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Will Internet Estate Agents See the End of High Street Estate Agents?

Did you know that selling your house through an estate agent is now three and a half times as expensive as in 1995, (Source, Jonathan Middleton, National Private House Sales Association)

And according to the same research the average sold price has increased from £68,713 in 1995, and could reach up to £300,000 in 2016., (Source, Independent).  Agents now typically charge between 1.5 per cent and 2per cent of the sale price, the higher the price of your home the more you pay.

On-line estate agents charge a lower fee with generally the same facilities, Rightmove and Zoopla for example.

The pros and cons of an online agent?

Typically, online estate agents charge an upfront fee. HouseSimple.co.uk charges an upfront fee of £395 plus VAT for its full service, (Source, Express), compare this to an average seller using a high street estate agent, at £4,737 plus 20 per cent VAT.

Online agents are relatively east to contact, by phone and over the internet. It is best to do a bit of the legwork on your own with this type of agent, as they may not be aware of the local market. They are becoming more and more popular as vendors are looking at ways to save money. The internet sites have been around for more than a decade and as stated are growing in popularity. In some parts of the UK properties pretty much sell themselves, an example of that is when local schools have good to excellent Ofsted reports.

There may be several packages on offer from online estate agents, Tepilo.com offer a home visit, detailed floor plans, carry out energy performance certificate (EPC), and take professional photo’s. They have two charges depending on the level of service you require, (Source, Express).

The pros and cons of a high street agent?

Most high street agents know their market, regionally and locally, they have been the only go-to property sale for a long time. Their reaction to internet estate agents is that in the first instance, rapport building with a client is important for both buyer and seller. They understand the market, which helps them price a property accordingly. If too high a price it could sit on the market, forcing a massive reduction, and if priced to low you lose money anyway. 

You can also meet your agent in person throughout the whole sale process. There is a personal commitment to sell your home.

They will if required, carry out all of the viewings, the well-established agent can bring peace of mind in what is usually a stressful time. Certainly at The Property Sale Company, we pride ourselves on our local market knowledge in the Wakefield and West Yorkshire areas