Why many people are seeing the colour purple
If you watched Watchdog on 3 August, you will have seen online estate agent Purplebricks being investigated. High street agents such as ourselves have long been concerned about many of their practices, especially as we often have to pick up the pieces when things have gone wrong.
One of the main differences between Purplebricks and ourselves is the way we are paid. Unless we sell your home – and that doesn’t mean getting an offer, that means 100% sold and completed - we do not get our fee. It is therefore in our interest to fight for your sale, to do everything in our power to ensure that you complete, and as quickly as possible.
With Purplebricks you pay a fee upfront. Yes, this fee is less than the commission charged by many high street agents, but where is their incentive to fight for your sale?
One of the issues raised by Watchdog was what happens when a vendor defers payment to Purplebricks, which is one of the options that is offered. Sadly, not all vendors are given the truth about what deferring payment actually means - by deferring you are signing up to a credit agreement, with the loan held by the finance company Close Brothers.
Selling with an online agent may be very attractive to some, but make sure you clearly understand how they operate so that you don’t fall into the trap of signing up to a credit agreement without fully knowing what you’re agreeing to.
At Bidmead Cook we are always transparent with our fees, so you know exactly what you need to pay, and when. There are no credit agreements, no hidden costs, just a straightforward, clear and concise service, provided by a company that is dedicated to you and your property from the beginning, through the middle, right to the end.