According to Rightmove, last year was a seminal one for online estate agents.
More specifically, online agents doubled their market share from 2.5% to 5% during this time, while traditional firms were forced to reconsider the models that they used to target customers.
With this in mind, there’s no doubt that Internet estate agents will continue to increase their market share in the years ahead. Despite this, there are pros and cons to using such a service, and we’ll explore these in detail in the below article.
The Pros of Online Estate Agents
We start with the pros of online estate agents, who first gained traction in the market by offering a genuinely unique service. The benefits of this are well known, as online agents offer a far cheaper and more transparent service that actively saves vendors money.
More specifically, online agents charge their clients a fixed fee to market and ultimately sell their homes, as opposed to traditional firms that claim a percentage of the final purchase price. With typical fees ranging between £300 and £600, vendors can leverage online operators to reduce the cost of selling real estate.
This will also ensure that you optimise the profitability of your home, which is all-important in a stagnating and strained marketplace.
Online agents also offer a far more transparent and simplified service, making it easier to bring your property to market quicker. This, in turn, can translate into a quicker and more efficient sale, which may prove crucial if you are looking to capitalise on a regional spike in property prices.
The Cons of Online Estate Agents
When it comes to the cons of online estate agents, there are not too many to choose from. You will be required to complete an upfront payment in most instances, however, which means that there is the potential for you to lose your money in the unlikely event that property remains unsold.
Some may also argue that there no barriers to entry for this market, as it remains surprisingly easy for aspiring agents to establish a viable, online business. This make is more likely that rogue agents will emerge online, and it’s your job as a potential customer to guarantee the validity of your chosen service provider.
To achieve this, make sure that you choose a firm that is backed by a recognised grievance body in the UK. Your options include the Property Ombudsman, the Ombudsman Services Property and more the Property Redress Scheme (established in 2014), so be sure to look out for the necessary certification from the outset.