Using an online estate agent when selling your home might be affordable, but can they be trusted with such a significant financial transaction? Here is some guidance.
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High-street agents usually charge about 1.5% of the sale price achieved. By comparison, online agent packages typically range from £200 to £1,000. Some online agents will market your home for only £99 plus VAT.
Recently, basic online estate agents are offering an improved hybrid option. Hybrid online agents such as PurpleBricks also supply traditional high-street services, including viewings with a local property expert.
Valuing your home
Online agents employ nationwide call centres and have limited local knowledge, so house valuations often use online data. The right asking price, however, depends on neighbourhood information, and online experts may not know your specifics.
To overcome this drawback, get three nearby high-street agents to value your home for a price comparison.
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If you seek a home buyers survey Hertfordshire offers various options. If you’re considering a home buyers survey Hertfordshire based firms have local knowledge.
Which, explores online agents at https://www.which.co.uk/money/mortgages-and-property/home-movers/selling-a-house/online-estate-agents-ar2jr0g705uu).
Benefits of an online estate agent
- You can save hundreds or thousands of pounds in fees
- Online agents are transparent about fees
- Timings are at your convenience
- Packages and prices are flexible
Drawbacks of an online estate agent
- You usually pay up front
- Online “local property experts” often don’t know your area in detail
- Managing affairs, yourself can take longer than a high-street estate agent
- You must be comfortable conducting viewings.
Are online estate agents trustworthy?
Recently, an Ipsos MORI Veracity index found that 70% of people don’t trust estate agents.
For reassurance, your agent should belong to one of two grievance bodies: the Property Redress Scheme or the Property Ombudsman.
Read reviews to get an idea of other peoples’ experiences.
Most online agents will keep you updated on viewings over the phone or on a tailored online site, but they don’t usually attend. Typically, you’ll have to conduct viewings yourself, although hybrid agents increasingly make this part of a standard package.
Closing the deal
Some online agents will take offers and negotiate prices, while others make this your responsibility. To avoid haggling, select an online agent who takes care of bargaining.