A Case Study into Selling Property Online

Simon Prockter was reportedly the first person ever to sell their property completely online in the UK, it was interesting to hear his thoughts recently on how things were back in 1997 when he sold his property himself.

Things are changing fast in the online property sector

Simon Prockter was reportedly the first person ever to sell their property completely online in the UK, it was interesting to hear his thoughts recently on how things were back in 1997 when he sold his property himself:

“The whole experience of selling on the internet was painless. Mainly because it cut out the estate agent. Not wanting to be negative, I didn’t believe the agents were selling in my interest. I think the buyer felt happier as well as the line of communication was clearer. I also think being able to achieve it independently provided a much better feeling afterwards. I was disheartened to see sites like the one I sold through had all but disappeared when I last bought a property 5 years ago so I was delighted to see a new site, tepilo.com, come along and give the power back to the seller (and buyer). I’m interested to see how my next property sale goes with them!”

We also asked him how much he thought he had saved by selling himself online.

“I obviously saved a lot – not just through not paying fees but also by not receiving stupid offers. I was selling in a buyers market and I think agents encouraged stupid offers when I was selling – most offers via agents were £10k below the asking price, one offer was £25k below! Plus on top of that agent fees were higher then – something like 4-5 % if using more than one agent. So realistically I saved at least £13-15k – not much in today’s money but certainly a lot back then.”

Selling yourself now, you could be saving up to 3.5% of the value of your property, which is considerable with current property values, so something that I think everyone should be considering. If you are already with an agent, then look to the internet as a back up plan, the additional exposure might be what you need to find those buyers.

We have been surprised at the huge amount of high value property being advertised online, way above the average house price, you might expect this to sell better through a specialist, but in selling and advertising online, this is where the really big savings can be found and I guess this makes it an attractive proposition. Buyers will come where the properties are found.

Simon's property (featured above) is now for sale on Tepilo...