A new online estate agency challenger has entered the market with serious – and expensive – plans.
It has also had its membership of Rightmove re-vetted.
Yopa (Your Online Property Agent), which says it plans to disrupt the estate agency market, states on its website: “We don’t need to visit your property to estimate its value – instead we use information from the sale prices of similar properties in your area to work out a likely sale price.”
A spokesperson for Rightmove said: “‘Rightmove has re-vetted the agent in question and we are satisfied that they adhere to our terms and conditions.
“Whilst they don’t have to visit a property to value it, they do visit the property to verify all details before it is added to Rightmove.”
Yopa, which is London based but operates nationally, offers sellers a system whereby they can add their properties to Yopa in under ten minutes.
The website allows users to “manage every aspect of your sale, from setting viewing times to chatting with prospective buyers through our integrated messaging service. You can also see current and previous offers on your property and get help with conveyancing.
“While we’re here to help with every step of your sale, ultimately it’s your property and you have complete control of every aspect of how you sell it.”
Yopa displays three prices – £510, £630 and £870 – but with easyProperty style pick and mix options. All fees can be payable upfront or through a deferred payment option, allowing sellers to defer payment until the property is sold or removed from the site, or if the property is unsold after six months.
Chief executive Daniel Attia says the company is aiming to “disrupt” the estate agency sector by using technology to slash costs in the same way that companies such as accommodation website Airbnb has caused upheaval in the hotel industry.
He told the London Evening Standard: “The old estate agents are like the tape cassette, we are the iPod.”
He added: “The only thing we don’t do is the actual viewings themselves. But how much does an estate agent actually know about your home anyway?
“He’s not going to know what the local schools are like or where the nearest coffee shop is. That’s the sort of thing that only the vendor knows.”
Yopa is clearly prepared to spend money on brand awareness, having hired TV advertising agency Contagious London – the firm behind the Gary Lineker adverts for Walkers Crips.
Contagious London founder Paul Weiland said: “Yopa is a bright, ambitious company, set to disrupt and challenge an outdated service from the high street. We have a proven track record with brands who are new to TV and look forward to a successful launch and a great partnership.”
Yopa’s own ads will launch this autumn.
The website is here
Comments (23)
Price led business models in the main fail – Because they only attract customers focussed on price – and most people are surprised to find that most customers are service led. And there will ALWAYS be somebody willing to do it cheaper. So it’s a race to the bottom with ever diminishing margins. Look at how Tesco’s and other supermarkets are struggling. I also have grave concerns on how many of these companies actually make money. Anybody can draw up a fancy 5 year business plan, sucker an angel investor, and burn the cash on marketing in 2 years. It is the ones who have proved the model after 5 years that should be telling the world that they have something credible on offer.
Mr Ackroyd – I should imagine that the owners of the companies you have such grave concerns for are flattered by your attention to them. But I doubt they will take a shizzle of notice. You’re a pretty dense lot and getting through to your thinking centres is a tad tedious to say the least.
“It is the ones who have proved the model after 5 years that should be telling the world that they have something credible on offer.”
Yeah – and luckily for you there are people like me out here that will tell you until blue in the face when your model is severely flawed and in need of radical change, innit?
What is it you call us on your website? Oh yeah – “dinosaur agents”, isn’t it? Well… dinosaurs were pretty hardy old bu99ers, you know – they didn’t need woolly jumpers for a start and their reign on the planet lasted an awful lot longer than sheep have been around, so I wouldn’t knock the competition using such weak comparisons if I were you.
Oh – and luckily for 98% of the homeselling public we dinosaurs are able to do in eight hours a day what you diluties need to claim to be open 24/7 to try to achieve…
Well whoever checks the listings needs to be taught about the EPC regs or perhaps the RM data quality police would like something to do in their spare time
Monumentally woeful!… hard to believe this sack of sh£te has actually been launched?
There are now 1067 “online model agencies” that have been launched, and it seems to be rising daily. There is not enough room for all of them (especially as they only deal with 2-3% of the sales). I wonder how long it will be before some start buying out others………..with crowd funding cash , of course.
Hope they have good PI. I wouldnt want to value based on not visiting and Automated Valuation code to define value.
Lets hope some of these (disruptive models) – who can’t be bothered to visit to valuation do some undervaluing and get fined in Court for sloppiness.
“Hope they have good PI. I wouldnt want to value based on not visiting and Automated Valuation code to define value.”
REALLY, Mr Mealham? What about all the ‘Numbers Game’ Agents who fill vendors’ heads with magic over “value” of their property to gain the instruction only to start the reduction roadshow after the first month of no interest at the inflated figure – who is stuffing THEM over their figures?
I thought an agent had to actually attend a property to be accepted on Rightmove??? When did they change that ruling?
What is MORE interesting, wilko, is that according to the above article RM have stated they tick their ‘acceptable’ box on the basis that “…they do visit the property to verify all details before it is added to Rightmove.”
The website Ts&Cs read differently – “We may send a local agent to visit the Property to check the accuracy of the information or material provided by you.”
Shoddy vetting from RM, if you ask me. They should carry out actual case testing of these businesses.
God help the sellers (and buyers). Do you know what upsets me most? That Rightmove allow these idiots to be classified as REAL estate agents. I have written to them (Righmove)to protest in very strong terms.
Yawn, yawn. Yet another player who is going to take the market by storm! I must admit the Purplebricks ad looks good. Came on right in the middle of the cricket yesterday – twice. Smart move.
“I must admit the Purplebricks ad looks good.”
How’s that? (pun only slightly intended…) Have they got rid of Waldorf & Statler?
First to spot the glaring schoolboy error on the “How it Works” page gets to hand out the pencils! ;o)
Decided to have a look at their Free Valuation tool….asked ME for MY estimated value of my house??? Hilarious
Hilarious? – yes. Ridiculous? – absolutely. Wouldn’t happen with a PROPER Estate Agent…? – You would think not.
Three out of six of the Agents in my town do exactly the same, Bully777 – and I suggest every town has them.
To be honest we always ask their thought on booking val. Least we have an idea what ball park they are looking at.
If they ask why we say its to make sure we send the correct valuer.
Very true PeeBee….. I decided to use the ‘tool’… got a phone call back to follow up on the email ‘valuation’ they sent (£120,000 out on their val!!) but because another house on my street is on the market with RM at the lower price…. mine is the same value. No thank you YOPA. Local KNOWLEDGE will always win hands down…. this is up there with the Zoopla b0ll0x
The more the merrier. That is the problem for online agents. There are simply no barriers to entry to that market so it will become more overcrowded than traditional agency limiting the chance for any single online agent to dominate the market. That is great for regular agents and we can always go the hybrid route if we decide to compete. For agents like Hatched it is a real problem, as bigger budgets enter their market, how will they survive?
Brilliant managed to get disrupt in, They did however miss out revolutionise!
I’m going to disrupt estate agency in my local area. I’m going to match applicants to our properties, conduct accompanied viewings, negotiate offers, ensure all offers are financially qualified with our in-house FA and progress the sale to completion. Radical…..I know. Keep disrupting, you on liners. You are helping me with my USP every day.
Same old same old! People who have never actually done it are going to ‘disrupt’ a market they have little or no experience of. If they can re-educate sellers into understanding what they get for their money from professional, NFOPP licenced estate agents then there is probably some benefit to their existence.
Their impressive FREE online valuation service is here (or is it?!); https://www.yopa.co.uk/free-valuation
What a ******, the whole point is that the local agent will know where the local coffee shop is and what sort of rating the schools have.