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Originally the process for real estate agent, that’s how it’s for at least the last 30 years, but recent reports that has come out of the united states shows that this trend may be changing, for those looking to put their property on the open market are not looking to towards services of your high street estate agent any more, a growing number of people are now looking towards the prospect of promoting the property themselves. And if these statistics from the USA are to be believed this trend may migrate over here, take a look at your Internet and you will already see signs of the sell by owner making inroads in our key advertising process.

An article printed in the USA today newspaper stated that a property in the Hamptons, New York with sea views and spanning over 40 acres was sold not by an agent but by the owner, it is estimated that the seller saved in excess of £5 million in commission fees.
Although this is not yet the typical way to market a property in New York or the USA, it shows a trend as more and more people opt for the option of self marketing dodging the necessity of paying hefty commission fee.
The last official figures recorded that in 2006 12% of all homes sold in the USA were for by owner sales, and is widely believed that this figure has risened year upon year with an estimated yearly savings of $17,105,540,000,000! In commission fees.

Is it now the case that real estate agents need to fear the onslaught of the for sale by owner websites eating into their market place, as it stands at the moment the public has little respect for the estate agent pasted reputation and they only have themselves to blame for that, with their underhanded tactics, tying sellers into unrealistic contracts, undervaluing, and all the other underhanded tactics that many agents have used in the past, they cannot be stunned if people decide to use alternative means to promote and sell there properties. Now the fact is the sale by owner has already got one foot in the market place and with so many estate agents going under due to the credit crises, the sale by owner looks to becoming a more prominent tool used by sellers to market their properties, that coupled with the fact that in most cases the seller will only pay a flat fee to a for sale by owner websites and therefore having the ability to keep what they would have paid out in commission could be a factor that is needed to drive more people away from the estate agent.

Although the for sale by owner websites are already over here and doing a roaring trade, if we look to the example of the United States it is imperative that the estate agent upped their game and doesn’t merely dismiss the services of the by owner websites as irrelevant, an estate agent who takes that attitude does that at its own peril, the for sale by owner here and I don’t think they’re going away.

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