If you are thinking of selling a property, your first thought is probably to use one of the traditional high street estate agents. After all, that’s what people do, right? However, there are a number of benefits of online estate agents that might just change your thinking.
Historically, properties were advertised for sale by an estate agent with premises on a local high street. Buyers would visit the various different agents and check the local newspaper to try and find the property of their dreams.
Today, the internet has changed everything. With property portals such as Rightmove and Zoopla, people no longer contact every estate agent to check properties for sale. Instead, with one simple search, they can find all the properties available in their chosen area, day or night. This has led to the invention of the ‘online estate agent’.
Benefits Of Online Estate Agents:
An online estate agent does not have offices on every high street, instead, they conduct most of their activities online. And, that means they don’t have to restrict themselves to a small geographical area and instead, spread out on a national scale. All of this leads to some significant benefits of online estate agents that we are about to reveal to you now.
1) Save Money
It’s significantly cheaper to use online estate agents. Most high street agents will charge you a percentage of your property sale price. This will typically be around 1.5%, which, on a property priced at £250,000, works out to be a fee of £3,750.
The main issue with this ‘percentage of sale’ pricing model is that property prices have risen dramatically over the past few decades, yet, the percentage fee charges have been slow to fall. This means high street agents are charging much more for doing the same, or arguably less (thanks to the internet), work.
The cost-benefits of online estate agents include that they tend to charge a fixed-fee, rather than a percentage of the sale. That fee is fixed for everyone, so you won’t pay more just because your property has a higher value.
With the average cost of a selling through an online agent coming in at around £800, you could save thousands by using an online estate agent.
2) List Your Property For Sale Faster
One major bugbear of people who choose to use traditional high street agents is the amount of time it takes to make any progress. Getting your property live can seem to take forever. First, there is the valuation, then they return to take photos and create a floorplan (often performed by different people). Finally, your listing goes live, but not before various marketing brochures and information have been produced.
Online estate agents are renowned for being able to get your property on the market within 24 hours of valuing your property. This is because they tend to conduct the valuation, take photographs, and create the floorplans all on the same visit. Because they only list your property online, they don’t need to waste time creating marketing brochures for your property.
3) More Control Over Your Property Listing
With traditional high street agents, if you notice a mistake on your property listing, you’ll have to call the estate agent and ask them to change it. This is a problem if you spot the mistake at 5:10pm on a Saturday as you’ll have to wait until the estate agents re-open on Monday morning before you can call. Even then, you could be waiting days for someone to actually make the change required.
On the other hand, most online estate agents give you direct control over your advert. You can submit changes, change photos and even change your asking price online at any time. This puts the control back in your hands.
No more waiting for the estate agents to open, no more chasing them to make the changes you asked for days ago. You can do it all at the click of a button. Plus, if you need help, online agents often keep their support centres open until late into the evening, 7 days a week.
4) Viewings On Your Terms
If you have previously sold a property through a traditional high street estate agent, you may have felt under pressure when it comes to viewings. They’ll often ask you to perform viewings yourself out of their normal office hours. And, sometimes, they’ll want to perform viewings themselves at times that do not suit you.
This has been overcome by online estate agents since most will allow you to set your own ‘viewings schedule’. This is basically a calendar that allows you to specify the exact days and times you can accept viewings. When a prospective buyer wants to a book a viewing, they will only be able to choose from the slots you have made available in your schedule.
This ultimately allows you to fit selling your property in around your own busy lifestyle. No more feeling under pressure to accept a viewing a short notice. Online estate agents let viewings happen on your own terms.
Because viewings can be arranged online 24/7, prospective buyers reap the benefits of online estate agents too.
5) Communicate Directly With Buyers
Another common complaint about traditional high street agents is that, once a sale is progressing, the seller spends half their time chasing the estate agent for updates on the progression of the sale. This is because most high street agents prefer you not to have direct contact with your buyers, forcing all communication to go through a middleman – them.
Online estate agents help to significantly speed up the process by giving you the ability to talk with your buyers directly. You’ll still get a dedicated agent to help keep you up to date and keep your sale on track, but, if you wish, you can also ask your buyers questions (or answer their questions) yourself. This often leads to a quicker, smoother, and less stressful sale!
Disadvantages Of Online Estate Agents
As you can see, there are a number of benefits of online estate agents that make using one very appealing indeed. These benefits are some of the reasons that online estate agents are predicted to account for 50% of properties on the market by 2020.
However, there are also some disadvantages of online estate agents you should be aware of. For instance, a common practice of online agents is to offer a low headline price, but make it a condition that you use their conveyancing service as part of the deal. If you don’t, they’ll usually add on a few hundred pound. Whilst hidden costs are never nice, you are still likely to save thousands by using an online agent even if you don’t take their conveyancing service but it’s worth checking the terms so you know what you’re agreeing to.
Most online estate agents will require their fee to be paid regardless of whether they sell your property or not. This is different to high street agents who usually work on a ‘no sale, no fee’ basis. However, there are a few online agents that now offer ‘no sale, no fee’ albeit it at a slightly higher price.
Whereas most high street agents will conduct viewings on your property as part of the price, online agents tend to charge extra (if they offer it at all). Typically an ‘unlimited viewings’ package from an online estate agent costs around £300. It’s worth factoring this into your pricing if you don’t want to conduct viewings yourself.
Finally, only having an email and phone number to call rather than a physical office you can walk into may put some people off online estate agents. But, on the flip side, their phone lines tend to be open much longer. So, what you lose in physical offices, you gain in opening hours.
Overall, we strongly feel that the benefits of online estate agents firmly outweigh the negatives. However, it will come down to your own personal preferences and needs as to which one is right for you. If you do decide to use an online estate agent, be sure to check out our online estate agent reviews to find the best one for you.