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Property News NI: 'atatouch.com' estate agents
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New kid on the block 'atatouch.com' boasts on its website to have a 'unique menu-based pricing structure', it's Ads state that it's in partnership with the Ulster Bank and the claim is, that it will save you thousands, so let's have a look!

The 'atatouch' site is reported in the Belfast Telegraph as costing almost £1m and one must assume that all of the cost involved is for the development/maintenance of processes available to subscribed users once logged in, for prior to login their appears to be little to instill confidence.

'Atatouch' is the brainchild of Northern Ireland estate agent Eric Cairns, who ran Holywood based estate agents Eric Cairns prior to it merging with BTW Shiells, to create a residential division called BTW Cairns and perhaps this in itself is a point for uneasiness. For this new business venture seems to fly in the face of the old, so should we rely on experienced property professionals such as those from BTW Cairns or are we all qualified enough to go it alone?

The 'atatouch' chairman, also indicated in a News Letter article that he was delighted by the backing of the Ulster Bank, further indicating that this was the first time that he was aware of, where the bank were allowing him to use the phrase 'in partnership with' and indicated "that’s unheard of". Rather than instilling confidence in me, this concerned me. The property selling and property buying process is complicated enough without worrying about whether your current bank, or possibly a bank you are considering approaching for a mortgage has a 'partnership' with the property company marketing or selling your home, I'd want to know the exact details of that partnership, before proceeding. According to the Belfast Telegraph report, 'the new company is 'backed by Ulster Bank' and local technology firms gem and Kainos, along with private equity investors.'

In a city, like Belfast where you are able to sell your property for a flat fee of £500 upwards and you have deals such as no sell no fee, does the claim that this site will save you thousands stand up. Of course, it would appear that the claim is qualified and the comparison is made against agents who charge a percentage fee. 

 

 

The site allows you to calculate how much you would save by selling with them rather than with an agent, so if you were selling your home at £200k with an agent charging 1% your commission would be £2000, but with 'atatouch' you would pay £1000 at a rate of 0.5%, or would you? As you had to pay a registration fee of £275 + VAT (currently 17.5% soon to be 20%), this is an additional £323.13, totaling £1323.13, a saving in this scenario of less than seven hundred.

Is this saving worth it? Everyone will have a different view, in my view no. With an estate agent conducting the work, they are responsible when things go right, but more importantly when things go wrong, they have to adhere to policies and comply with laws, they are insured and 'suable' should they provide bad advice or take wrong decisions. Is their any great benefit in using this site, well it gives you control of the sale, but most people are happy to outsource this sort of headache. On a first glance it provides no reduction in other costs such as surveyor, solicitor or banking, only in the sale, but it does include in the registration fee of approx. £323 a professional to help set your asking price but this would still appear bad value for money if you were unable to hold that professional liable for poor judgment or advice.

In reality, you would spend at least £323 if you used this service, for even if you decided not to sell you would lose your registration fee, however if you continued to sell your property you would owe an additional 0.5% of the selling price.

I am one of those 'fuddy duddys' that don't like call centres, a jack of all trades approach to living, I like professionals who work for and are responsible to the company I am dealing with, as such 'atatouch' would not appeal to me. Likewise, the website holds no contact address even in its privacy policy or terms, it fails to state its company status as a private limited company. For the purpose of this article we had to gain their address from Companies House:

ATATOUCH.COM LIMITED, LESLEY EXCHANGE, EAST BRIDGE STREET. BELFAST, BT1 3NR 
Company No. NI058286

This site appears to be aimed at a modern society, who wants immediate answers, who have little free time, an 'on demand' approach to living and perhaps it will work with that type of professional. On the other hand many busy working professionals want to know that they have passed this responsibility to another party and that all matters are in hand. After reviewing the front end of this site's purpose and functionality I am more interested in knowing whether a single investor from 'atatouch' has sold a property they own, using this method.

Last Updated: 26th June 2010

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