Cut-price estate agents incur wrath of traditional firms | Money | The Observer

Cut-price estate agents incur wrath of traditional firms | Money | The Observer

The estate agency establishment is up in arms over two unorthodox firms set up to encourage homeowners to sell their property, despite the long-term downturn in the market, by offering their services at bargain prices. The most controversial is Property Bay Wales (PBW), based in the Neath Port Talbot council offices and funded by council tax payers.

It aims to sell homes on the open market for a flat fee of £899 plus VAT – far less than fees, of between 1% and 2% of the sale price, typically charged by most local private agents. PBW's fee covers advertising on its own website and on portals such as Rightmove, publicising homes for sale in local newspapers, and conducting viewings for potential purchasers. The firm also handles social housing and private sector rentals.