There is a lot of hype at the moment about the ‘online estate agents’ and the good value they seem to provide. Everyone loves a good deal, especially when we could save thousands of pounds! But, will you really save money using an online estate agent?
An independent expert advice service for those looking to sell their home has completed a detailed study into the prices achieved for properties and compared these prices between those achieved by low-value, online-only estate agents and the more traditional high-street estate agents.
The results are pretty astounding!
The Advisory.co.uk established that good high street agents in 73% of house sales are achieving a better selling price than low-value, internet-only agents. On average, agents such as Mount & Minster are achieving 5% higher selling prices for their clients. In the East Midlands, this equates to around a whopping £15,000. Those looking to sell their home, therefore, should consider the false economy of saving, say, £2,000 in estate agency fees by using companies such as Purplebricks as you may find you’re not saving money at all, quite the opposite in fact!
The results can be found here.
Some of the largest low-value agents are now beginning to go out of business, wound-up or are up for sale. Hatched has closed, Emoov (which also owns Tepilo) has gone into administration, and Purplebricks made a staggering £26 million loss last year. Those who are thinking of paying these unsuccessful companies upfront are putting themselves at risk. If any more of these companies continue to go bust, you will not get your money back!