Literally save thousands of pounds when selling your home with an Online Estate Agent! The average high-street estate agent fee for selling a property in the UK is £4200, compare that with £350! Interested?
What is an Online Estate Agent?
They’re like regular estate agents we’re all used to, however, they don’t have shop-fronts because they operate purely online. This virtual set-up means they can drastically reduce their overheads, which ultimately means they can offer a much cheaper solution to home-sellers than high-street agents. Sounds compelling already, right? Yes, indeed.
It’s the same concept as an Online Letting Agent, which have recently become extremely popular, the only obvious difference is, Online Estate Agents sell properties, as opposed to let.
Online Estate agents market properties for sale across the biggest UK property portals, which includes Rightmove, Zoopla and PrimeLocations (to be honest, they’re only one’s worth a damn, in my opinion). The online agent’s aim is exactly the same as any other High-street agent, to generate as many enquiries as possible for their client, the seller. When a prospective buyer makes an enquiry, the vendor will be notified by the online estate agent, and is then expected to arrange and take the viewing.
The demand for online estate agents is rapidly picking up momentum; more and more home sellers are starting to discover their services and take advantage, simply because of the massive money-saving opportunities they provide in comparison to the traditional high-street agent. I’ve noticed more and more of these online estate agents emerging by the day, so now there’s a good selection to choose from.
List of Online Estate Agents
Below is a small list of Online Estate Agents. I’ve not tried any of them, so unfortunately I can’t say a
good or shitty word about them.
Rightmove, Zoopla, Primelocation, The Sun, The Times, The Sunday Times, Homes24, The Independent, The Telegraph, This Is, London Evening Standard, Homes & Property, and the Daily Mail.
Vendors can make price, photo and copy changes at any time. Ads are published within a few hours. Further 28 day marketing blocks can be purchased for £40. Great deals on conveyancing and removals available.
Includes Rightmove, Zoopla, PrimeLocation and 500+ portals!
Includes professional photos, professional floorplans, account manager, buyer management.
Rightmove, Zoopla and PrimeLocation, The Sun, The Times, The Sunday Times, The Telegraph, The Independent, The Daily Mail, and many more.
Yopa are a bit of a hybrid online/high-street agency (available across England & Wales). They offer a fixed fee of £785, which includes a physical “For Sale” board, an expert visiting your property to carry out an valuation report, take professional photos and draw up floorplans, but they can take viewings for an extra £150 (most online estate agents don’t offer a ‘viewings’ service).
Rightmove, Zoopla, PrimeLocation, The Daily Mail, Mail on Sunday, The Times, The Telegraph, NeedAProperty, Propertini, Propertree, HouseLadder.co.uk, NetHousePrices, ThatsMyHome, .UK Home Search
There are cheaper packages available from Tepilo, but they’re not worth it, because they won’t market your property on Rightmove and Zoopla (the two main property classified websites in the UK)
Rightmove, Look4AProperty, Fish4homes, FindaProperty, Property live, Zoopla, Prime Location, Globrix, Nestoria
Rightmove, Look4AProperty, ebay, FindaProperty, Property live, Zoopla, Prime Location, Globrix, Gumtree
Rightmove, FindaProperty, Property live, Zoopla, Prime Location, Globrix, Gumtree, Oodle, The Sun, The Times, Yahoo, MSN, Yahoo, Nestoria etc.
Rightmove, Needa Property, Find a Property, Prime Location, Globrix and Zoopla.
Package includes a valuation, a FREE for sale board and they’ll handle all enquiries!
Exclusive offer for our readers. You can get a FREE EPC with the following discount code: salesepc15
Please note, I try my best to keep the information of each agent up-to-date, but I still recommend you read their T&C’s from their website for the most up-to-date information.
Why use an Online Estate Agent?
I’ve already touched on the main advantage above, but here it is again: it’s all about the money. Nothing else.
High-street estate agents typically charge anywhere between 1-4% of the sale price achieved. I’m told that the average estate agent fee for selling a property in the UK is £4200. Ouch! That’s a decent boob-job right there. When you compare that to the average cost of an Online Estate Agent, £350, it suddenly becomes clear why these websites are taking off.
Are there any hidden fees?
Generally, no. From my experience, I haven’t met a single online agent that has their T&C’s riddled with hidden fees.
Another reason why online agents are awesome. Unlike the traditional high-street agent, most online agents charge a fixed fee and that’s all you’ll pay. The only time they may charge more is if you buy add-on items, like Energy Performance Certificates, professional photos, or if you decide to extend the service duration etc.
owever, I still advise that you ALWAYS read the T&C’s carefully, so you know exactly what you#ll be paying and what you’ll get in return (it’s usually very transparent with online agents).
Most High-street agents source their buyers from online enquiries
90% of home-buyers research properties online, specifically from websites like Rightmove and Zoopla, and that’s exactly where most high-street agents source their enquiries from. Long gone are those days when Estate Agents have to pull in the punters by the hair off the street and rely on newspaper adverts.
Essentially, both types of agents generate the majority of their enquiries from the same sources.
The selling process
Selling a house through an online estate agent may sound like a lot of effort and a difficult process for someone that doesn’t fully understand how the selling process works. If you’re one of those people, I genuinely think you would be surprised by how easy it can be.
Credit where credit is due, most online estate agents have made their service pretty easy to digest. Moreover, they do offer support. Almost all of the online agents I have looked at have phone/email support to assist with any enquiries to help through the selling process.
In all honesty, the process isn’t much different than when using a traditional high-street agent. In my opinion, the only extra burden and leg-work required when using an online agent is that the vendor is required to arrange and take the the viewings. The rest of it is trivial to how much extra value high-street agents will offer. *ducks and cover* I’m sure that statement will go down like a tonne of used condoms with high-street agents.
Put it this way, if selling property through these websites was difficult and didn’t work, there wouldn’t be so many of them around… making money.
An example of how Online Estate Agents work
I’m going to use ‘iThink Online Estate Agents’ service as an example.
They offer 3 packages, but I’m going to focus on their Gold package, which is £295 + VAT.
Once you sign up to their service
Once you have signed up to iThink’s service to sell your property, you will receive a call within 24 hours from a Local Estate Agent based in your area, who will arrange a convenient day and time with you for them to come and carry out their inspection and take necessary details and photographs.
Yes, an agent will come to your property and take all the details. You don’t have to take pictures or get on your knees to take measurements yourself. You can just relax and leave it to the monkey.
Photography and measurements
During the visit, the Local Agent will take measurements of the rooms, as well as written details. They will take high quality wide angle photographs and prepare a bespoke floorplan.
If you have requested a Virtual Tour or Energy Performance Certificate (required by law when renting or selling property), the Local Agent will do this too. This information is then sent electronically to iThink and they will then get in touch within 24 hours to discuss and agree a marketing price.
Preliminary property details
You will shortly receive your preliminary property details by email for you to check. iThink will ask you to check the details that have been prepared, so that they adhere to the Property Misdescriptions Act 1991.
Once you are satisfied, you can confirm by ticking a box and email it back to them. If there are any amendments required, you can email or phone them, and they will make any necessary changes.
Your property will then be uploaded onto all the Top UK websites including Rightmove.co.uk, Zoopla.co.uk, Findaproperty.com and Primelocation.com and will be live across the UK.
When they receive enquiries and viewing requests from buyers, they qualify them by taking their full details and establishing their position. You will then receive a phonecall or email (depending on your preference) to arrange a viewing for you to take.
Feedback is followed up the following day and emailed to you.
When iThink Online Estate Agents receive an offer they will phone you and email the details to you. They also offer a full negotiating service between buyers and sellers to help you achieve the best possible price.
Where there is a chain involved with your buyer, iThink Online Estate Agents will check the details with other agents in the chain to ensure the chain is complete and establish how far advanced it is.
Once a sale has been agreed, you will need a conveyance solicitor to handle all the legal paperwork. They usually charge a few hundred pound for their service. Here’s a list of licensed conveyancers, regulated by the CLC (Council For Licensed Conveyancers), who are qualified specialist property lawyers
Personally, that doesn’t seem too painful to me. The service comes for a flat-fee of £295 + VAT (excluding the Convenyancing solicitor fee and any extras like the Energy Performance Certificate (EPC)- but that’s also the case with most High Street estate agent fees).
Most of the Online Estate Agents i’ve looked at run in a very similar way, making it easy and compelling to even those with very little knowledge. So it’s a no-brainer, or at least it’s worth a punt.
If anyone has any experience with Online Estate Agents, or has any thoughts, advice and tips, i’d love to hear from you.
Happy and cost-effective selling, folks.