The emergence of online estate agents has changed the property market and provided consumers with more choice. Anything which provides consumers with more choice should be viewed as a positive factor, but not every online estate agent is the right choice.
There are some online agents who provide a fantastic service but equally, there are some that don’t provide value for money. It is important that people are aware that the cheapest option isn’t always the best value for money option. Selling a home is a complex process, and it is a major commitment. This is not a time to scrimp and save on small amounts of money if it is going to cost you more in the long run.
At Hansons Estates, we aim to provide you with the best standard of service at all times, and we note that a recent study suggests high street agents achieve better prices than online-only agents. In fact, it was found that in close to three-quarters of all examined cases, the price obtained by a High Street agent was 5% better than the price achieved by an agent who solely operated online.
This study was undertaken by The Advisory, which is a group that provides independent consumer advice for vendors. The study found that these online-only agents were hugely reliant on online property portal to direct buyers towards them.
There is nothing wrong with using online property portals as this is where the majority of buyers begin the house buying process. However, it is vital for an agent to direct traffic to a listing in various ways, and this is an area where online-only agents fail their clients.
An agent with a local presence and a reputation in the area can drive traffic from a wide range of sources. Selling a home isn’t always a linear process and a buyer’s interest can be piqued in many ways. Using an agent that can reach out to potential buyers in a number of ways is a great help when selling your home and it is something to consider when looking for an estate agent to sell your home.
The findings from The Advisory suggests that Rightmove provides around 52% of prospective buyers for viewings, this source is only responsible for 36% of offers made on a home and 27% of best buyers. In comparison, agents located on the street were found to generate 48% more viewings of a property and 64% more offers on a home.
These are the outcomes that a buyer should bear in mind when looking to sell a home. Of course, the additional income that can be generated through a High Street agent is a strong factor that will influence a vendor’s choice of agent.
With respect to a property that is sold for £250,000; using an online agent rather than a High Street agent could see the vendor miss out on £12,500. It is understandable why many vendors still believe that traditional estate agents offer a better return than online-only agents.
If you are looking to sell your home in Ilford and want the best standard of support and guidance, contact Hansons Estates and we will be more than happy to assist you.