flyp’s Awesome House Selling Service Properly Explained (Review)

flyp’s offers two types of house-selling services

You would never be able to tell from their website (currently), but flyp provides two distinctly different house-selling solutions, and one will likely be more suited to you than the other. For some unknown reason, flyp have meshed the details of both services together, giving the impression they’re flogging one product when they’re absolutely not!

• 1) “Multi-agency strategy” sales service
  If you’re simply looking to sell your home faster and for more, then this is the solution. It’s very similar to how you would sell a home on the open market via an estate agent, but this version is on steroids.

  In short, flyp’s multi-agency sales strategy entails gathering the best local agents in your area and getting them to market your property all at the same time.

  Powerful.

  I’m going to stop this brief explanation here, because I believe this service will apply to most people so I’m going to go into much more detail about their multi-agency service in a moment.

• 2) “Improve it and sell it” sales service (designed for empty properties)
  This is a multi-layered customised sales service just for you, specifically optimised for landlords and/or sellers with empty properties. It can be a little tough to fully digest, but I’ll do my best to give you the gist of it.

  The service entails three potential stages (it all depends on which is relevant):

  • Transformation (improve property)
  • Short-let property while it’s being sold (to generate rental income)
  • Sell (using the multi-agency strategy)

  flyp identifies if and where a house can be improved to add value before going to market (this can include hefty renovations and interior design upgrades). flyp pay for the entire transformation (up to a maximum of £150,000) and then recoup their investment from the sale (i.e. flyp snatches up to 40% of the value they’ve created). But ultimately, the idea is that the seller ends up with the lion’s share and makes more money from the sale compared to pre-transformation.

  After the property has been transformed – and if a buyer hasn’t been found yet – flyp will then host short-term rentals in the property, so this way the seller can generate some sweet rental income while it’s vacant and being marketed for sale (with their multi-agency approach).

  The tenants (or more accurately put, “guests”) agree to flexible rental tenancies (1-3 months) through a licence agreement so they don’t ever have tenancy rights. They can be vacated with 4 weeks notice, which is actually kind of perfect since it can take several weeks to complete a sale once a buyer is found.

  flyp manages the guest viewings and ensures the property is cleaned and staged each day viewings are scheduled. According to my contact at flyp, this approach results in ‘flawless viewings‘ (their words, not mine!).

  It’s a pretty remarkable service, because it squeezes as much lemonade out of the lemon as possible, from start to sale.

  For more information on this specific service, here’s my in-depth overview of flyp’s transformation service. If you’ve heard enough because you’re sold, then you can fill in this form to book a free no obligation appraisal from flyp.

flyp’s multi-agent house-selling service

flyp’s multi-agent house-selling service explained in a nutshell

Sign up with flyp’s service, and they’ll find and recruit a handful of the best performing local agents in your area, and get them to market and sell your property all at the same time, for more or less the same price as you’d expect to pay if you only had one agent on the job.

In other words, instead of having one estate agent trying to sell your property, flyp will ensure you have several of the best performing local agents all fighting to sell your property.

Winner takes all – the agent that gets the sale earns the sweet commission. And as normal, no sale, no fee.

flyp manages all the agents on your behalf, which includes managing and scheduling viewings and offers. You only deal with your contact at flyp.

The benefits of using flyp

• Get increased exposure to your property
• Receive more offers
• Statically quicker than average sale time (80% of flyp’s clients get an offer within 3 weeks and currently have an 85% sales rate)
• Increased chance of getting a higher sale price

Get a free no-obligations appraisal from flyp

Is flyp’s multi-agency service more expensive than using an estate agent directly?

Most of flyp’s customers typically pay 1.5% of the sale price on fees.

You probably don’t need an explanation, but let me shove the spoon in your mouth anyways. I’ll briefly explain the difference between a sole-agency agreement and a multi-agency agreement, so you can fully appreciate the cost benefits of using flyp’s service.

• A sole-agency agreement gives one agent exclusive rights to market and sell your property for a set period (usually 8–16 weeks). During this time, you cannot instruct another agent without breaching the contract. This is the most common type of agreement.

  The typical fee for a sole agency agreement is 1-2% of the sale price.

• A multi-agency agreement permits you to engage several estate agents to market and sell your property simultaneously. This is essentially the service that Flyp provides on your behalf.

  Typically, the fee for a multi-agency agreement ranges from 2.5% to 3.5% (spoiler alert: this isn’t what flyp charges) of the sale price. This fee is paid to the agent who successfully completes the sale.

Conclusion? flyp makes it possible to get a multi-agency agreement in place for the price of a sole-agency agreement fee. But the real value ad is that they do all the recruiting and management on your behalf.

So how much do flyp charge for their service (revenue model explained)?

• Upfront Fee (offset against the final bill)
  • Pay an initial fee of £375 + VAT to flyp.
  • This fee is guaranteed: if flyp doesn’t engage at least 5 agents for your property sale, you get a full refund.
  • The upfront fee is also offset against the final bill.
• Agent Engagement
  • flyp contacts local agents on your behalf and negotiates their sales fees (typically 1.5% of the sale price).
  • You are consulted to approve the agreed fees before proceeding. If you agree, all engaged agents will commence marketing your property.
• Sale Commission Structure
  • When an agent successfully sells your property, you pay the agreed fee (e.g., 1.5% of the sale price).
  • Out of this 1.5%, the agent pays flyp a fixed fee of 0.25% (in other words, you never hand over any cash to flyp directly).
• Rental Commission Structure

• If, during the sale process, you use flyp’s fully-managed short-let rental service to generate rental income during the “emptiness,” flyp will take a percentage of the rental income.
• This rental commission rate can vary depending on circumstances and will be confirmed during an appraisal.
• Summary of Payment Flow
  • You pay flyp the upfront fee (£375 + VAT), which is offset against the final bill.
  • If a sale occurs, you pay the selling agent their negotiated fee (e.g., 1.5%).
  • The agent then pays flyp 0.25% from their commission.
  • If you use the short-let rental service, flyp takes a percentage of the rental income as their commission. The rate is determined on a case by case basis.

You with me? Cool!

flyp doesn’t explain any of this useful goodness on their website (at least from what I could tell). As I said, useful as a singing bollock.

The only reason I know any of this is because I was persistent and kept asking questions. I certainly don’t expect any sane person to jump through the same hoops (and hopefully now you don’t have to).

What’s my cut (for being their affiliate)? I literally don’t have a scooby. The numbers were run by me, but honestly, it all went over my head. I genuinely thought their service was useful so I was just happy to spread the word. I believe I get a small piece from flyp’s 0.25% cut if anyone uses my referral link and ends up using flyp’s service. Thank you to anyone that actually does, it goes a long way and helps support my blog.

How flyp sells houses (step-by-step explanation)

1. Book a virtual inspection for an in-depth assessment on the current and potential value of your property.

   You can do that by either going to their website or using the convenient form below.
2. flyp will identify the best performing estate agents in your area and reach out to them in order to negotiate a deal with them (i.e. agree to a fee to sell your property)
3. flyp will request a few key details of the home, including pictures, floorplans etc. and engage all the relevant agents (typically 10-30).
4. The agents will then provide flyp with property valuations.
5. flyp will contact you to discuss and determine the asking price, fees and strategy with the agents.
6. If you’re happy with the fees and the proposal, you can sign the instruction with flyp.
7. Once your property is sale ready, flyp will instruct the best local agents in your area to market and sell your property. That means you won’t have one agent trying to sell your home, but you’ll have a network of agents tripping over themselves, all trying to get you the best price possible. May the best man/woman win.

Get a free no-obligations appraisal from flyp

Hopefully I’ve managed to explain flyp’s service a little better than they do, and given their fabulous service the true justice and shine it deserves. Feedback welcome.

If you have any questions, you know what to do…

Landlord out xoxo