While online estate agents are increasingly out-performing the high street in many aspects, they still lag behind in terms of achieving their asking price and other key criteria, new research has found.
According to analysis of the sector by the HomeOwners Alliance, in the past six months Britain’s online agents have achieved 95.85% of their original asking price, compared the national average of 95.69%.
Coupled with a typical estate agent’s commission of 1.3%, this means the average home seller could save around £2,500 on the sale of an averagely-priced property by using an online agent.
Despite these findings, that the top tier of high street agents still significantly outperform online sellers.
The top 1,000 high street agents analysed exceeded their initial asking price, achieving an average selling price of 100.35% of their value, suggesting that sellers can still maximise their home’s potential by selecting the correct local agent.
They also have a far higher success rate, selling 82.42% of homes listed with them compared to 51.98% among those online.
The data showed that online agents proved effective in shifting homes up to 40% quicker than their average high street counterparts in just 43 days. However, high street sellers have a higher success rate of 53.49% compared to 51.98% among those online.
The findings were compiled using data from EstateAgent4Me, an online tool from the HomeOwners Alliance which allows home sellers and buyers to check the vital statistics of estate agents in their area.
Paula Higgins, chief executive of the HomeOwners Alliance, said: “The performance of Britain’s online agents is impressive, and it is little wonder that they are shaking up the market. However, EstateAgent4Me’s data shows that there are still higher-performing high street agents out there, if sellers are prepared to invest the time and effort in finding them. Opting for the agent who offers the lowest rates of commission will rarely pay off.
“Sellers who look carefully at their local market before listing their home for sale will probably still be better off instructing the best high street agent in their area. But for those looking for a quick, easy sale with surprisingly high rewards, online agents are an excellent and rapidly-improving option.”
Mark Hayward, chief executive of NAEA Propertymark, said: “The research from HomeOwners Alliance shows sellers appreciate having access to different options when selling a home and essentially it comes down to personal preference. We live in a digital age, and online estate agents may suit some people’s lifestyles.
“The important thing is choice, as others will always prefer to use a high-street agent as they prefer the face-to-face interaction, so spending time researching the best option is crucial.
“Most people’s home is the biggest asset they have. Fundamentally, sellers want to build a great working relationship with their agent of choice and to trust that are seeking to get the best price on the property and will provide great service.”
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