Online agents could kick start the housing recovery

Imove Cornwall is the latest online estate agents to open it’s virtual doors to the Cornish property market and it is claimed these new breed of digital agencies could kick start the housing recovery.

David Gilmore, from imove Cornwall, says: 'Similar to low cost airlines who changed the market with the introduction of online bookings and discounted flights, we believe that online estate agents are the way forward.  I would even go as far to say that the revolution of online agents could kick start the housing market if the much lower fees allow sellers to reduce the prices of their house in order for a quicker sale”
Online agents are certainly cheaper than traditional agents. High street agents tend to charge percentage fees based on the sale price of your property but with nothing to pay if you don't sell.
In the height of the property boom some agents would charge as little as 1 or 1.5% but a sluggish market has seen that creep up to around 2.5%. This means selling a £200,000 property would cost £5,000 plus VAT.
Online agents on the other hand tend to offer a range of pricing options. Typically these include a flat fee option and other pricing deals which have a smaller upfront fee and another fee on completion.
Currently imove Cornwall has started with one fee option for customers in Cornwall.  A straight low cost fee of £399, with no VAT to pay.
Imove director Mark Green says the site offers massive internet coverage for a simple low cost.  “We are in the process of developing additional fee options for customers, which we hope to launch within the next few months”
“High Street agents charge a fortune in fees in order to cover the colossal overheads of multiple premises and the wastage from 'no sale-no fee' which, attractive as it initially sounds, means that the successful seller heavily subsidises those that do not sell” says Green.
Most online agents get your property as much coverage on internet property portals as traditional estate agents do.  But many do not offer local newspaper advertising.  Imove claims to be different as it offers it’s customers local newspaper advertising at cost price.
“Most estate agents will advise seller’s that newspapers do not attract buyers” says Mark Green from imove, “however many seller’s still want their property advertised in the local newspaper.  With imove seller’s can purchase cost-price advertising”.
Imove Cornwall was launched in June 2011 and is the UK’s first not-for-profit online estate agents where all profits are donated to local good causes.
http://www.imovecornwall.org/

imove Cornwall - as seen in The Observer newspaper!

We continue to be overwhelmed by the local and national media coverage we are receiving.  Today imove Cornwall has an article printed about us in The Observer newspaper.  The article focuses on the new wave of online estate agents who are saving seller's thousands of pounds, just like imove Cornwall.

imove Cornwall is a not-for-profit online estate agents which charges a low one-off fixed fee of just £399 to sell any size property, anywhere in Cornwall.

"There has been some negative criticism of imove" says Chairman Mark Green.  "However this criticism is from other estate agents.  I think it's difficult for traditional agents to accept that we have decided to setup a not-for-profit social enterprise which invests profits for the local community rather than for investors or shareholders".

"It's not all about making profit for yourself" says Mark, "there are vulnerable people in my community that need financial help and if we can raise significant funds to help local good causes, then that makes me feel a lot better than making profit for myself"

You can read the article here: http://www.guardian.co.uk/money/2011/jun/05/cut-price-estate-agents


www.imovecornwall.org

Dan Rogerson, Minister of Parliament for North Cornwall on imove Cornwall

imove Cornwall has received a welcome comment from Dan Rogerson, MP.

"Your new social enterprise sounds very interesting and I am sure that there is room in the local market place for it"

Dan Rogerson is the Liberal Democrat Member of Parliament for North Cornwall. He is campaigning for a fair deal for Cornwall.

He joined the Liberal Democrats while still at school to help fight for the election of Paul Tyler, who was Liberal Democrat MP for North Cornwall from 1992-2005. Dan then graduated from the University of Wales, Aberystwyth with a degree in politics including a work placement in Parliament with Paddy Ashdown, the then party leader. From 1996 until 2002 Dan worked in local Government and then for a University while fighting political campaigns in his own time. He was elected a councillor in 1999, gaining a seat from Labour with a 27% swing. He then served as Deputy Group Leader.
He was elected to represent his home constituency in Parliament on 5th May 2005

imove Cornwall makes the Cornish Guardian newspaper

This mornings edition of the Cornish Guardian newspaper has carried a storey about imove Cornwall, the UK's first not-for-profit estate agents.

Mark Green, Chairman of imove Cornwall says "we are of course delighted with the press coverage we are experiencing. and hope this leads to more people choosing imove to sell their property".

imove Cornwall is an online estate agents covering the whole of Cornwall.  For just £399 people can sell their property and save thousands of pounds.

Famous philanthropist wishes imove well

Dame Stephanie Shirley (http://www.steveshirley.com/) , the famous philanthropist this week sent imove these very kind comments:

"What an interesting, and ambitious, enterprise! 

You won’t be popular with the established agents but I wish you well!"

FROM WIKI : Dame Stephanie "Steve" Shirley, DBE, FRA, FREng, FRSA (born September 16, 1933, Dortmund, Germany) is a British businesswoman and philanthropist. She originally arrived in Britain as an unaccompanied Kindertransport child refugee.^[1] She was placed with foster parents and later re-united with her biological parents, but later claimed she "never really bonded with them".^{[citation needed]}
In 1962, Shirley founded the software company, F.I. Group (later Xansa, acquired by Steria), and was concerned with creating work opportunities for women with dependents - and employed only women until 1975's Sex Discrimination Act made that illegal. She adopted the name "Steve" to help her in the male-dominated business world.^[2] She officially retired at the age of 60 in 1993 and has taken up philanthropy since then.
Shirley was appointed Officer of the Order of the British Empire (OBE) in the 1980 Queen's Birthday Honours,^[3] and promoted Dame Commander (DBE) in the New Year Honours, 2000.^[4]
In 1987, she gained the Freedom of the City of London. She was President of the British Computer Society from 1989 to 1990. In 1985, she was awarded a Recognition of Information Technology Award. In 1999 she received the Mountbatten Medal.^{[citation needed]}
She has reportedly donated most^[5] of her £150m wealth (from the internal sale to the company staff and later the flotation of F.I. Group) to charity during her retirement.^[6] Beneficiaries include the Worshipful Company of Information Technologists and the Oxford Internet Institute, part of the Oxford University, through the Shirley Foundation. Her late son Giles (1963–1998) was autistic and she became an early member of the National Autism Society.^[7] This special interest has led her to instigate and fund research in this field, for example, through the Autism Research Centre led by Prof. Simon Baron-Cohen.

An Interview with Journalist Graham Norwood

Yesterday was quite a day for Chairman of imove Cornwall, Mark Green.  Several hours of speaking to journalists finalised with a telephone interview with Graham Norwood (http://www.grahamnorwood.info/).

Graham writes for various national newspapers.  imove Cornwall's storey may make the Sunday Observer this weekend and possible The Guardian Online.

Thanks to Graham for picking up our storey.

We love the press coverage - but please get the facts straight

imove Cornwall has been receiving enormous press coverage from online and offline media. Our storey first appeared on www.businesscornwall.co.uk on Thursday 26th May 2011.  However the storey incorrectly stated that imove Cornwall was the 'brainchild' of David Gilmore.  And whilst David is an excellent member of staff, he is the Fund Raising Manager for imove Cornwall and the social enterprise was not his idea.

Many other online media platforms have picked up the storey in the past few days, which is fantastic, but please any press/bloggers/webmasters reading this blog, please ensure your information is accurate before publishing.

Simon Willis
imove Cornwall