Are Online Estate Agents Good for Your Health?
How Do Online Estate Agents Work?
Online estate agents offer a full estate agency service but without the physical office. They may appear to offer a great deal at first glance; however, it’s always wise to review the services on offer thoroughly before signing on the dotted line.
Compared to traditional estate agents, online estate agents are not able to offer you a full high street service as they do not have a shop front. This means that your property cannot benefit from walk-in traffic and you may thus get fewer people seeing your property.
Online Estate Agent Fees
When it comes to choosing an Estate Agent, it’s important that you understand the fee structure.
At first glance, an online estate agent’s fee may appear attractive. However, these fees may have hidden elements to them that you need to be aware of. For starters, there may be different packages available charging varying fees. For example, you may need to choose between a basic no-frills package which offers you the bare minimum and a premium package which provides additional services. The fees charged will vary depending on which package you choose.
Some online estate agents will charge you an additional fee if you don’t use for example their conveyancing service.
Furthermore, you may be required to enter into a credit agreement with the online agent if you are offered a deferred payment scheme. Such schemes allow you to pay your fee at a later date, for example after 10 months. Online Estate Agents fees are typically £300 - £1,500 and are payable regardless of a successful sale.
Compare this to traditional Estate Agents, where you are charged commission on the sale price of the property. These fees can be anything from say 0.75% - 3.0%. Online Estate Agents charge fixed fees of anywhere between around £300 - £1,500.
When it comes to choosing an estate agent, you need to choose wisely. Online estate agent fees may have hidden costs and you need to do your homework to ensure you don’t get stung. Furthermore, an online estate agent may not work as hard as a local bricks and mortar agent as they will already have been paid their fee regardless of whether you sell your property or not.
Local bricks and mortar estate agents have good local knowledge of the marketplace. They also have an office most likely on the high street that you can visit should you need to speak to someone in person.
If you are looking to sell your property, you need to dig down into the detail and gauge exactly what you will be getting from your estate agent. Is professional photography included? Do you get floor plans and are viewings accompanied?
If you need some advice, please contact Robert Oulsnam & Company. We’ve been on local high streets for a very long time and will provide you with the best service always.