Is property exchange the answer to market woes?The months since Christmas may have brought a slight respite for some, but there’s no getting away from it; a change in business model for both estate agents and house builders may be needed if the industry is to adapt and survive.
One of the solutions estate agents are resorting to is property exchange: by using buyer-vendors’ buying requirements to find a chain free sale with cheaper and speedier conveyancing.
Inspired by the part exchange schemes championed by house builders, property exchange comes in many forms:
To provide a basic service, advertise your vendors’ properties as ‘part exchange considered’, and hope that any buyers have a suitable property to exchange.
By asking your vendors for their basic buying requirements you can identify any properties you may have in your branch or branches . Remember at this point, the more questions asked, the less likely you are to find an exchange property, so keep it to the basics of: price, location and bedrooms.
This works well within one or small multiples of branches, but to get your buyer-sellers possible exchange deals between big groups of branches, with other local estate agents and with house builders, a technically advanced solution is required.
Property match, exchange and swap sites provide the best answer, but to choose the right site for your business, here are some points to remember:
To remove any risk of vendors cutting the estate agent from the sale, use a site which neither lists private vendors, nor shows property details to the general public.
Make sure you are paying for a true two-way matching site and one which has a builders involved to provide more exchange leads.
Property-Matchmaker.com is an example of a site which has been developed exclusively for estate agents and house builders to increase sales through property exchange. The database matches two properties together, safely providing leads to enable your vendor to exchange their home with their perfect match, and without a first time buyer slowing the sale.
To contact Property-matchmaker call 01642 715316 or register at www.property-matchmaker.com