French real estate: A fixed-price agent can save you €16,000.

agencies real estateThey are evolving to compete with online services. One of the major banks, Crédit Mutuel Arkéa, has acquired a controlling stake in Liberkeys, highlighting the growing market for fixed real estate agents.FranceThere is a long tradition of people selling their own real estate to avoid paying commission fees. Typically, this is around 5% of the sale price with an open mandate, allowing them to list their property with multiple real estate agents, and lower, about 4%, if they give one agent an exclusive mandate.

AgenciesThe development of the Internet meant that traditional...agencywith an office in the city and staff who are intimately familiar with the local real estate market had to adapt.

Most now have a website and some have stopped printing traditional informational brochures, although the wisest have retained print advertising in local newspapers.

Competition has also intensified, with various models.agencyreal estate companies opening their stores, either physically or online, as Liberkeys does, or web agency chains using local representatives as freelancers or franchisees.

A great offer for buyers

Liberkeys charges a fixed price of 6,500 euros when selling a property - including from 3,000 euros when started - and asks for exclusive mandates, which it achieves in 70% of cases. CEO Thomas Venturini told The Connexion that the company now sells about fivehousesper day, and the average client saves 16,000 euros on fees.

“This is a very good offer for buyers, but not as beneficial for agents, so we are carefully reviewing our prices, and they may increase, possibly by up to 10,000 euros, in the future,” he said.

Company expansion

The company was launched in 2018 and has sold 1,000 homes by the end of 2021. It has 120 employees, including 75 agents, and is expected to...

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