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When owners sell their homes online they can avoid traditional estate agents and their fees and save a significant amount of money, according to research from the consumer group Which? Fees charged by online agents tend to be much lower than the fees charged by traditional agents. Estate agents usually charge from 1 to 3 percent of the sales price, while online that can be as little as 0.5 percent or even just a flat listing fee, depending on what kind of online listing is used.
The study by Which? compared three different online agents selling a home with an asking price of £200,000 compared to an average agent, who charged a commission of 1.5 percent. The results showed that online sellers can save more than £3,000. That is in the commission fees, and there are other fees that a seller will often spend money on, such as signs for the property.
The study did use online agents, and there are other online sites that simply charge a listing fee. It did note that sellers do have to do more work, getting ready for showings and doing the listing themselves, and there are often hidden fees that many people do not consider. But overall, there is quite a bit that can be saved when listing online compared to the traditional estate agent.
© Housing Market News by The House Shop