It seems estate agency is going the way of most businesses in the 21st century – online. In recent years, more and more online estate agents have been popping up on the web. For those who haven’t sold a property in the last decade or so, online estate agents might seem like a new phenomenon. Many might wonder how they operate and how the process differs from a high street estate agent. More globally, it raises the interesting question of how have traditional agents been affected by their online counterparts?
How do online agents work?
Without a physical office to walk into, most online estate agent enquiries start by simply entering your details onto their website. By entering your address online, an agent will be able to do some research into your property prior to a discussion over the phone. During the phone call, the agent will get to know you and get an understanding of your situation, whilst explaining the process to you and the benefits of selling through them. Most online agents will offer a lower selling fee than high street agents, while some, like House Sales Direct, will be completely free to use.
If you decide to proceed, a valuation of your property will be arranged with a local valuer who works for the company. At the valuation, they will be able to assess the condition of the property, agree on a final price with you, answer questions in person and run you through the necessary paperwork should you wish to sign with them.
This will also be an opportunity for the valuer to get photographs of the property to show prospective buyers, take measurements, draw up a floorplan and take a 360 virtual tour if the agent provides this.
The agents will then work quickly to get everything organised and market your property. Pretty much all agents market through online portals such as Rightmove and Zoopla, as these are the main platforms where buyers look for properties.
Viewings will then take place and your agent will let you know of any offers that come in. If you are happy with the offer, it will be accepted. Online agents such as House Sales Direct, who specialise in fast house sales, speed this process up by only dealing with proceedable, pre-qualified cash and mortgage buyers and by arranging viewings at times to suit you.
Once the offer has been accepted and the memorandum of sale issued, the conveyancing stage of the sale will begin, as with a traditional agent, until the all the aspects are sorted out and the sale can complete. Agents like House Sales Direct also speed this part of the process up by using specialist solicitors experienced in quick house sales.
How prevalent are online agents and are they taking over the traditional route?
The short answer is no, with only 5% of current home sellers in the UK using online agents. Although still a low figure, between 2020 and 2021, website traffic to online estate agents increased by 126%, so the size of the market is expanding rapidly.
There are more and more options than ever, with different online agents offering different services and costs, catering to a wide range of people.
For many people, online estate agents have become a more convenient alternative. The lower costing, sometimes free, services on offer can mean savings of thousands of pounds, with properties still selling for market value. It can also be easier to get hold of online agents, with call centres often open out of hours and on weekends; House Sales Direct for example has a 24/7 enquiry line.
If you are looking to sell your home, it is certainly worth having a look at your options to see what online estate agents can offer you. For some, high street agents will still be the preferred option, but it goes without saying that online agents are gradually eating into their market with home sellers realising their unique benefits.
This article was written by an online estate agent House Sales Direct. If you wish to sell your house fast and for free, then head over to the House Sales Direct website for more property related information and enquiries.
