Local Agent vs. an Online Agent

2nd June 2017

A few weeks ago we wrote about the general ‘buzz’ in the market with sales being agreed in less than a month of being advertised,  this is a trend we are still seeing within the popular market towns and generally desirable areas.

We also discussed the merits of using a local agent verses an online agent. Recent information has come to light, and although we were unable to verify the accuracy of the content, we have had it confirmed by more than one client, who has shopped around prior to instructing us, that with an online agent not only are you required to pay the ‘fee’ up front or within a year, if they have not sold for you (we ask where is their motivation to sell?) you are also asked to name the price you wish to achieve for your property (we would all like 1 million pounds for our homes, please). Statistics suggested that on average only 77% of the asking price is achieved and sales were only agreed on 25% of the properties advertised by certain online offerings.

To put a different spin on it, the average house price in the UK currently stands at £215,848 therefore, the average homeowner would stand to lose £49,645. And, only 2 ½ houses of every 10 that are marketed will actually achieve a sale.

Compare this to our office statistics, which state that 2/3’s of our properties have sold over the asking price in 2017, and 64% of our properties that are currently on the market are under offer. You may pay a local specialist estate agent more for selling your property but statistics suggest they can achieve more for you AND you only pay when they sell your home.

In any industry, the danger of paying ‘up front’ for the consumer is always that you may end up paying twice. Once, when the promise of the job being done is made, and once again to a company who is able to conduct the job successfully and we urge vendors out there to be cautious when instructing an agent.

With high levels of activity still being seen in terms of viewings and offers coming forward for properties both in Barnard Castle and the surrounding villages, we are encouraged to see many of our sales being agreed very quickly.  With demand continuing to exceed supply, there has never been a better time to talk to us about selling your property.  Should you wish to revisit an historic valuation or if you are interested in having a current market valuation of your property we are happy to visit you and discuss the market and demand in your area, even if you are not yet ready to market your property. Contact our friendly team in Barnard Castle on 01833 690390 for more information.

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