An interesting article posted by The Advisory, independent expert advice for house sellers.
Here’s the email (from one of the UK’s top 10 online estate agencies) that started it all:
We received that after telling the online agent we’d decided not to use their services and instead were going with a high street estate agent.
Their email claims:
High street agents (like online estate agents) will find your buyer by listing your property on Rightmove.
Both high street agents and online agents will get you the same end result.
The only difference between the two types of agency is that online agents charge £1,000’s less in fees.
We wanted to find out if they’re right. Or if a strategically chosen ‘no sale no fee’ high street estate agent will get you a superior result?
This study looks to answer the following question:
Q: How much interest is generated in a property by a high street agent over and above the direct interest generated by the Rightmove advert?
And makes the following assumption (based on the email above)…
That national online / hybrid estate agency services do little more than just list property on Rightmove (and other property portals) and wait for enquiries to happen on their own.
As serial (and unemotional) house sellers we have an interesting / unique dataset to analyse.
Unlike many homeowners:
An audit of our historic property trades and ‘managed’ sales to see where viewings and offers originated, would give us solid insight into the impact a strategically chosen local estate agent (and accurate pricing) brings to a property sale.
Q. Will this impact outweigh the cost savings available from using an online / hybrid estate agency that just lists property on the Internet?…
…Will we ‘net’ a higher ‘walkaway figure’?
Unsurprisingly, this research confirms that estate agency services that just list property on Rightmove (or any of the other main property portals) will indeed generate:
However, what may surprise you is just how much added value the right high street estate agent brings to the table…
Our study shows using the right high street estate agent can:
Up until now, whenever we heard of a seller that found a buyer (regardless of their method of sale), we never felt anything really…
…Perhaps a little relief.
However, since conducting this study, things have changed.
Now, whenever we see a review for an internet only listing agent like this:
Now, we can’t help but think:
Great news BUT exactly how much money did you unwittingly leave on the table?
We can tell you, these thoughts are unpleasant ones to have.
It is fair to say the best internet only estate agents are just as good (even a little better) than your ‘average’ high street estate agency.
The best high street estate agents provide the gold standard when it comes to achieving the highest ‘walkaway figure’ from your sale.
We wanted to know what made a buyer (applicant) choose to physically view the properties we were selling.
Was it the internet advert (a portal listing) or was it the estate agent?
#1: We asked our appointed estate agents to audit their viewing logs and applicant databases to ascertain which category each applicant fell into:
#2: We audited the offers put forward from applicants to uncover which category of applicant the strongest offers (and buyers) originated from.
#3. The agents were not informed of the purpose of the research request.
#4. Many of our historic sales had incomplete records but in the end we were able to secure a compete dataset for 202 sales.
#5. All sales were in England & Wales (past 24 months)