Your traditional, bricks and mortar estate agents have been renowned the world over for charging unfair fees and not giving those selling their homes a decent deal for the money they pay. The new trend for the use of online estate agents is gaining a lot of momentum. This post looks at why going through an online estate agent to sell your home is a good idea, and how it could actually save you a lot of money.
Estate Agent Fees Explained
Let’s take a look at the business model of the old-fashioned high street estate agent for a moment. They charge you 1-2 per cent of your asking price for their services. Now, that figure doesn’t look like much, but when your home as a substantially high worth, this 1-2 per cent begins to look rather greedy.
If your home was worth, say the national average for England and Wales at £288,000, the takings of the estate agent at one per cent would be £2880, excluding VAT – twice as much at 2 per cent (a whopping £5760). This seems more than a little unfair.
Online Fees – A Fairer Deal
With an online estate agent, the percentage based fee system is eradicated in favour of a flat fee system. Online agents such as House Network or National Home Buyers will charge you a one-off cost that encompasses a whole array of services that you’d expect from a standard estate agent, but all in a far more convenient way, and most importantly, at no extra cost.
Is this deal worth it? The short answer is yes, it is. The online agent will sort out all the documentation for you, arrange for energy performance certificates, floor plans and all the details a buyer will expect, as well as advertising your property for you on all the high-traffic property selling sites, and doing the legwork of dealing with conveyancers and solicitors.
How does it Work?
But how are they able to offer you such a fantastic deal? It’s all down to their business model. Working on an online basis means they simply don’t face the costs that a bricks and mortar agent on your local high street will. This means they’re available longer and more convenient hours and you can consult with their experts from the comfort of your own sofa.
With a proven track record and many satisfied customer reviews, selling your home online is definitely something to take a serious look into as even if you your estate agent charges a low commission, the flat fee offered online will, more often than not, be significantly less.