As featured in Property Industry Eye: 13th November 2020 by Marc Da Silva
Spring is a new residential home buying service with circa £300m in annual home buying capacity.
The company has positioned itself as an additional sales tool and partner to developers and estate agents, with agreements in place and conversations with large operators already underway.
It acknowledges that this type of model is not for everyone but does empower the consumer to choose.
It has undertaken research with Atomik Research, looking at 1,000 home buyers who sold in the past 24 months, with key findings including: 47% of respondents had experienced an offer falling-through, while 24% had to change their completion date to accommodate the buyer.
Formerly known as National Property Trade, the business has relaunched with new funding in place and a new business model, typically paying full market value for the property with circa 10-15% in fees.
Homes sold to Spring do not need to be renovated or prepared for sale, with Spring stating that they will be able to make an initial offer for most properties within 48 hours, completing in seven days or a date that that suits the seller.
Spring can actively support both agents and property developers with sales and part exchange programmes.
Cormac Henderson, CEO of Spring, said: “For those who are stuck in a chain or have had deals fall through, it can be an extremely stressful and frustrating time. The open market does not serve everyone and ultimately we want to give sellers the choice – for some people the certainty of a guaranteed sale at a fixed price and time is worth the concession in fees.”
“At a business to business level, we see our service as an additional item in the sales toolkit for agents and developers, as evidenced by our existing partnerships with a range of leading operators. We are actively looking to develop a panel of trusted agent partners, with our backing allowing us to structure bespoke deals and agreements to help unlock sales at various levels of the market.”
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