The latest in a long line of established high street businesses that have seen their existence challenged by the speed and convenience of the online market place, estate agents are now having to battle with the rise and rapidly increasingly popularity of online letting agents.
By offering lower rates thanks to significantly smaller running costs, high street estate agents are being undercut to a level where they cannot compete in terms of price, so have had to highlight their service and expertise, instead.
While some online businesses have gone bust due to unsatisfactory service and rapidly diminishing instructions as a result, others have managed to find a good balance, and have moved into the residential space more prominently, with their distinctive for sale and lettings signs becoming increasingly regular sights.
While they’re obviously just as safe to use as their high street competitors – given they’re governed by the same laws and legal ombudsman – it’s important you find the right online letting agent to match your expectations, as some are better than others.
Simple Approach To Fees
Estate agent fees can become confusing. With most operating on a model that includes a commission percentage on the price a house is either bought or sold for, those instructing an agent can never be truly sure of how much the service is going to cost them, which can be off-putting. Another issue is that estate agents have gained a reputation – unfairly or otherwise – for burdening their clients with unexpected fees and costs that weren’t explained thoroughly from the outset. Be these search fees or Land Registry charges, this can often leave a sour taste for those going through the process, as it’s already expensive enough without additional charges being added.
Online letting agents, however, have tended to operate on a flat fee basis. Giving their customers a better idea of how much their service is going to cost from the outset, that has been one of their biggest appeals. With clients able to budget for that cost in good time and not be worried about additional costs coming down the pipeline throughout the process, that has helped offset any concerns they may’ve had about using an online company, rather than an established high-street brand.
They also tend to offer more cost effective bundles, which includes the likes of valuation, marketing, negotiation and sales progression, rather than breaking those off into separate or optional services.
