Spicerhaart launches virtual agency

Spicerhaart has launched a virtual agency it has been developing for almost two years.

iSold is the new virtual offering that the agency group has been planning since it acquired Tesco’s agency business, Tesco Property Market, in May 2008. As The Negotiator reported at the time, the business was put up for sale at £2.5m.

iSold, which has been dubbed Indigo while work in progress, offers vendors a free valuation via its own valuers, and then three estate agency packages.

The Essential package is priced at £999 including VAT and offers vendors consultation, property details and advertising on all major property portals, plus a branch team available at Spicerhaart's Colchester call centre between 8am and 10pm weekdays and on weekends.

Vendors are required to pay £299 upfront for the Essential package and the remaining £700 on the sale of their property. The upfront £299 can be deferred for a fee.

Additional services can be purchased, such as Rightmove Premium listings, local newspaper advertising and accompanied open house viewings. Home Information Pack, conveyancing services, surveys and mortgages are also available with iSold’s Prime package.

As The Negotiator reported in October, iSold is be rolled out with soft launches in a small number of locations, with the first being Bristol.

iSold is owned and controlled by Spicerhaart, but is being operating in association with Tesco. One of the working models considered for the site when bought from Tesco, as The Negotiator revealed last year, offered vendors the support of case handlers to help sell their own homes, with the assistance of Spicerhaart’s Colchester-based call centre.

The launch follows the publication of the Office of Fair Trading's study into home buying and selling, which claims that agency price competition is weak, and that alternative selling models such as online estate agencies and private seller portals, are yet to be exploited.

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