One of the main attractions for using an online estate agent is that they offer a much cheaper alternative way to sell your home, compared to the traditional High Street estate agent. You could save thousands by selling your home with an online estate agent, but their prices can vary quite dramatically depending on which service and payment model you decide to go for. Below we take a look at the different pricing options for online estate agents and how they compare to the cost of High Street estate agents.
Commission vs Fixed Fee
Homeowners can save thousands of pounds by using an online estate agent to sell their home. This is because online agents charge a low cost fixed-fee to sell a property, whereas traditional estate agents will charge a commission fee, receiving a percentage of the total sale price of the property.
How Much Do Online Estate Agents Charge?
Prices among online agents will vary depending on the location of your property (most online agents charge slightly more to sell homes located within London), the level of service provided and any additional extras or services you decide to use.
Online Estate Agent Fees
Generally speaking, an online agent will charge anywhere from £300 – £1,500 to sell your property. Pure online-only estate agents will charge fees at the lower end of the spectrum, while “hyrbrid” estate agents will charge at the upper end. This is because the level of service and support with a hybrid online estate agent is more comprehensive than the DIY service of an online-only agent. Pricing and fees will also vary depending on what extras are included in the package e.g. professional photography, floor plan, For Sale board, sales progression etc.
Online agent’s prices change quite regularly, below are a few examples of online estate agent fees, correct as of July 2017:
- Purplebricks – £849 (£1,199 in London)
- eMoov – £795
- YOPA – £839 (£1,399 in London)
- House Simple – £495 pay up-front (£895 no sale, no fee)
- Tepilo – £645 (does not include photography or floor plan)
- My Online Estate Agent – £395 (does not include photography, floor plan, description etc.)
- House Network – £775
The online estate agent market has become very competitive recently as more and more new companies enter the market. This has caused a “race to the bottom” with pricing as online agents try to lure new customers with the lowest possible price. If you look around and compare all your options, you can even find some online-only estate agents charging as little as £99 to sell your property! But beware that nothing comes for free in this world, and if it sounds too good to be true – it probably is!
The cheapest online estate agents will not offer the same level of service as the more expensive “hybrid” estate agents. You will have to do much of the work yourself, including: creating your own property advert (writing the description, taking and uploading photographs, filling in property details, uploading your Energy Performance Certificate or EPC, etc.), valuing your property and setting the price, replying to buyer enquiries, arranging and conducting viewings, negotiating with buyers, accepting offers and arranging the necessary legal and paperwork. If you do not have much free time on your hands and don’t want to get bogged down in the day to day work of selling your property, then you would be well advised to use a hybrid estate agent that offers local property managers to help progress you through the property sales process.
How Much Do High Street Estate Agents Charge?
Most High Street estate agents will charge sellers a commission fee, usually between 1% – 3% of the sale price. To use an example, if you are selling a property worth £500,000 and you instruct a traditional estate agent with a commission fee of 1.5%, you would expect to pay £7,500 to the agent.
The higher the valuation for your property, the more you will end up paying in commission. Therefore, people who own luxury, multi-million pound homes at the upper end of the market can end up paying tens of thousands of pounds in fees if they use a traditional High Street agent.
One of the benefits of using a traditional estate agent is that even though you will end up paying more in fees, you will only pay your agent if you successfully sell your property – so it is essentially a no-sale-no-fee service.
How Much Could I save By Using an Online Agent?
One of the benefits of using an online agent to sell your property is that the price you pay for the service will not change depending on the value of your property as it is a fixed-fee system. If we again use the example of a property worth £500,000 and the typical High Street agency commission of 1.5% (resulting in a fee of £7,500), a seller could stand to save over £6,000 by using an online agent. Homeowners will even more expensive multi-million pound properties could make a saving of tens of thousands by using an online alternative.
Most online agents will have a quick and easy tool on their website that will allow you to work out exactly how much you stand to save by selling your property with them. By entering just a few simple details like the price of your property, you can find out how much money you could keep in your pocket and even work out what you could spend it on instead – like a family holiday or new carpets for your new home!
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