It’s essentially like a beggar demanding 3 per cent of what’s in your wallet!”

www.wow-property.com

Release ends.

For further details please contact:

Nick Wright
Tel: 01483 306421
Mob: 7768 353524
Email: nick@wow-property.com

www.wow-property.com

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