Online vs Traditional Estate Agent Reviews – What to Believe

Posted on: May, 3, 2016
Categories: Consumer News,

With so many options to sell your home in this day and age, you’re not alone if you’ve been feeling a little confused about the financial and practical pros and cons of each option. Even after reading up on estate agent reviews and testimonials online, there are so many things to consider. This post will help to explain the options you have to sell your home, and help you make an informed decision about which one is most appropriate for you and your needs.

Online Estate Agents

Are online estate agents all they’re cracked up to be? Well,  many online estate agent reviews have a whole lot of positives and not many drawbacks. However, people are still hesitant to go down this seemingly new-fangled route, so we’re here to give you the facts. So what is involved and why are they such well-reviewed option?

Costs

Online estate agents have a business model that allows for far less overheads than your standard, old-fashioned high street agent. You’re normally charged a one-off flat fee with the benefit of being able to choose how and when you pay it with very few strings attached in some cases with a no sale-no fee basis. The cost covers the legwork that you’d expect and more from an agent; document collation, customer support with sales progression help, legal liaison, online marketing, and help with viewings.

Traditional High Street Agents

Bricks and mortar agents get a bad reputation for costing clients a lot of money in their fees – and deservedly so. With overheads to pay and restricted business hours, they charge a whole lot more as well as take a lot of your time to work with. They run a business model that is falling out of favour in recent times as there are more convenient and better alternatives. But why is this?

Fees

Most agents on the high street charge between 1-3% of the value of your property, and not including VAT. So let’s look at an example. The average house price in London is £530,000 according to sources. So that means at 1% commission charge, you will be charged £5300 excluding tax. This is the lowest rate for agent commission, so you can see that at 3 times that rate with tax added, you’ll be shelling out an awful lot for the privilege of their services.

Those are the facts. So, once you’ve done a little research about costings and the practicalities of your situation, you’re well placed to debunk any myths propagated in estate agent reviews and choose your own route.

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