A new service has launched, aimed at driving agents’ fees lower for consumers in a reverse auction.
At the same time, WeeFees 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.
WeeFees says it should cut sellers’ fees by up to 50%.
Agents will have to sign up to WeeFees – which does not mention how much it will cost agents.
We queried this with WeeFees.
Director Kiran Dhaliwal 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 WeeFees 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 WeeFees, 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 WeeFees, 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.
Dhaliwal 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.”
Good luck with that, I’m sure all of us agents would love to pay to compete just on fees.
As an industry we need to stand firm against companies that add absolutely nothing to the process and only seek to take a cut by cutting our income.
Are you all with me?
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Can’t see that catching on. Even as a seller I would want to know more about what the agent could offer in terms of service
As an agent I certainly wouldn’t pay a company that is driving down my income… More fool the agents that sign up
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Yet another group of chancers trying to drive our industry into a race to the bottom – FOR THEIR OWN GAIN ONLY.
The client will be the only loser. Those agents who gain instructions this way do it clearly knowing they are the cheapest of the cheap – and we all know the reasons why.
Eejits.
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I was waiting for your friend Trev’ to chirp in with anti-competiveness as their rules break everything he has recently chirped on.
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Started with:
“Director Kiran Dhaliwal 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”
And then added:
Dhaliwal 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”
Pot. Kettle. Black.
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While the cost of operating a compliant and proper Estate Agency continues to rise why are so many people just focused on reducing our fees when vendors are bagging record figures for their properties thanks to our efforts?
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Ha Ha Ha Ha Ha Ha Ha Ha Ha Ha Ha Ha Ha Ha Ha Ha Ha Ha Ha Ha Ha Ha Ha Ha Ha Ha Ha Ha
Ha Ha Ha Ha Ha Ha Ha Ha Ha Ha Ha Ha Ha Ha Ha Ha Ha Ha Ha Ha Ha Ha Ha Ha Ha Ha Ha Ha
BONK !
That’s me falling off my chair.
WeeFee are taking the Wee out of us hard working estate agents.
We are not so F&%^&*g stupid. Whereas WEE clearly have no clue how are industry works.
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The sole aim is for their personal gain? Smacks of dodgy landlord syndrome.
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Oh F Y Information I do know the difference between “our” and “are” must have been more concussed than I realised when I sent the last post.
Or maybe I had a WEEFEE bit too much Whisky in my tea this morning, as if !
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I had a panic I’d nodded off and woken up on April 1st. A website agents voluntarily sign up to in a bid to hammer down their fee in a race to the bottom and pay to subscribe too. I keep getting similar invitations from netanagent all finding their way straight into my deleted items folder.
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What a stupid business model.
Agency should be about quoting on service levels. Not who’s going to set up the 98p shop.
Better service doesnt always cost a fortune more, but can reward sellers by thousands more.
Could this be yet another accountant setting up a model with no idea ohow industries work best.
Lets hope the site owners set up a compensation scheme for the deals where sellers lose out
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Oh good, another website nobody needs…
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