In the left corner are the high street agents, and, in the right corner are the web based companies (I can’t call them estate agents because they are not). It is easy to get fooled into believing that those peddling their goods online are selling or letting properties free – but they are not.  These internet property listing companies merely offer to run website adverts and do not operate from high street offices.  They are the new faceless, nameless people who offer a supposedly economical and easy way to sell or rent your property, but BEWARE, because cheap, in my experience, is often expensive!

Before deciding whether to go High Street or Internet ask yourself the following questions:-

1              Do I want my agent to charge purely to place my home onto various property based websites?

High Street agents do this without charge.

2              Do I want additional services, such as accompanied viewings, professional photos, where I will be required to pay more?

High Street agents do this without charge.

3              Do I want to be charged whether I sell/let the property or not.

High Street agents do not charge until the transaction is complete.

4              Do I believe that the web based companies will save me money or will it cost me more as I may not achieve the best price?

As opposed the internet companies, High Street agents are inextricably linked to the transaction; the more the agent achieves the larger the commission, due so it’s in the agents’ interest to get the best price.

5              How many years’ experience in selling or letting one of one of your most valuable assets does an online company have?

Your local High Street agent (certainly the reputable ones) will have worked in and around your area for a number of years and you will know who they are from their profile.

6              What credentials do the internet corporates offer in terms of recompense or professional qualification?

All professional High Street agents will be members of at least one governing body and have the correct insurances in place.

7              What happens if the online company makes a mistake by undervaluing a property or giving poor advice, wrecking the chances of a transaction at a good price?

High Street agents can make mistakes too, but the professional companies will be part of an Ombudsman scheme and often have professional qualifications, many are affiliated to the various governing organisations and adhere to a strict code of conduct, which provides facilities for recompense where necessary.

8              With the web based organisations how is security managed regarding the person assessing, showing or viewing the property?

High Street agents can be visited in their office, they usually accompany all viewing appointments and they will have history in the area. Local estate agents usually know their clientele and hold records of all viewings with details and information about the prospective buyer or tenant to verify identity.

9              What do the internet companies rely upon for comparable evidence when assessing the value of your property?

Your High Street agents will have their finger of the pulse with regard to recent local sales or lettings in order to provide good comparable evidence. After all they have probably transacted many recent sales and lettings within the vicinity.

10           How many deals fall through because the buyer and the seller don’t see eye to eye? How many could be saved by a good agent?

It is unquantifiable but a professional agent is an expert at resolving issues and acts as an intermediary until the transaction is complete. This serves many purposes but mainly ensures that the relationship of the parties remains intact thus allowing the deal to proceed.

11           The web based company’s state that they will accompany viewings and handle deal progression.  So why do I require a High Street agent?

Some companies offer this service but it is all with extra upfront charges. It is therefore wise to discover the full amount of those additional costs and remember you may still not achieve your desired result. Whilst some online offerings provide a commission based service,  check whether this works out less expensive than your High Street agent.

Residential property is not a retail industry and whilst the web based companies and some of the corporate agents will try to make you believe that it is – the truth is that residential agency is a very personal business where emotions run high and large chunks of money change hands. Do you really want to rely on someone you have never met, who you will probably never meet, who has no concept of who you are and what you need to achieve?

Or

Would you rather have a relationship with a person, people and/or a company who you trust and who has your best interests at heart, someone you can visit, chat to and with whom you can have friendly interaction? Someone who has history in the area and is known to achieve excellent results?

Online offers: – Fees up front, no guarantee of a sale or letting, no way to establish whether you are getting the best price, no cover from a professional body, nobody to advise you, nobody who understands your position, possibly no saving, in fact, possibly loss.

‘v’

The High Street offers (of course I am biased towards my own industry – but with good reason) :-

Mainly helpful, professional, capable and approachable advice, they will go the extra mile to get the best price available, in the required timeframe with the minimum of stress. They will talk you through anything you do not understand, they will chase up solicitors and surveyors, they will chivvy along the buyers or tenants and smooth out the wrinkles to ensure that the deal transacts – and this FREE until the deal is done!

Property is a valuable asset so make sure you rely on expert advice.

Published in London Property Magazine May 2017