There are many ways to sell your property.
Online estate agents are increasingly popular, but most people still don’t use them.
If you want to learn more about how online estate agents work, you’re in the right place.
What is an online estate agent?
An online estate agent is an expert that sells your house primarily online. They might be an individual or a company.
They usually have lower prices and can tailor the service you receive to your circumstances.
The average online estate agent sells a house 38 days faster than a traditional estate agent.
They often have lower overheads because they don’t have an in-person office. This enables them charge you a lower price to sell your house.
How do online estate agents sell your house?
Most advertising takes place online. Your property will be listed on Rightmove and Zoopla.
There may also be advertisements placed in local magazines, although this depends on your package and price range.
They may also have a network of cash buyers that they can contact to potentially offer on your house.
Online estate agents’ charges
An online estate agent may also offer conveyancing services free of charge. Some have an in-house expert you can use. The fee for this is taken out of the fixed cost they charge.
There are plenty more features involved with an online estate agent. You should speak to companies directly for more information or continue reading this blog.
How can you contact an online estate agent?
An online estate agent offers excellent customer support. You should be able to contact them by phone, email, or text, whichever suits you.
You will be kept informed at every stage of the house-selling process. Updates will be communicated to you.
Online estate agents’ process
There are four key stages when you sell your house with an online estate agent.
1. Valuation
Firstly, you get a free valuation by filling out an online form.
You should be under no obligation to proceed with the valuation you are given. You can walk away at any time.
2. Agree on basic sale points
Next, a property expert from the online estate agency will contact you to discuss your options.
You could explain your feelings about the price or ask how quickly they can complete a sale.
This might be very fast if they have an in-house cash buying facility.
3. Schedule key steps
The third step is to schedule everything needed to progress the sale.
This includes a floor plan, photos, and viewings. The estate agent should contact potential buyers to arrange their coming round.
4. Making a sale
The final step is getting you sold.
Potential buyers will visit your property. You will be responsible for staging your house and hosting the viewings.
Once a buyer makes an offer, you can agree on a price, and exchange and completion can occur.
All of this is done at a reduced price and with more convenience.
Does an online estate agent visit my house in person?
It is rare for an online estate agent to visit your house. (They will only sometimes be local to your area).
Some people may visit your property, such as surveyors, but these are often independent contractors who don’t work for the estate agency.
Are online estate agents less expensive than traditional estate agents?
Online estate agents are typically less expensive than tradition estate agents.
This is because they have fewer costs and can thus keep their prices down.
You will often pay a flat rate at the end of the process. This could save thousands of pounds because you don’t lose commission on the selling price.
Can I get an online valuation?
Yes, you can get a valuation completed online.
Resources such as the Land Registry and Zoopla provide excellent guidance. Data about selling prices for similar properties in your area are a great indicator.
Many homeowners host an online tour of their property for a valuation to be made.
This involves live streaming a walkaround of your house to the valuer. They can use what they see to make a judgement.
Some online estate agents value your house online.
Others send an expert to visit in person and give their opinion. It depends on the company and your price package.
How to make sure an online estate agent is trustworthy
Not all online estate agents are trustworthy. You should thus do careful research to ensure the integrity of anyone you use.
Your online estate agent must be registered with the Property Ombudsman and the Property Redress Scheme. These are professional bodies that provide protection if something goes wrong.
You should also make sure that they have plenty of independent reviews. Check their Google page and website.
Ask to speak to former customers. If you know someone who used the company successfully, that would be even better.
Speak to the online estate agent over the phone and ask any questions. If they are elusive about any details, this is a bad sign.
Advantages of an online estate agent
You might save thousands of pounds using an online estate agent over a traditional one.
They might cover your legal fees and won’t take a commission. You may save thousands of pounds in the process.
You will also gain more control. You choose the best service level for you, and your costs will be easier to predict.
Online estate agencies also tend to complete a sale relatively fast.
Online estate agents usually provide relatively accurate valuations. After all, they don’t collect a commission from the sale, so they have no incentive to overvalue the property.
Disadvantages of an online estate agent
A drawback of an online estate agent is that many companies ask you to pay up-front.
While this costs money, it’s often better in the long run.
(You should read your contract carefully and ensure everything is above board.)
You also need to put extra effort into making sure they are trustworthy.
Some people argue that valuations will be less accurate.
This is because the online estate agent is unlikely to have in-depth knowledge of your local area.
If you feel better meeting your estate agent in-person, an online company is not always ideal.
You’ll also have to take on some parts of the process yourself, costing time and stress. Examples include hosting viewings and taking photos.