With the rise of ‘online’ estate agent’s, sellers have more choice when it comes to selling their homes. At first glance, selling your home with an online agent may seem like it could save you money. The reality, however, is very different.
Below is a list of pros and cons of using an online estate agent:
Pros
- Online estate agent fees are usually lower than their high street counterparts.
- Using an online agent may offer more flexibility, as call centres usually have later closing times and are available on weekends.
- It gives the seller more control over the sale of their property. Sellers can conduct their own property viewings, to negotiating the sale directly with the buyers. However, managing the whole selling process single-handedly may not appeal to some.
Cons
- Sellers must conduct their own property viewings. You will need to make sure you are available for viewings taking place during weekdays, in the evening and at the weekend.
- When valuing your home, online agents may rely on online data or even list the property at a price you think it is worth. However, with a traditional estate agent, they will have knowledge of the local area, enabling them to accurately value your home.
- Online estate agents’ fees generally have to be paid up front, even if the property does not sell and with no bearing on the price you get for your property.
- Marketing undertaken by online agents tends to be for a fixed period of time, with additional costs if you need longer. Traditional estate agents, however, market your property until it sells with no maximum period.
Both high street agencies and online estate agents must comply with the Estate Agents Act. http://www.legislation.gov.uk/ukpga/1979/38
This means that online agents must do the following things.
- Give clients clear and written information about fees
- Tell clients promptly about all offers made
- Comply with money laundering legislation
Failure to do adhere to this criterion may result in a ban from estate agency work.
