The property platform, which calls itself “the first peer to peer property marketplace”, was created for individuals to buy, sell or rent property directly to each other online without the need for an estate agent. The service went live on 1 April.
The first house to receive an offer through the Agent Not Needed is a two-bedroom bungalow in Middlesborough, that was listed on 10 April. The house received an offer within nine days of being live on the portal.
Agent Not Needed is currently waiting for the sale to complete before revealing the accepted offer price.
Agent Not Needed provides the tools to communicate, arrange viewings and negotiate offers directly with potential buyers. Buyers list their own properties, and the platform markets property listings via social media to drive potential buyers.
Once a buyer and seller agree a price, Agent Not Needed sends the agreed sale over to a third party legal conveyor to complete the property transaction process, though buyers and sellers can use their own conveyor if they wish.
Individuals pay a fixed sell fee of £500 if their property successfully sells, with an additional conveyancing fee.
Currently Agent Not Needed has 26 property listings on its platform, most of which are located in Yorkshire and the founders’ home town, Stockton-on-Tees.
Token as read
The platform also uses its own cryptocurrency, the Agent Not Needed token. The £500,000 generated from the initial token offering was used to establish the platform.
ANN tokens can be used by sellers to pay the listing fee and purchase additional features such as EPC rating and floorplans for listings. However, all property purchases are completed in pounds sterling.
Currently, the buying and selling process closely resembles the conventional estate agent style of transaction, though the company hopes to use blockchain and smart contracts more extensively as the business grows.
Co-founder of Agent Not Needed, Petros Georgiou, explains the company’s aim: “We built a property platform for individuals not agents. As estate agents charge high fees or charge upfront payments they then have no incentive to sell a property as they have already been paid. We promote and market each property listed by an individual and do so until it sells.
“Our mission is to use blockchain technology to make the property transaction process faster, cheaper and more secure.”