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High Street Agents Outperforming Online Agents In Key Areas

 
 
 
 
  10 Nov 2018

In the present day, there is an often a rush to assume that the online iteration is best. After all, no matter where you are, or the time of day, if you can connect to the internet you have a world of opportunities at your finger-tips. However, there are many industries and sectors where a lot can be said for a more traditional approach, and this is the case with the property market.

Research carried out by The Advisory, which is an independent consumer advice group focusing on property vendors, suggest in many key aspects, High Street agents significantly outperform online only agents.

High Street agents performing better in several ways

With the findings suggesting that agents with a physical presence in the real achieve more viewings for their clients, they receive more offers and were found to have achieved a 5% better price in close to three quarters of the cases examined; if you’re selling a home, you should consider using a High Street agent.

These figures were broken down as:

  • High Street agents receive 48% more viewings than online-only agents
  • High Street agents generate 64% more offers than online-only agents
  • High Street agents generated a 5% higher price in 73% of cases

With respect to a property sale of £250,000, using an online-only firm would, on average, translate as a £12,500 loss. Of course, this only focuses on the financial aspect and doesn’t consider the fact that fewer offers or interest may be generated by the online agent.

One key aspect of the finding of the research was the fact that the online-only agents are reliant on property portals to help them find buyers. This may not sound like a terrible, but the study also showed that while Rightmove was instrumental in generating 52% of the viewings for a property, it only generated 36% of the offers and 27% of the best buyers.

This information was culled from just 202 sales and no doubt online-only agents would say the sample size was too small to make any major decision. However, these findings correlate with what many people think and feel about the online market right now.

The market has evolved but many traditional elements remain vital

There is no denying that the emergence of the internet, property portals and online-only agents has transformed the UK housing market, but many would argue that these professionals are not yet able to offer the standard of service and support that people need when buying or selling a property.

A property move is likely to be the biggest transaction a person makes in their life. The cost of buying or selling means that some people will be looking to save money wherever they can, but this is often a false economy. With the importance of property transactions, people want to feel confident and know that they are working alongside professionals with a track record. In this regard, the High Street agent is still the most sensible choice when it comes to making a move.

The findings from The Advisory is taken from a series examining the market and an interesting finding focuses on how professional property sellers engage the market. These professionals often cater to the needs of building firms, banks disposing of properties that they have repossessed and people with responsibility for corporate assets.

It would be reasonable to assume that these professionals would use the most effective and efficient ways to sell a property, and it was found that they don’t use online agents. This sends out a signal that the modern approach to selling a home is perhaps not the best way to sell a property, and individuals or households would be advised to imitate the behaviour of the people who sell homes on a very regular basis.

At Jezzards, we know why many people are enticed by the claims and prices offered by online-only agents but when the level of customer service and experience is crucial in selling a home, we believe it is a job best left to the experienced professionals. If you would like more information as to why we are your ideal choice, please get in touch and we will be happy to help on 03330 433 633 or click here to book your free, no obligation property valuation now.


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