Words: Ashley Rigg
Published: 30th September 2009
Cheap agent goes bust
The UK agent, WOW Property which promised to “revolutionise the way houses are sold and bought”, has gone into administration.
Based from Guildford in South East England and claiming to have a workforce of 200 agents in the region, the company offered vendors a fixed fee of £999 for its marketing services; significantly less than the 1% to 1.5% charged by competing agents.
The company aimed to compete with High Street agents in the South East with just a field sales force. At the time of launch, Gareth Robinson, CEO, said: “Currently over 90% of houses are bought and sold through high street estate agents, but that’s about to change. The current market downturn has accelerated consumer need for a value for money solution”.
Most agents across the globe are facing markets with low transaction volumes. In this environment, reducing prices is not always the most sensible strategy.
Full story on
Estate Agent Today
Related Links