Property

Yopa Review: An Online Estate Agent to Sell Your Home for a Fixed Fee

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If you’re about to start the process of selling your property, then you should know that the end-to-end process is not only complex, but costly. Much of this centres on agent listing fees, which in the UK now averages 1.42% of the final sale price.

Taking the ever-growing costs of selling a property into account, the team at Yopa launched their cost-effective online platform for UK homesellers. If you’re keen to explore how Yopa can save you money, then be sure to read our comprehensive review.

Within it, we’ll cover everything from what Yopa is, how the home selling process works with the company, and most importantly – what the fee structure is like.  By the end of reading our Yopa review from start to finish, you’ll be able to make an informed decision as to whether the platform is right for your individual circumstances.

Let’s start by finding out who Yopa is.

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Who is Yopa?

Launched as recently as 2016, Yopa is an online real estate platform that aims to make the home selling process simple and cost-effective. By reducing the fees that you would typically pay a traditional listing agent, the platform’s main selling point is that it will save you money. Since the company was launched in 2016, Yopa has raised more than £75 million in funding. Well-known backers includes the parent company of UK newspaper the Daily Mail.

In terms of the what the Yopa platform offers, UK home sellers can facilitate the entire end-to-end process at the click of a button. Depending on the specific package you choose, this includes everything from the valuation, professional photography, full support from a local agent, and even a ‘For Sale’ board outside the front of your house.

Yopa WebsiteYopa Review

Although the platform was only launched three years ago, Yopa now services the vast majority of the UK. As such, you’ll have access to a specialist real estate agent that knows your local housing market well.

So now that you have a general understanding of who Yopa is, in the next section we are going to explore how the home selling process works.

Yopa: How Does the Home Selling Process Work?

Although the exact home selling process will be determined by the specific package that you choose, the Yopa platform generally works as follows.

First and foremost, it is compulsory to have a Yopa real estate agent visit your property to engage in a home valuation. This comes at no cost, and you can book the viewing through the Yopa website.

It is important to note that the valuation comes with no further obligations. As such, you are not required to pay anything if you decide not to proceed. When the Yopa agent has finalised the home valuation, they will then explain to you in greater detail how the home selling process works.

How Works

If you then decide that you do want to proceed, you will then need to choose the package that you require, as well as how you want to pay. We’ll discuss this in more detail further down.

Next, the Yopa representative will proceed to take professional pictures of your property, and generate a high-level floorplan. Yopa have a great reputation in the public domain for the professionalism applied to the listing process, although you’ll still get to have the final say before the advert goes live.

Once your property garnishes some interest, you will receive a notification via your Yopa account. If you opted for the upgraded package that includes viewings, then a Yopa agent will facilitate this on your behalf – much like in the case of a conventional agent. However, if you want to keep your costs rock-bottom, then you can show prospective buyers around yourself.

The Yopa hub will also notify you if and when you receive an offer on your property. Once you do, your Yopa agent will negotiate on your behalf, or alternatively, you can do this yourself.

Regardless of the package that you opt for, the team at Yopa will guide you through the final stages of the sale, once an offer has been accepted.

So now that we’ve covered the main selling process, in the next part of our Yopa review we are going to explore fees.

Sell Your House

How Much Does Yopa Cost?

As the main selling point of the Yopa platform is a more cost-effective home selling process, it is important that you have a firm grasp of the different packages on offer. Before we unravel the price structure, we should mention that Yopa charges higher prices for certain London postcodes, so do bare this in mind.

Yopa Fees

Yopa Bunde – £889 (£1,399 Some London Postcodes)

The the most cost-effective package available at Yopa is that of the Yopa Bundle. The package costs a fixed fee of £899, or £1,399 for certain London postcodes. For this, you get a plethora of key benefits. This includes the home valuation, a dedicated local real estate agent, an advert that includes professional photography, a ‘For Sale’ board outside the property, a 24/7 control hub that allows you to view viewings and offers, and ongoing support.

So how does this compare to a conventional real estate agent? Well, if we take the 1.42% average listing fee charged in the UK, on a property that sells for £250,000, this would end up costing you £3,550. On the contrary, by selling your house via the Yopa Bundle at £899, you would save £2,651. However, and as we discuss further down, the Yopa Bundle does exclude some key benefits that, unless you have experience in selling properties, you might need to consider paying extra for.

In terms of payment, you have two options. You can choose to pay the full £899 upfront, or alternatively, you can pay this over the course of 10 months. If you choose the latter, no interest is charged.

No Sale, No Fee

An additional package that Yopa offers is its No Sale, No Fee offering. This is split into its Core Bundle and Premium Bundle.

Core Bundle – £1,999 (£2,999 Some London Postcodes)

If you want the financial freedom of not paying any fees until your home is actually sold, then the Core Bundle is ideal. In terms of the actual features, these mirror the Yopa Bundle like-for-like.

Essentially, Yopa will send an invoice directly to the solicitor that you have instructed to complete the sale, which then needs to be settled on receipt. Even if you receive an offer from a prospective buyer but the deal subsequently falls through, you won’t need to pay your fees as the sale did not conclude.

This option is a lot more expensive that the Yopa Bundle. Ordinarily this will cost £1,999, however, some London postcodes will require a fee of £2,999. On the other hand, when you take into account that the average sale price of London properties is £614,000, this is still very cost-effective.

For example, based on an average listing fee of 1.42%, a conventional agent would cost £8,718. By using Yopa for the sale of your London property at a fixed fee of £2,999, you would still save £5,719.

Premium Bundle – £1,999 (£2,999 Some London Postcodes)

The Premium Bundle is the most expensive package available on the Yopa platform. In effect, you get all of the same features and benefits available as per the Core Bundle, but you also get a local agent that will manage and facilitate all of your viewings. For an extra £300 (or £400 in certain London postcodes), this represents excellent value.

Extras Available at Yopa

Depending on which Yopa package you opt for, you might need to make some considerations regarding extra paid-for services. The key extra that Yopa offer is that of its viewings add-on. In a nutshell, for an extra £300 (or £400 for some London postcodes), you’ll be accustomed to an unlimited number of agent-based viewings.

This will alleviate the stress of showing prospective buyers around, and instead, allow an experienced real estate agent to do this on your behalf. Take note, if you purchase the Premium Bundle, the viewings package is included in the price. On top of this, you can also pay to have your property boosted online.

This includes a Rightmove premium listing (£125), a Zoopla premium listing (£99), or a combination of the two (£199). You can also pay £85 if you require an Energy Performance Certificate.

Finally, the Yopa platform also offers you the chance to obtain Conveyancing services, There isn’t an advertised price for this, so you’ll need to contact the team to get a personalised quote.

While most of the extras available at Yopa are typically included when you use the services of a traditional real estate agent, it is likely that you will still making considerable savings when you factor in the price difference.

So now that we’ve covered the Yopa pricing structure, let’s take a look at how long the home selling process actually takes.

How Long Does it Take to Sell a Property on Yopa?

First and foremost, Yopa explain that in most cases, your home will be listed for sale within 72 hours of registering. On top of major real estate platforms like Zoopla, Rightmove, and PrimeLocation, your property will also be listed for sale at dozens of other online websites.

This includes British newspaper platforms like the Sunday Times, the Daily Mail, the Telegraph, and the Sun, as well as MSN, MumsNet, and TalkTalk. This ensures that your property is exposed to an audience as wide as possible.

In terms of how long it will take you to sell your property through Yopa, this will depend on a number of external factors such as the strength of your local housing market, and even the time of the year. However, the team at Yopa claim that on average, buyers are found via the platform in just 29 days.

Yopa Customer Reviews

At the time of writing, Yopa has a 5 star rating on well-regarded review platform TrustPilot. This is based on more than 7,129 independent reviews, which is very promising.

It is also worth noting that Yopa won the Best Online and Hybrid Estate Agent of the Year (2018) by allAgents.co.uk, subsequently beating a significant number of market rivals. This is impressive to say the least when one considers the infancy of the Yopa platform.

Yopa Customer Reviews

Do I Need to Negotiate With Buyers Directly?

One of the great things about the Yopa platform is the freedom that it offers you. When a buyer shows interest in your property, you will receive an instant notification. If you have little experience of the home selling process, then you can simply leave the negotiations to your local Yopa agent. Based on current market conditions, they’ll suggest whether or not you should accept a lower offer.

However, if you want to liaise directly with buyers and initiate the negotiation stage yourself, then you have the option of doing this through the Yopa website. You’ll just need to make sure that you first let Yopa know that you’re comfortable doing this, which you can also do via the website.

Yopa Review: The Verdict?

In summary, Yopa is an excellent alternative to the traditional real estate agent industry. Ordinarily, you would pay average listing fees of 1.42% in the UK. However, by using the Yopa platform, you can make some considerable savings. For example, with the median UK home value now at £228,903, a 1.42% agent fee would amount to £3,250. However, by using the Yopa Bundle at £899, you’d save yourself a remarkable £2,351.

The basic package includes a good number of features, including a free home valuation, professional photographs and listing ads, 24/7 buyer notifications, and top-notch support throughout the end-to-end selling process. Even if you were to add the £300 fee for unlimited viewings (which you should), you would still be saving a considerable amount.

All in all, it’s likely that we will continue to see the conventional agent space disrupted by online platforms like Yopa. Eventually, this might well force the industry to reduce its fees.

Visit Yopa

Yopa

8.8

Ease of Use

9.0/10

Fees

8.0/10

Reputation

9.0/10

Customer Support

9.0/10

Pros

  • Pay up front or on Completion
  • For Sale Board Included
  • No need to conduct viewings if add-on chosen
  • Lists on Rightmove, Zoopla etc
  • Cheaper than traditional estate agents

Cons

  • Higher Fees for London Postcodes
Kane Pepi

Kane holds a Bachelor's Degree in Accounting and Finance, a Master's Degree in Financial Investigation and he is currently engaged in a Doctorate - researching financial crime in the virtual economy. With a keen passion for research, he currently writes for a variety of publications within the Financial and Cryptocurrency industries. kane@moneycheck.com


Editorial Disclaimer: Opinions expressed here are the author’s alone, not those of any bank or credit card issuer and have not been reviewed, approved or otherwise endorsed by any of these entities.


Disclaimer: The responses below are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser’s responsibility to ensure all posts and/or questions are answered.


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