Estate Find
The Death of the High Street Estate Agent
The internet opens a new way of featuring and selling properties. The traditional method of posting pictures of houses for sale in the papers, local community boards and estate agents is now replaced by posting the pictures online.
This enables the property sellers to reach a wider range of buyers beyond the local region. This translates to more buyer options and better price deals for the seller. The ability to advertise nationally is the distinct power of the internet.
Buyers nowadays, have the option of searching for properties online. As a matter of fact, around 90 percent of the houses sold are found by the buyers via the major UK online property portals such as Zoopla, Prime Location and Find a Property.
What used to be the role of the high street agent of finding the most suitable home for you, is now effectively replaced by online access. Despite the dramatic changes in conducting real estate business, agents still manage to keep a firm grip on the property market even if they do not provide more services.
The reason for this is property websites often require licensed real estate agents to list property to be sold. This means ordinary people cannot just post the houses they want to sell on these internet estate portals.
The good news is that these internet agents charge a much lower amount for their services compared to traditional high street estate agents. The services they provide however are similar to conventional agents.
The main reason for the marked reduction in online agents fees is they do not have much overhead expenses. It does not take a lot of money to run an online website. Plus, they do not need to open an office to cater to their clients since they can effectively transact all real estate business online. This allows online agents to charge their clients incredibly low fees.
Online agents, such as My Online Estate Agent, do offer similar services as those provided by traditional real estate agent like acquiring the aid of a property professional to take still pictures of the house for the website advertisement. The floor plans are also required. This information is vital to entice would-be buyers to take a look at your home.
The pictures will be advertised at all major property websites such as Rightmove and other aforementioned websites. They can negotiate in your behalf and ask pertinent questions to the buyers.
The only difference between the services provided by online real estate wesites and a high street agent is online agents, usually do not make viewings. The owner has to do this and tour the possible buyer in the house. But even traditional estate agents do not conduct viewings sometimes.
The average fees that online agents charge usually run to £350 to continue advertising the house until it finds a buyer. Conventional high street agents usually charge a 1.5 percent commission. If they sell a house for £250,000, they can demand a hefty sum of £2,500 for the transaction.
As the popularity of the online estate agents continues to rise, it will not be a huge surprise if they will take over the property industry and replace all conventional high street agents in the near future.
Bio
This article was written by Andrew Potter at My Online Estate Agent, the low cost estate agent where you can advertise Rightmove, Zoopla, Find a Property and Prime Location and other leading property portals
About the Author
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