If you’ve been thinking about selling your home, you may have noticed that there are online real estate agents who can handle the whole process for you. Unfortunately, many people are unaware of just how big the savings can be.
Take emoov.co.uk for example. High street agents charge anywhere from 2% to 2.5% of the total cost of your sale price. This means that if you’re selling your house for £100,000 pounds (certainly the lower end of the scale), you would be paying £2000. Comparing this to online, we can see where the real savings come into play.
An online agent would charge a set fee of £595. And the best part? This upfront charge is the only charge, meaning you’ll have nothing to pay on completion of the sale.
And these aren’t the only savings. Most high street estate agents charge an additional cost for a valuation, which is also often completed through a separate body. Online agents provide a free valuation of your property. This goes for assessments as well. High street agents also often offer any assessments at an additional charge, while online agents include assessments free of charge. This includes photos for your floor plan, and even an EPC assessment for a small cost.
One of the best reasons to choose an online estate agent is the convenience. All assessments can be taken care of in one visit, whenever you’re free, and unlike traditional agents which are usually open from 9am to 5pm, Monday to Friday (and sometimes open during restricted ours in the weekend) online agents are available 7 days a week. And because much of the communication is done via email, you can message your agent at a time that suits you, after work or during the weekend.
One of the reasons why so many people are drawn to high street agents is because they assume they are able to better circulate the house. If you choose a traditional agent your house will be listed on both the agents website and main property portals, but it’s important to remember that if your agent is with OnTheMarket they can either list the house on Zoopla or Rightmove but not both. Online agents don’t have these restrictions, so your house would be listed on their website along with the two largest property portals and other websites- all included in your package.
Many traditional agents try to justify their high fees by claiming to have “local knowledge” about the area. However if you’re selling a house, you naturally have local knowledge, and often more local knowledge than any agents- making you the expert. Online agents won’t charge you for assumed knowledge, and instead they will maximise your knowledge.
Another reason why traditional agents are often more expensive is because of fees for viewings. However it turns out that over 50% of buyers would actually prefer for you to host the viewing. This means you can answer any questions they may have, and is another reason why online estate agents are a much cheaper option.