When we bought our house back in November last year I didn’t anticipate putting it back on the market for quite some time. Things change though, and we’ve now found ourself in a situation where we’re having to think about selling our house to relocate. I’ll share more information about this when I know more, but for now lets think about all the very important things to consider when putting a house on the market. Firstly, what are the differences between a traditional and an online estate agent?
In the current market, you could be forgiven for thinking that you do not need an estate agent to sell your home for a profit. After all, house prices grew by an impressive 9% in March, while a continued lack of available housing and a prosperous labour market are threatening to trigger further hikes in the near-term.
If you look closer at the market, however, you will notice that the rate of growth is declining, while some regions have already begun to see prices drop dramatically. This was certainly the case in Scotland, and the recent data-sets suggest that the opportunity to optimise your home’s value may soon disappear.
Selling your home: Understanding the difference between traditional and online agents
This means that you may need to act quickly if you are to effectively sell your home, with your first choice being to decide between traditional and online estate agents. While both offer advantages, there are subtle differences that will influence your decision. These include:
Online agents offer cheaper and more transparent pricing
This is one of the most important considerations, as online estate agents often market themselves on the fact they offer a completely different price structure to traditional alternatives. This simple calculator available on the House Network showcases the difference with a clear visual, as while traditional agents charge a fixed percentage of your total resale price online operators ask you to pay a single up-front fee. This can translate into a huge saving on high-end properties, while it also makes easy for owner-occupiers to budget their finances in a clear and concise manner.
Traditional agents operate within a strict, local area
When arguing the case for traditional agents, many claim that these entities offer superior local knowledge. This is certainly true in some respect, as high-street operators largely specialise in trading local properties and tend to work within a fixed catchment area.
This should not be seen as a negative for online agents, however, as these firms can reach a larger audience and target those living outside of a specific area. The benefits of this are considerable, as it enables you to market your property at buyers who live further afield and are looking to relocate in the future.
Online agents allow you to manage your viewings
In many ways, the emergence of online agents has empowered owner-occupiers to manage their own sales while also saving money. While traditional agents organise and oversee all viewings in exchange for a pricey fee, for example, virtual firms liaise with potential buyers before enabling vendors to take care of the viewings.
Although this requires a time commitment on your side as an owner-occupier, it may progress the sale of your property as you are the best-placed to market your home and argue its unique value proposition. You will also have intimate local knowledge that can be invaluable to buyers, while this demographic is more likely to trust vendors than slick estate agents.
I hope this is helpful if you’re thinking of selling your house any time soon. I know I have a bit more research to do before we will put our house on the market to make sure we make all the right decisions. I will keep you updated…