The founder of Hatched, Adam Day, has called for online agents to have to show ‘wealth’ warnings that vendors might get less by selling through them.
The disenchanted Day is accusing many online firms of being really just private sales sites, and not estate agents at all.
Day, one of the earliest online agents and who also went on to work for easyProperty and eMoov, said on LinkedIn yesterday that agents that allow sellers and buyers to negotiate directly should display the warning.
He said that vendors should be told that allowing direct negotiation “is no more than private house sales (and can seriously affect your sale price)”.
Day said that sites such as We BuyAnyCar have to state warnings that, for example, sellers might get less for their cars by selling through them.
Day said: “I’m calling for a similar warning about agents who allow the seller and buyer to negotiate directly through a platform – in other words, online estate agents.
“Because online estate agents now are nothing more than private house sale sites (which is fine – the consumer should have a choice, but there should be a warning).”
His post is at the link below, where there is also a video, well worth watching whatever your point of view.
In the video he argues that the public are being misled by today’s “self-service” online agents.
Self-service was not, he says, the model that was first proposed.
He says that typically, feedback is now handled by a dashboard platform, whereas in the early days, online agents chased up and progressed, and did not allow sellers and buyers to negotiate.
He says online agents have now “gone too far” and are now offering self-service models.
Day insists that as such they are private sales sites and not estate agents at all.
Day’s post is delivered under the headline: “I’m calling for a financial warning when using an online agent.”