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Online vs traditional: the great estate agency debate

Ever wondered what the difference is between online and traditional high-street estate agencies?

With internet usage at an all-time high, you can’t underestimate the role the web has in helping to reach a wider market. But selling a home isn’t as simple as plonking an advert online and waiting for the buyers to roll in.

Choosing the right agent who’ll exhaust their database and sell your home quickly is essential – with buyers using filters to only search online for homes which have been listed in the past 24-hours, week or fortnight, homes which don’t sell fast can easily stagnate.

Vicky Bibiris, a partner at Location Location, added: “In 2017 the average home being sold in Stoke Newington stayed on the market for 180 days and many sellers switched agents and dropped their prices considerably.  That’s partly down to the rise in online agencies.

“As a local, traditional estate agency, we know there’s an optimum two-week window to sell. By getting to know buyers well and having deep roots within the community, we’re able to find serious buyers quickly.  That’s the value of a traditional agency.  Online portals like Rightmove help but we sell most of our properties via our contacts book.”

A newly-listed property in Stoke Newington can generate around 200 views on Rightmove or Zoopla the day it is first listed, and dozens of views each day thereafter. By week two this drops drastically to under 20 daily views.

Vicky added: “Essentially online agents are listing agents – most get paid whether your home sells or not so there’s less motivation to work at it. Traditional agents are more motivated because they only get paid if they sell your home.

“If agents don’t sell fast, sellers are often forced to drop the price, which usually far outweighs the saving they made by choosing a cheaper online agent.”

Whereas most traditional agents charge a percentage of the sale, many online agents offer a cheaper basic fee then charge for hidden extras such as withdrawing your listing and basics like photography, floor plans and liaising with conveyancers.

Location Location sold more properties than any other N16 agency (100 in 2017 compared to their nearest competitor which sold 67), the average home they market sells in just over a month and their fall-through rate is just 10%.

The agency was recently ranked the best agency in Hackney and 16th best agency in the UK by the Property Academy.

    Location Location sold more properties than any other N16 agency

    Posted 29th January 2018