Advice needed on Estate Agent vs online Estate Agent

sturgeon

Hi all,

I've done a lot of searching on this forum, but found most threads regarding online estate agents were quite old.

I need to sell my property by late this year as I've reserved a new build and am about to exchange.

I need to sell for minimum £240k, and know that another one in the building ( v similar to mine but a fraction smaller) went for £249k selling with a local estate agent in April.

I saw three estate agents who visited yesterday, they all seemed fine and the one who sold and was familiar with my block was most professional but then revealed at the end that the fee was 1.5%. Both others, which seemed fine and are very well established in the area, charge 1%.

I live near Stratford in London and know from all feedback that my 1 bed flat will sell itself. It's right on top of a tube station, easy commute into London and great transport links. It's also pristine inside, about 6 years old and top floor/end of corridor. My area is also very in demand, mainly due to it being more affordable but with those transport links.

It got me thinking, if they're tripping over themselves for me to give sole agency rights and know how it will 'sell itself', why should I pay up to £4.5k for them to do it?

I've read a lot yesterday about selling online, House Network seem to get the best feedback (although wasn't a lot of it on here spam?) and seem to have sold the most homes. I know myself that 100% of all property searches have been online via RightMove, so it doesn't matter if a local estate agent is selling or not. So as long as it appears there and on the other portals then that seems OK to me.

I should get first time buyers or BTL investors due to the nature of it being a 1 bed, and have been told by the EA's to just decline or avoid people in a chain.

The concern with an online EA is do they really vet and speak to viewers properly, to ensure they're legitimate? I know that I can get 20 people round here+ asap for a viewing and EA's may get 8-10 offers out of that. I'm concerned that if going online, what if I get barely any viewings and all offers are ridiculous...as an EA has the chance to tell the buyer that where it appears online a buyer just submits an offer electronically?

Any feedback welcome. My finances will be tight with a house move and I just refuse to pay someone up to £4.5k (or £3k minimum) when i know the house sells itself.

cakeforbrains

Just a quick reply as I'm on my phone: I've used an online estate agent and I'd never use a high street one again. I think they're overpriced and we'll eventually see them go, in much the same way as bricks and mortar travel agents.

Good luck.

alchemist.1

Cant give you any formal advice.

Having viewed properties via Purplebricks, it was just a case of choosing a time for viewing (no formal vetting) beforehand but this was the same other estate agents too.

Innys1

I recently used Make Ur Move to let my property. Like yours, it was in pristine condition in a great location - let in 8 days and, as MUM had an offer on, it cost me diddly squat.

In years to come, a few High St agents will still exist for hard to let/sell properties. The rest will go the way of the dodo as online agents cost a fraction of the price and deliver much the same service.

Ask yourself this question - what does a High St agent actually do that you could not do yourself or have an online agent do for no more than half the price?

kinger101

You can do vetting yourself. Don't accept any offers until they have provided proof of funds (deposit, mortgage, cash, etc). That's all the EA will do, and not usually until an offer is submitted. A serious buyer will have these on their computer ready to send.

SmlSave

I used an online estate agent (forefront) and they were very good. They didn't pester like high street ones and I'd use them again

ccskitten

If you are concerned about them vetting your potential buyers, why don't you phone a couple to book viewings and see what questions they ask you. It will give you the confidence in letting them market your property.

I'm with hatched.co.uk. When I get a viewing I receive an email informing me of the status of my potential buyer. Once I got an offer though, I didn't hear anything from them at all. I must say, they have been good since my sale fell through though.

-taff

A friend has just used purple bricks, he was very impressed with their service.

tea-bag

I used hatched sold in 3 days. Save your money use online.

LJS2014

I used HouseSimple online agents and was really pleased I did as it only cost me £290. I would now go that route again in the future as I don't know what more I would have got from a high street agent, (except a bill of £1,350 + VAT!)

Hoploz

I would not use an online agent.

Local agent already has a list of potential viewers on their books to call for viewings prior to advertising, and yes, they will have a relationship with them, knowing what they're looking for and whether they are likely to be interested before they waste your time booking viewings with people who will definitely not buy it.

But the main reason why I would always use a local agent is that they are able to oversee the chain, communicating with other agents, often local too. This existing relationship will enable a smoother journey and be helpful to iron things out should problems occur.