Tepilo the Napster to Estate Agents
Tepilo or 10 grand to your preferred estate agent?
Sounds a strange choice as Tepilo is a free way to advertise your property on-line. For me it’s a no brainer. The world is changing. The way we purchase movies and music, the way we shop, the way we communicate. It’s just a matter of time for someone to break through with a new way to sell property. Tepilo went live last summer and now seems to be ready to make its impact on the property market. It’s even promising to release a Tepilo magazine.
Tepilo.com has seen a huge increase in traffic this summer and is on the verge of hitting the tipping point.
Tepilo has also promised a section to tempt home owners into adding there property to see what the market will pay – this sounds an amazing feature if it works.
Sarah Beeny provides a reasonable view on where Tepilo fits into the market. She reiterates that many agents are experts in their areas, especially for highly unusual properties towards the top end of the market. It’s unfair to ask sellers of less unusual homes to pay thousands in fees.
It seems that some in the industry are finding Tepilo hard to swallow. Sarah Beeny’s house sales website has seemed to of upset a few estate agents recently, in a similar way the record industry took a while to get their heads around a legal music download site like Napster or iTunes. Now of course they all work with it. But the likeness remains that the industry needs to think in a different way.
Why Tepilo compares to Napster?
Don’t get me wrong, I’m talking about the legal Napster here. It could be said that the difference is iTunes and Napster do make a lot of money, whereas Tepilo is totally free. But it’s worth noting that Tepilo isn’t for the whole market share. Not every type of property would find it useful. It’s unlikely that a unique property will use Tepilo as an agent has value in knowing the market and providing a service of local knowledge.
Imagine you have a property that has similar features to the other 80 properties in the same road; Tepilo is the tool the web has been waiting for. It’s not too difficult to know what a fair asking price is when you have knowledge of the actual selling price of your neighbour’s house 6 months ago. Ok there may be a few differences and market changes, but that’s not a heavy challenge, simply make the appropriate adjustment to the asking price.
Sarah Beeny has provided some good reasoning for estate agents to ponder on before they get too upset with the Tepilo site. She says “I’m a little surprised at how childish they are. Instead of saying ‘Sarah Beeny’s thick and should get back in her box’, agents should surely have been explaining how good they are, emphasising their services. But no…”
Tepilo looks set to stay as it Beeny advocates “Everyone starts their search for a new home online, and estate agents know that. So you can put your own details up on a free website [Tepilo] or you can pay £10,000 to an estate agent to put them up. I can think of plenty of better things to do with 10 grand”