You have lots of choices when the time arrives to sell your house.
Using a high street agent is not your only option.
Cash buying companies are more popular than ever, and the same applies to auction houses.
Another popular way to sell your house is online.
In this article, we’ve explained everything you need to know about online estate agencies.
Keep reading for a clear overview of how to sell your house online.
What is an online estate agency?
Many people think that the traditional way of selling a house is outdated. Online estate agencies arrived in response to this.
Online estate agencies offer a tailored approach to selling your property. They often do not have in-person offices. Instead, they operate via a ‘hybrid’ model.
Reduced prices are a significant advantage of online estate agencies. Many don’t take a commission on your sale. Instead, they charge a fixed rate up-front, saving you thousands in the long run.
You can pick and choose the package that works best for you. This might include taking aspects of the sale on yourself and thus paying a reduced price.
You can move between the services you need at the time. This flexibility of managed service can often prove invaluable.
You may find that the online estate agency has a website dedicated to listing houses. This offers an extra marketing tool.
They might also have a cash buying facility that enables you to complete your sale within as little as 7 days.
On average, online estate agencies complete a sale several weeks faster than a high street estate agent.
How common is selling your house online?
Ten years ago, online estate agents were less than 5% of all sales on the market.
In 2023, this figure had risen to 7%. Many experts think the number will continue to increase over the next decade.
Advantages of selling your house online
You can often save money by using an online estate agent.
Even if you pay up-front for their service, it will be much cheaper in the long run. This also applies because some online agencies cover your legal fees.
The average high street commission on a property worth £750,000 equals £11,250. Online agencies might save you almost £10,000 in this scenario.
Online estate agencies with a cash-buying facility can guarantee a sale.
This is something that most high street agents cannot do. If you struggle to find a buyer you are happy with, you can sell directly to them for cash.
If you want to control most aspects of the sale, online agencies make this possible. You can take photography yourself or handle most of the marketing.
Alternatively, you can avoid unnecessary steps that you don’t want to do.
Common examples include printed brochures or open viewing days.
The best online estate agencies will not overvalue your house.
This is because we make no money on commission and thus have no incentive to lie. Lots of people feel that high street agencies do this.
Disadvantages of selling your house online
Not every buyer trusts online estate agencies. The perception might reduce interest in your house, even if this is false.
Online estate agencies may need more local knowledge compared to high-street experts.
They might not have visited the location where you are selling. On the other hand, some online companies specialise in specific locations. This means that the service could be just as effective.
Keep in mind that not all online estate agencies are legitimate. You should do careful research before signing a contract with one.
Ask for customer references and check out their online presence. You should meet in-person with a member of their team too.
How to sell your house online
Do careful research for online estate agents that operate in your area. They should have a track record of selling a house in your part of the country.
Reach out to them to arrange a meeting to discuss your options.
Online estate agents offer different types of packages which can suit different budgets.
Speak to the estate agent about which one works best for you. Some cheaper packages don’t include things like photography and floorplans.
Advertising is another example. Your online estate agent will then reach out to a list of pre-qualified buyers.
They will arrange viewings and provide you with feedback. They might also utilise a cash buying facility to complete the sale in a much faster timeframe.
Do not sign a restrictive contract for an extended period. Make sure that you can walk away if things go wrong.
Can I sell my house online by myself?
Yes. It is entirely possible to sell your house online by yourself.
Most people use online platforms such as Rightmove and Zoopla to find houses in the present day.
Listing your house on these sites is something you can do yourself. You may generate enquiries simply through these platforms.
You can also set up online advertisements for your house sale. And there may be online local publications that you can advertise your house in.
Find out if your area has any magazines with a reasonable readership. Journals or publications dedicated to property investors are also worth considering.
Virtual viewings are another available technology. This enables people online to look around your property without visiting in person. You can set this up without much expense.
Even if you sell your house online, you should meet with the buyer in person.
This is the best way to judge their character and seriousness about the sale. You should be cautious if they are hesitant to meet you in person.