How does a traditional high street estate agency compare to an online agency?

With a rise in online estate agencies, we thought we would take a look at how they differ and compare to a traditional high street estate agency such as Burghleys.

Fees
Online agencies frequently offer a fixed fee which may indeed appear cheaper than the rate you pay to a high street agency, however there are catches…

With online agencies you have to pay the fixed amount regardless of whether they sell your property or not, whereas a traditional agency will only receive a fee if they manage to sell your property. So, if you don’t sell online and end up switching to a traditional agency, not only do you pay double the fees, but you’ll have lost weeks of time too.

Also, as you usually have to pay fees upfront with an online agency, once they have received your money there is no longer really an incentive for them to sell your property. Whereas a traditional agency works for commission, so they will try to get you the best price possible and sell it as quickly as they can.

It is always worth checking what the rates include, whether it be a traditional or online agency. A lot of online agencies use their rates as a headline, but they don’t include viewings, photography, floor plans and more.

After-sale
Your agency has found you a buyer… fantastic! But if you’ve bought or sold before you’ll know the hard part starts now. Keeping the sale on track, managing the chain, and coordinating exchange are all vital parts of the process and moving house can be extremely stressful so you’ll really want to be dealing with the same person every time you call. For example, at Burghleys we are an independent small team, so you’ll build a strong relationship with your contact here, and deal with the same person throughout the process.

Local Knowledge and Experience
Knowledge of the local area from an agency can be key to buying and selling. They will be able to find the right buyers for a property based on their needs as well as the local amenities including transport links and schools. Online agencies will often have a call centre, which may offer 24/7 contact, but these agents may know nothing about the area which can also be a huge problem when they base valuations on online data that could be out of date.

Visibility 
The majority of people find homes online, so both online and traditional agencies win here. However, online agencies only have this option, whereas agencies on the high street also have an office where walkers by can view your property in the window.

Hopefully this has shown you some of the differences between online and traditional agencies and can help you make a decision on what is best for you.
If you would like to have a chat with us about buying or selling we would love to hear from you: 020 7267 0100 / team@burghleys.com