The Online-Only Estate Agent – Smart Move or Stupid Mistake?
The rise and rise of online-only estate agents seems unstoppable, Purple Bricks, HouseSimple, YOPA, Tepilo and eMoov, to name but a few, are leading to debates about the future of the high street estate agent. The question is, does it pay to entrust these still relatively new online-only estate agents with your house sale?
Let’s Talk About the Money
Online only estate agents are cheaper than traditional agents, with the latter charging, on average, 1.5% of the total sold price. In comparison, online-only estate agents typically work on a fixed fee basis, with charges ranging from between £200 and £1000. Here’s an overview of the stats that show the average costs and the average sale price achieved by the main players in the market.
Basic Package Price
Sale Price Achieved
Home Seller Key Question – Can you Trust Online Estate Agents?
Here’s the thing – there’s no rules as to who can or can’t set up an estate agency, whether online or on the high street. However, there are numerous bodies in place that offer a grievance procedure should you be unhappy with the service provided. These are: the Property Ombudsman, the Ombudsman Services Property and, as of 2014, the Property Redress Scheme.
Four Key Considerations When Using an Online Agent
1. You have to pay upfront, rather than when your home sells.
2. The fee advertised may be contingent on using certain conveyancers – double check this when enquiring.
3. Every package level is different – check and double check what is included in any package you’re considering.
4. Make sure any agent you may use has a strategy for dealing with time wasters or buyers who let off signs of pulling out.
Whatever you choose – an online estate agent, or a traditional one, we’ll be ready to help you move once your home is sold, with York’s most trusted removals service.