A “zero weeks contract” is proving a winning formula for a Solihull-based residential estate agent with home sellers flocking to take advantage of the deal that ties them in to…precisely nothing.
DM & Co. Homes introduced the zero week contract in January this year and the revolutionary offer has shaken up the local marketplace – many estate agents expect sellers to sign up for 12 weeks, or more.
Dominic Murphy, Managing Director of DM & Co. Homes, said: “The reaction has been incredibly positive. The ‘proof is in the pudding’ has always been the case for us, but in such an ultra-competitive marketplace agents are all too happy to over-value and/or slash fees to win business.
“With sales being agreed in far less than 28 days and most within 14 days of instruction, the issue is currently finding the right property to buy. It is a sellers’ market.”
He said the strong market meant that that estate agents were “queuing up” for business – resulting in them over-valuing properties and offering to sell them for less.
“We don’t believe that sellers should be tied in to fixed contracts. We work closely with our clients to achieve the best price – but that doesn’t mean valuing your home at the highest price, just to win your business!
“Often, it is only when a few weeks have passed and your home has not sold, that the agent will suggest that the price should be lowered. By that time, it should have already sold if it was valued correctly in the first place,” he said.
He pointed out that DM & Co. Homes had invested heavily in staff, technology and training since the business was launched in 2013.
Last year, the company sold 367 homes across Solihull, Knowle, Dorridge and the surrounding areas in just 12 months – up 85% on 2020.
Lisa Smith, sales director at DM & Co. Homes, said: “There is no agency on our patch that can deliver what we say we do. They do not have the infrastructure.
“We are a marketing company. Media is created and developed in-house. We create personalised video tours and hold marketing strategy meetings with our dedicated teams to analyse results on a weekly basis to ensure that there are enough eyes on your property to achieve the very best price for you.”
Dominic Murphy added that it was important to ensure that sellers were comparing “like for like” when instructing an agent.
“If someone over-values your property, ties you into an exclusive contract for anything up to 16 weeks, but for lower fees – but the property doesn’t sell, how has that helped your house move?
“Property chains rely on house sales completing on time so there is often a very real risk of you missing out on the dream house you had set your heart on as your next, or even your ‘forever’, home.
“We are consistently being instructed to sell based on performance, but we have to charge more to provide this level of service and result because it costs more to deliver it – you cannot cut corners.
“I am really pleased that the market is starting to understand our position, and we now regularly win referred business based solely on trust.
“We are trusted to sell property and strive to achieve best price. When the market is on fire, anybody can make a sale – but are they achieving best price and was it really worth a saving on fees when the property ultimately sold for less than it could have achieved?” he said.
He said he noted that at least one other local agent had now followed suit. “Imitation is the sincerest form of flattery!”
Read more of the latest developments in our new edition: March 2022 Issue Form – Show Home Magazine (yourshow-home.com)
Media contact
Roshini Bains,
Editor, Showhome Magazine
Tel: +44 (0) 1622 823 922
Email: editor@yourshow-home.com
