YOPA has made some bold claims this morning, reporting that it apparently gains home sellers an average £15,346 more that the average estate agent.
The online-based company also claims that its typical consumer fee saving is £2,440 compared to the industry’s average high street estate agency commission of 1.42%.
YOPA provides selected figures from property industry data business Twenty Ci, between 1st January and 30th April, which shows:
+ Top 10 in Britain for listings at 4318 properties listed (of all agency brands)
+ Top 7 for sales agreed, selling 3823
+ A for sale to SSTC ratio of 89%
+ Number three in the country for exchange volume at 2,757 transactions
“And here’s a statistic to really confound the doubters – YOPA are said by Twenty Ci on average to achieve £12,906 more than the average agent on a typical £450,000 home – this is the best of any agent in the country,” the company claims in its latest press release.
“The combined saving in selling fees plus the additional sums achieved on sale price, mean that a YOPA seller really is £15,346 better off than someone that chooses a different agent,” the estate agency continues.
Verona Frankish, CEO of YOPA, commented: “You may hear that fixed fee agents who take fees upfront have no incentive to sell their listings and are somewhat hands-off. Well, our performance puts that misconception firmly to bed once and for all, as verified by respected data business Twenty Ci.
“Not only is YOPA one of the largest estate agencies in Britain by volume, but we also sell a higher percentage of our listings and at a higher price. I know that this will be an inconvenient truth for our competitors, however, it’s testament to our 160 agents and office teams who work closely and tirelessly with our thousands of clients, providing a genuinely full service estate agency experience in a modern and accessible way. In fact we also offer a no-sale, no-fee option package.
“Now, we have proof of our performance and we will wear it as the ultimate badge of honour”.
Impressive figures, but I have a question on ratio of SSTC to asking price. Is that ratio versus the original listed launch price, or versus the final asking price?
And following on from that question, does Yopa have data they are willing to publish on ratio of price reductions to listings? And average time their listings are on the market before reaching SSTC? Finally, what proportion of SSTC are exchanging.
That additional data will help complete the picture to more accurately assess Yopa’s performance.
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What would surely be a “badge of honour” would be to demonstrate that these results have created a sustainable profit making business.
No mention of its financial performance as a business in this release but the most recent accounts I can find showed continued losses and a question mark over whether it was legally trading as a “going concern”
Has this changed?
I have no axe to grind with the model or the particular business – just asking ?
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……losses of a mere £100,000,000 and counting.
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Oohh one more question re the data. What is the actual sample size for the number of houses Yopa have sold in the £450,000 price range and does it test for statistical significance?
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Who is going to explain how Twenty CI came up with the £12, 906? How is it calculated?
Whether it is someone from Twenty CI or someone like Statto I would like to know about the data and evidence that supports that claim.
They can start with an easy question- even with all the errors and duplications removed and the algorithm that adjusts the Land Registry HPI ignored, the typical completion price is not £450,000 (and won’t be until about 2028) who came up with £450,000? What is it typical of?
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160 agents -one of the largest-another statistical revelation
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So at the end of the day, without any form of verification, context, detail etc these stats are utterly meaningless. Why is Property Eye publishing
unsubstantiated statistics on behalf of a company. Its unethical.
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