I say this as someone who has tried, for several years, to use it to solve a problem for me and my family. That of finding a new home, better suited to our needs and a buyer for our existing one in a congested part of the country.
Having been thinking about this for far too long I’ve come to the conclusion that the UK market suffers from one big problem:
Poor flow of information between buyers and sellers.
From what I observe, people want to get on with their lives and not lose out financially in the process. If they had excellent information about each other and were able to deal with one another throughout the life-cycle of making a move (not just at the late stage when they finally appoint an estate agent) then I believe they’d figure out how to do this.
A brilliant example of what good information flow can do is eBay. Want to sell something and have no idea of it’s value? No problem! Load a few pictures with an honest description and instantly get feedback on what ‘the market’ thinks about it. Watcher and Bidder statistics come through the instant they take place and you rapidly understand what your thing is worth to those interested in whatever it is. You’re also in easy reach for those buyers who can ask you directly about your item.
Now there are very good reasons why the property market can’t work exactly like eBay (although I’m intrigued by the auction service offered by http://www.auctionhouse.uk.net/) and the Wikipedia post https://en.wikipedia.org/wiki/Real_estate_economics explains this well.
eBay isn’t best suited to selling your most valuable asset that you probably only own part of and is so vital to life that you can’t do without it for one night that. However, some of the principles that make eBay a success are valid for the property market:
- Direct contact between buyers and sellers
- Competing buyers inform sellers directly about the value they place on the item being sold
- Sellers get instant feedback on how interested buyers are in what they are selling
Moovrmatch is my attempt to bring some of this principles to the property market by focusing on the people behind it…the buyers and sellers. My goal is to create a place for them to publicise their interests, meet and, if they get on, transact. Not too dissimilar from dating perhaps?