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Fixed-rate estate agency launched

Tuesday, 1 July 2008 12:00 AM

A new fixed-rate estate agency service has been launched by Wow Properties, with the hope of "revolutionising" the market.

With traditional agents suffering from the downturn in prices - with Nationwide today reporting a 6.4 per cent year-on-year fall in June - Wow Property hopes to change the way houses are sold - potentially saving sellers thousands of pounds.

The company offers a fixed fee of £999 - payable on completion - irrespective of the value of the property.

This fixed-rate price can generate a substantial saving of around £2,600 for the average vendor, who is normally faced with estate agents fees between one and three per cent.

It is hoped the service will appeal to the 40 per cent of vendors who are dissatisfied with estate agents in the UK, according to Financial Services Authority (FSA).

"Currently over 90 per cent of houses are bought and sold through high street estate agents, but that's about to change," said Wow chief executive, Gareth Robinson.

"The current market downturn has accelerated consumer need for a value for money solution. We have developed our business around this exact demand allowing us to provide a high quality and personal service with the lowest fixed fee on the market."

WOW Property launches with a workforce of over 200 estate agents throughout the UK, with up to 600 planned by the end of 2009.

The majority of these employees will take the form of locally based agents working on the ground, armed with the experience and local knowledge required to undertake valuations and viewings.

Each customer is also provided with a qualified account handler who proactively manages every aspect of the process from marketing the property and arranging viewings through to negotiating offers and ensuring the smooth progression of the sale with all parties up to completion.

Wow Property then markets every home on every major property website guaranteeing that it will be seen by a majority of buyers.

"UK vendors are dissatisfied with the quality of service they receive and are demanding more from their agents.

"WOW Property has developed its business to provide exactly what these vendors want: a proactive, value for money, full service estate agent that will sell their property for the best price in the fastest time," concluded Mr Robinson.

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