Online Estate Agents Vs. High Street Estate Agents

Finding the right agent is integral to selling your property. The number of online estate agents has increased in recent years, and there has been discussion as to whether sellers should use online agents to sell their homes or stick with established high-street agents. Keep reading to learn more about online and high-street agents to know which ones to choose.

How Do Online Estate Agents Work?

The savings you can make on the overall fees are one of the most significant advantages of working with an online estate agent. But how do they work?

When it comes to property valuation, online estate agents use online data. They then use popular platforms such as On The Market, Rightmove, Zoopla, etc., to market your property. The quality of images used for selling the property is just as professional as those of high street agents.

Most online agents typically arrange viewings on your behalf and keep in touch with you via a dedicated online portal exclusively for you or via phone. Still, the online agent wouldn’t usually be present for the viewing, and you would have to do it yourself.

What Are the Advantages of Online Estate Agents?

Cost

You can save money in fees if you choose to work with an online estate agent. However, it is advisable to check your local market since, in some areas, there could be very little difference between high-street and online estate agents, and in some cases, fees charged by high street estate agents could be less.

Transparency

Online estate agents usually display their fees transparently and clearly on their website, including VAT charges. They should also show the whole process of their involvement online, from creating the market placement to finding prospective buyers and all steps in between.

Control 

You always maintain control over the management of everything online and even decide when viewings are most convenient for you.

Flexible Fees

If you choose to work with an online estate agent, you usually have to select from one of the set fee structures that deliver the knowledge and services you need and match a price you can afford.

What Are the Disadvantages of Online Estate Agents?

Upfront Costs

In most cases, when you choose to work with an online estate agent, you will be required to pay fees upfront, whereas if you choose to work with a high street agent, you will only be required to pay upon the completion of the sale. If the property doesn’t sell, or you decide to switch agents, you will lose your money.

Property Valuations 

All transactions are handled online, so you cannot be entirely sure that the ‘local property experts are experts in the area where the property is located.

Conducting property valuations based heavily on data can be inaccurate, which is why it is recommended that even after opting for an online estate agent, you should ask a high street agent to do the valuation for you to get an accurate valuation. 

When demand is far greater than supply, an online agent might not review the price regularly after the property is on the market, which means you may lose out if there are several interested parties. 

Responsibility/Control

If you opt for an online estate agent, it will be up to you to manage everything, but this heavy responsibility will be taken off your shoulders if you decide to work with a high street estate agent. You need to ensure that you have the time to do this before losing out on the upfront fees.

Conducting viewings

Online estate agents typically don’t carry out viewings on your behalf, although some offer it as an optional extra. It would be best to consider when deciding which style of estate agent you wish to choose. 

Handling the Transaction Through to Exchange and Completion

It is arguably an essential aspect of the transaction in the current climate. A high street agent is typically in a better position since they have locally trained staff to ensure that you reach an exchange of contracts.

How Do High Street Agents Work? 

High street agents typically take care of the sale of your property from marketing to finding prospective buyers, carrying out viewings, as well as completing all the legal formalities required to exchange.

What Are the Advantages of High Street Agents?

Personalized Service

Perhaps the most obvious advantage of choosing to work with a high street agent is that the service received will be personal to your situation and property. You will be working closely with an actual person instead of somebody online, which provides a lot of reassurance for many when undertaking such a large and personal task as property selling.

Accompanied Viewings 

A high street estate agent can carry out viewings on your behalf or even accompany you on the viewings – whichever option you prefer.

Knowledge/Experience

Opting for a high street agent is opting for experience when selling your home. Local estate agents usually have a wealth of knowledge in the area they specialize in, which means that they have a lot of experience with the local property market. Furthermore, they know exactly what to look out for, what to ask, and signs you should pick up on during viewings. 

What Are the Disadvantages of High Street Agents?

Expensive Fees

High street agents are usually more expensive than online estate agents. They will most probably charge higher fees because they have more significant overheads than online estate agents, such as storefront rent, business rates, staff, etc.

The typical commission for a high street agent can be anywhere from 0.75 to 3 percent of the final selling price. Still, the local knowledge, extra staff, and office space could offset this, which can achieve a better price or get you moving faster. As with anything, the cheapest option isn’t necessarily the best one.

Limited Hours 

Some high street agents will only work the hours that their store is open, which is usually 9:00 A.M. to 5:00 P.M. and shorter hours during weekends. This can be tricky when holding viewings or when you want to contact the agent outside of their working hours if you work long hours yourself.