Using an online estate agent - disadvantaged when buying?

Jhoney_2

Surrey_EA wrote: »

I'm note sure that is something confined to London.

Nor am I, but it's what I know to be true in an area that I know.

My point is that this is less true of an online EA, imo.

Surrey_EA

ellie27 wrote: »

Its an online agent in centre of Glasgow, think they have around 6 agents in the office. As the weeks go by more and more houses are popping up selling through them. They have been great with us.

I'm not surprised at that price!

Floor plan, EPC and photos costs me around £250-£300 per property.

Jhoney_2

yamsteroo wrote: »

Cazh77:
We're now in a position to view the house and after filling in their form to request this, we got an automated reply saying to click on a link if we were happy for our details to be passed to the vendor who were conducting their own viewings - no other option was given, it was this way or no way.


Not sure if this the norm for Online EA but I would much have preferred to go through the agent than 'get personal' with the vendor.

This is not what most of the better known OEAs do from my research.

Surrey_EA wrote: »

I've always assumed this was how things work with "Online only" EAs, which is how they are able to offer a much cheaper fee. If they were to get involved in all discussions, arranging appointments and negotiations then they would start charging more!

They do all of this (inclusive/optional) and where they do, they still charge much much less.

Having narrowed them down to 3 OEAs, I did rule one out on their user friendliness when I had an enquiry, but of the 2 others I was considering at the end, I could have gone either way.

PS I haven't used them as yet and intend to use my own solicitor/conveyancer approved for carrying out work for my chosen lender.

Surrey_EA

Jhoney wrote: »

The do all of this (inclusive/optinal) and where they do, they still charge much much less.

Having narrowed them down to 3 OEAs, I did rule one out on their user friendliness when I had an enquiry, but of the 2 others I was considering at the end, I could have gone either way.

PS I haven't used them as yet and intend to use my own solicitor/conveyancer approved for carrying out work for my chosen lender.

If you don't mind me asking what sort of amount are they proposing to charge, and how much of that is an upfront non-refundable cost?

I would always be using my own solicitor, not quite as critical when just dealing with a sale, but can be incredibly valuable when making a purchase, which it sounds like you are doing.

Jhoney_2

Surrey_EA wrote: »

If you don't mind me asking what sort of amount are they proposing to charge, and how much of that is an upfront non-refundable cost?

I would always be using my own solicitor, not quite as critical when just dealing with a sale, but can be incredibly valuable when making a purchase, which it sounds like you are doing.

This is a typical example and provides all the various options.

http://www.housenetwork.co.uklow_cost_estate_agent.asp

Hope the link works!

martin1959

20400keith wrote: »

I have guaranteed weekly contact from a named qualified estate agent from now until the completed sale of my house (and my money back if there isn't weekly contact)

I am in contact with my EA several times a DAY. They are arranging to receive the mortgage deed from the solicitor by email, print it off, take it to the purchaser to sign and then send it special delivery back to the solicitor, to enable exchange 24 hours later.


The OP asked whether they would be at a disadvantage using an online EA when it comes to putting in offers on properties. Most comments on here are from people selling who are using OL EA's....not from people selling who have to decide which buyer to accept......

Jhoney_2

Cazh77 wrote: »

One of the high street agents told us that selling the house will be easy as there's so much demand at the moment, but if we use an online agent we'll be at a real disadvantage when buying in the current climate. We'll always be bottom of the priority list if there are multiple offers on a house we've offered on, as estate agents will always favour buyers from high street agents.

If this is true amongst the industry, I think this is a very poor advert for the reputation of this EA and their professional standards. The are perpetuating a High St vs
Online EA policy to save their jobs/business and are not prepared to to enter into fair market competition.

They also prioritise investors who use them often, people selling and buying through them, people who take on their additional products, use their mortgage services etc etc.

My understanding is that they should be putting forward the best terms for their client on a case by case basis, e.g price, ability to proceed, cash or mortgage in place etc.

I would ignore their fear-mongering and if you do make an offer, send one to vendor as well, if you think EA is right.

Remember that only one person can eventually buy a property for sale and of e.g 10 offers, only 1 would perhaps be from someone using an OEA so don't let this nonsense put you off.

Jhoney_2

martin1959 wrote: »

I am in contact with my EA several times a DAY. They are arranging to receive the mortgage deed from the solicitor by email, print it off, take it to the purchaser to sign and then send it special delivery back to the solicitor, to enable exchange 24 hours later.


The OP asked whether they would be at a disadvantage using an online EA when it comes to putting in offers on properties. Most comments on here are from people selling who are using OL EA's....not from people selling who have to decide which buyer to accept......

Forgive me if i'm missing something here, but why doesn't the solicitor do this?

Unless they were already delayed already and thus cutting it fine, sol 1 sends via solicitors postal system (so next day guaranteed the last time I purchased) to sol 2, who asks buyer to come in, sign and sol 2 sends back by return?

Aside from anything else, this is not standard EA practice so not something that can be factored into their fee, but if indeed it is the solicitors handling the legals without third parties would be preferable to most people.

It all smacks of last minute dot com and well, that's solicitors for you :rotfl:

eawest29

I used Warrens - an online agency based locally (Stockport) - I paid £474 for which they listed on their website and Rightmove - produced fantastic details (both wording and exceptional photos - the photographer took over 100 pics which were whittled down to 20 stunning ones) in a timely manner (unlike some national EAs I have dealt with) with floorplan - arranged all viewings - gave me feedback - negotiated on price (I got the price I wanted) - I went with them because I was sure the house would sell so was prepared to pay upfront - I'm now selling my next property which is more complicated - extra land , with planning permission and I have decided a more local agent who can point out the 'extras' compared to other properties on the market that at first seem comparable but aren't is going to get me a better price - hence worth the higher estate agents cost - they only have to get a price of £2.5K more to justify the higher fees and given that valuations have differed by £30K that is feasible.
I did go to the online EA office which was basically one room off a solicitor's office, no shop front etc so their overheads are very low.
So in summary it depends on the type of property you are selling, if you're sure it's going to sell. For any online agent look at other properties they have listed I have seen one where the photos were abysmal but I've also seen high street EAs with same poor quality.

martin1959

Jhoney wrote: »

sol 1 sends via solicitors postal system (so next day guaranteed the last time I purchased) to sol 2, who asks buyer to come in, sign and sol 2 sends back by return?

Our buyer and his FTB were using online solicitors miles from where they lived. Another reason to use a local solicitor!


My EA offered to do this as a service as I was desperate for the chain to exchange