Tesco have announced today that they are to withdraw their innovative 'For Sale By Owner' offering today and their website has been changed to reflect this. The news comes less than six months after the launch of the controversial private sellers offering and was the first significant brand to promote a 'FSBO' model. I understand that all of Tesco’s existing clients will receive full refunds plus a good will payment.
Tesco Property Market launched in the early summer offering the public a chance to sell their house privately for £199. The offering immediately ran into trouble with estate agents and the property portals one of whom, Fish4 had actually agreed to supply properties to Tesco to advertise on their web site. Fish4 received numerous complaints from their estate agent advertisers that they were helping Tesco to launch a rival offering using their stock and other portals stirred the pot with claims that they wouldn't have undermined their clients (the agents) by advertising with a brand like Tesco. Fish4 quickly saw the error of their ways and withdrew their support.
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