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10th August 2016
The digital revolution has transformed many industries, and property is no exception.
The rise in popularity of online estate agents such as Purple Bricks and emoov has stirred many questions around the future of the industry, giving rise to the great estate agent debate - in it’s simplest form “online or offline?”
Yet high street estate agents also exist and thrive online. Houses are advertised on platforms such as Rightmove and onthemarket.com. Beautiful images and videos showcase properties on estate agents’ websites and sales can, if necessary, be conducted entirely via email.
So what is the real difference between the two? And what impact could this have on the sale of your property?
Online agents charge lower fees because they cut out the middle man - the estate agent. For your money, you will gain access to an online portal, get your property placed on advertising platforms such as Rightmove, and have floor plans drawn up on your behalf - but the rest is up to you.
Selling a property isn’t always a simple process, and cutting out the estate agent can lead to a number of problems. Firstly, you don’t benefit from a thorough, reliable valuation.
While most online agents do offer a free valuation as part of the deal, they often operate from nationwide call centres, using online data to determine property value, which can often be inaccurate, putting your property at risk of being significantly under or overvalued.
High street agents will have a team of valuation experts who draw on their understanding of the local property market to offer the most accurate valuation. This is important, as setting the wrong price from the offset could leave you struggling to sell your property. Leaving a property stagnant on the market for too long could also have a negative impact on price and saleability, and you could end up selling it for less than it’s worth.
Understanding clients’ needs goes further than the initial valuation.
High street agents offer unrivalled knowledge of the local area, which will help to put your property in front of the right people. They understand the local property market, can predict trends in buying habits, and know the best way to position your home to buyers from around the world.
When it comes to showcasing your property's best side, high-street agents can also offer advice from the inside. They will walk around your home with you, recommending ways to add value to your property while helping you to see it through a buyer’s eyes.
If for some reason your property doesn’t sell, high street estate agents know how to ask the right questions to potential buyers to determine exactly what is putting them off. We have found that buyers are much less likely to be honest to the property owner than they are to an impartial agent.The agent can then use this information to help make your home more desirable.
This process takes time, and communication between the agent and the seller is so important. For most people, their property is their biggest asset, and having someone on hand to offer advice and support at each stage of the sales process is invaluable.
High street estate agents navigate the sales process from start to finish, taking a lot of the pressure off the seller. This model guarantees property viewings are accompanied by a skilled salesperson who will be able to answer any questions succinctly, giving viewers confidence in the property, while negotiating the best price.
If you choose the online option, it’s likely you’ll have to do all the viewings yourself, communicating directly with the buyer and negotiating on price, which can become stressful if there are many offers on the table.
For buyers, dealing directly with the seller could be seen as a preferred option because they feel they can get a better deal if they pass by the estate agent, whose primary consideration is getting the best possible price for their client.
While most online agents do offer the option of assisted viewings at an extra cost, they still lack the human connection - a potential buyer is only able to make an offer and provide feedback through the online portal.
Once an offer has been accepted, the online agent’s job is more or less complete. They will be able to recommend conveyancers and their call centre staff will be there should you have any questions, but it’s unlikely they will follow up with more than a few automated emails, particularly to the buyer.
A high street estate agent’s job is not finished until the point of completion, and we have found that the time between sale and completion can be the most uncertain. As a result, we regularly check in with the solicitors on both sides to ensure they are held accountable to time commitments, and provide support to the buyer, as well as the seller.
During this period, there may be long and complicated chains that will also need expert navigation. Having someone experienced to deal with this could prove an integral part of a successful sale.
Of course we are biased, but we have found that a mixture of the two worlds - online marketing capabilities with offline customer care - is the winning combination.
Our stats speak for themselves. Last year we achieved over
99% of the asking price on all of our properties sold, and we believe this would
not have been achievable had our people not consistently gone the extra mile
for our customers, both online and offline.