Has estate agency changed forever?
|For many years the only way to buy or sell a house was through your local estate agent, but has that now changed forever?||
A buyer used to walk into an agent who would sit them down take their details then walk over to a filing cabinet full of property details. This is happening less and less because technology has enabled buyers to easily search for homes themselves on the internet.
Websites such as Rightmove have revolutionised the way people search for homes, they have a sophisticated search engines and applications that enable people to search on their computer, mobile phone and even their TV.
So why are estate agents still charging high fees, when they are effectively waiting for a buyer to call them? In some cases a property would be put on the market and be sold the next day, earning the estate agent £1000’s for very little work.
The main reason they need to charge high prices is that they usually have high street offices, sales negotiators and a lot of high set costs just to keep the business running, but this is not necessary when the internet is delivering over 80% of the enquiries.
Online estate agents such as house2market have been set up to charge a low fee (from £395) to advertise clients properties on the online property portals, this is usually a fraction of the cost charged by an estate agents.
What are the main differences?
house2market (online estate agent)
Low marketing fee up front
Home owner does viewing
No high street office
Fee on completion (usually 1-3%)
Usually accompany viewings
High street office
You will decide which options suit them best, but it is clear that this market is growing as technology improves and the market demands lower prices.