“The fast sale market is split into two types: those that buy properties and those that broker sales.
We have always known the only way for the Quick House Sales industry to survive in all market conditions is to provide a service that is fair to all parties. Our valuations (which are normally about 10 – 15% below market value) have to be fair to sellers, provide enough margin so that we are paid and be attractive to buyers.
While buyers may walk away with slightly less than if they used a high street estate agency, the speed and service we deliver is second to none. It is a much better option and returns than traditional auctions which used to be sellers’ only alternative option.
We pride ourselves on being completely transparent in our offers, delivering what we promise and for providing a much needed option for sellers who want to sell their properties in a fast, efficient and controlled way with less sacrifice than at auction.
A minority of companies with unscrupilous practice threatened the reputation of the sector but in 2013 the Office Of Fair Trading reported “Our study has shown this to be a dynamic and innovative sector where some businesses have modified their business models to try to offer a better service to home sellers” and set about identifying good practice and providing users with a means to identify trusted providers.
I was included in the group of practioners they chose to work with to develop a code of good practice and a founding member of The National Association of Property Buyers. We are fully regulated for all types of property sale.“
David Coughlin, CEO National residential / Landlord Sales Agency
Market Conditions That Led To The Rise of Quick House Sales Companies
Overstretched finances coupled by wage freezes and increased homeowner costs led to record breaking levels of repossession during 2008, 2009 & 2010.
Against the backdrop of the US housing market collapse and the banking bailouts, the economic environment lead to a dramatic fall in UK house prices and a lack of confidence in the housing market. By early 2009, the average UK house price had fallen by over 19% and the housing market was at an all time slow with sellers achieving on average only of 88% of the asking price after months of waiting.
Business innovators responded by providing a new fast way to sell houses with the rise of companies that either bought the property directly or brokered a sale to professional buyers including property developers and buy-to-let landlords.
Quick house sale services helped those needing urgent sales due to financial hardship, repossession threats, chain breaks, or life changes like divorce or redundancy by providing a more definite sale with a relaible schedule.
In 2013, the Office Of Fair Trading reported:
“Quick house sales can be beneficial to home sellers who want a quick, guaranteed and hassle-free sale.“
Bad Practice From Rogue Dealers
Some unscrupulous firms exploited sellers’ desperation and failed to deliver promised services or changed terms, imposing hidden fees and leaving sellers with far less than expected.
The Office of Fair Trading highlighted bad practices, including:
- Last-minute price reductions after sellers were financially committed
- Misleading claims about property values and discounts
- False claims of being cash buyers
- Unclear fee structures with unexpected charges
- Contracts restricting sellers from other buyers with harsh penalties
Why Our Practice is Approved
Our reputation and longevity is of upmost importance to us. :
- We provide written confirmation of our offers and contracts are signed before we begin marketing
- We provide 3 types of sale choices so sellers can choose between a certain outcome, a fixed price and a market price
- We are brutally honest (often to our own detriment) in our valuations which are the sales prices we think we can achieve taking recent sales and regional expertise into consideration. We provide a “no sale, no fee” policy and because we pay for marketing materials up front, put simply – we cannot afford to waste time or market unrealistic prices.
- National Residential / Landlord Sale Agency acts as a cash buyer in out ‘7 – 14 day sale’ and a broker for our ‘Fixed Price’ & ‘Market Price’ options.
- Any fee is clearly written in listings and contracts
- Our minimum tie-in period is 8 weeks (unlike most high street agencies who tie sellers in for 12 – 16 weeks)
National Association of Property Buyers (NAPB)
The consultation group involved in the preparation of the TPO code of practice for property buying companies formed an association to promote and uphold the values defined by the code.
Membership of the organisation is voluntary and the regulations apply specifically to buying residential property.
All members must agree to The Property Ombudsman Code of Practice Residential For Property Buying Companies
The NAPB website includes the advice given by Graham Norwood (Property Journalist), The Sunday Times 5/3/17:
“Only use National Association of Property Buyers members in the TPO’s scheme”
For more information see https://napb.co.uk
More From Dave Coughlin, Managing Director of National Residential and founding member of NAPB
“The fast sale market is split into two types: those that buy properties and those that broker sales. The practices of companies that broker sales were already covered by the Estate Agents regulations however there were no such regulations for those companies that only buy houses.
As part of The Property Ombudsman’s consultation with myself and other members of the round table group, the idea of self regulation was discussed which led to us setting up the NAPB in 2013. National Residential is regulated by the current Estate Agents regulations and committed to TPO’s code of conduct through membership of the NAPB.
The Quick House Sales industry was borne out of a difficult time in the UK housing market but due to the strength of our options and quality of our customer service, we have made sure our quick house sale business is valuable in any market condition.
We have already kept our promise to thousands of homeowners across the UK, ensuring our houses always sell Fast and always sell for the Right Price which works for you: no last minute price drops, and no surprises.
Choose a Quick House Sale company you can trust – phone National Residential, leaders in the regulating the Quick House Sales industry on 01244 757152 now.
The Online National Residential Agency: Best Price Possible & Quickest Sale - guaranteed
