The debate between online and high-street estate agents continues to be a point of contention across the industry, however, the latest statistics from the HomeOwners Alliance (HOA) paint a picture in favour of the online sector. Any good sport knows that credit must be given when credit is due, and the praise is certainly deserved for online agents such as eMoov who are disrupting and changing the estate agency business in a positive way.
The top points from the research highlight that online estate agents are exceedingly better at attaining the asking price for their sellers than the national average and they save their customers several thousand pounds by charging a fixed fee instead of commission at the end of the sale. The commission’s percentage can vary, but with a low commission of 1.3% against the average selling price of a UK home, there would be savings of £2,500.
In addition to the savings, online agents have successfully sold properties for 95.85% of the asking price, while the national average is 95.69%. HOA’s findings also show that online estate agents are 40% quicker at selling homes than high-street agents, they sell properties on average in 43 days when the average home typically takes 60 days before being sold.
Something that we pride ourselves on at eMoov is customer service, which is the most important pillar for the company. This is a culture that starts from the top and goes down to all the employees throughout the offices. The obsession with customer service began when our CEO Russell Quirk realised that the estate agency business had lost its stride when it came to giving the best experience to customers. Therefore, he built an innovative company from the ground that focused on giving the best service to customers and empowering them because they are the most important part of our company’s success.
Although HOA’s data notes that there is still room for improvement among online estate agents, it is impressive that in a few short years a new and modern type of estate agency has surfaced and proven to be a contender in evolving the estate agency business.
It’s clear that when comparing the average high street estate agent to the average online estate agent, the internet clique have the edge. And on time to sold too. That’s heartening for the new sector and demonstrates that typically you are not only better off in fee terms using an agent such as eMoov but also in so far as the price performance and the time taken to net the sale proceeds.
The top 1000 agents perform well and represent just 4% of the total. Of course the top performing online agents will also sit above the average of their sector too and, for instance, eMoov’s percentage of price achieved is far higher than the 95.85% quoted in the research.
The industry should welcome this transparency from the HOA. Potential home sellers will no longer have to wonder whether using an online agent and saving money, would cost them money in a lower price gained as typically that’s not the case.Russell Quirk