It’s no secret that most people begin their property search online. But it’s becoming increasingly popular to sell your home using an online estate agent too.
Selling online is a cheaper option than using a high street estate agent, but are there any drawbacks?
This guide will look at what to consider when choosing an online estate agent, why people go for them, and the seven steps involved in selling your house online.
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Selling your home through a purely online estate agent
If you’re looking to sell your home, an online estate agent might be a good option. These agents come in different varieties, with some offering only basic listing services, while others provide more comprehensive services such as professional photos, floor plans and even EPCs.
Whether you go for a basic or a more comprehensive option, most will provide an online valuation of your house, advertise it online, arrange viewings (though not necessarily conduct them) and some may even help you negotiate during the offer stage.
The main advantage of online estate agents is that they can be very affordable, sometimes costing just £100 or £200. However, it’s difficult to accurately value a property without seeing it in person.
For instance, an agent over the phone may not be aware that one end of the street may be more desirable than the other, or that your property backs onto a pub garden. These are just a few of the many factors that can affect property values.
Step 1: Find an online or hybrid estate agent
What to check and compare when choosing an online agent:
- Fees are often the biggest draw of online estate agents compared to high street agents. Our estate agent fees calculator can help you compare prices. Many online estate agents offer starter packages ranging from £0 to £1000 including VAT. Paying upfront can save you the most money, but you can also pay later – though it’s more expensive. If your property isn’t sold, you may lose your money if you switch agents or if the agent goes out of business.
- No sale no fee packages are available, but they are usually pricier. Some estate agents also offer deferred payment options, though you’ll have to pay at the 10 or 12-month mark whether your property has sold or not. Often, these payment plans involve a third-party credit or loan agreement.
- Packages vary from ‘standard’ to ‘enhanced’ or ‘premium’, so it’s important to compare online estate agent prices and packages to get the right package for you. Make sure basic services such as photography, floor plans, advertising on Rightmove and Zoopla, and a For Sale board are included in the package. Any additional services will come at an extra cost, so make sure you’re only paying for what you need.
- Be aware that ‘extras’ like Energy Performance Certificates, premium listings, social media campaigns, and accompanied viewings can incur extra fees – sometimes expensive ones.
- Additionally, always ask if the marketing period is fixed or unlimited, as some packages last six months, others a year.
Step 2: Get the right valuation
Getting a good estimate of your home’s value is important. It can impact how quickly you sell your house, and at what price. To get the best understanding of your property’s worth, consider getting three local high street estate agents to come and value it.
Online agents can provide detailed valuation reports, or you could go with a local property expert or agent.
Your local high street agent is probably the best placed to give you an accurate appraisal of the local housing market. Invite them around to assess your property and discuss marketing. You may even be persuaded not to go with an online agent.
It’s essential to get the right valuation. This will ensure that you get the best possible price for your home, and potentially secure a speedy sale.
Step 3: Start marketing your property
Depending on the services offered by your chosen online estate agent, they should typically send out an agent to take photos, create floor plans, and generate your Energy Performance Certificate.
They can either write up the details of your property for you to review, or you can do it yourself with their online system. Generally, online agents are quite efficient in doing this (normally within a week) and are usually quick to get your property listed on the major portals.
Step 5: Offer negotiation
When making an offer, the online agent should vet the applicant to ensure they have the necessary funds to purchase the property and are in a position to do so.
The agent should provide all of this information and guide you through the negotiation and acceptance process. If you’d prefer to handle this yourself, you can always talk to the buyer directly to negotiate.
Selling online should provide you with the flexibility to do so.
Step 6: Manage the chain
Good estate agents should help with sales progression through to completion. But the success of this depends on the quality of the estate agent.
You may prefer to handle the process yourself, or you may want the estate agent to take care of everything, including keeping in touch with both sets of solicitors and estate agents down the chain.
Think about what’s important to you when selecting an online estate agent. Make sure that if you want to stay out of it, they can take the lead and move things along
Step 7: Exchange and completion
Exchanging contracts is the moment when the sale becomes legally binding and is normally taken care of by your conveyancing solicitor.
You and the buyer should arrange the date of completion – the day the money is transferred and your house is sold – before the day arrives. As most online estate agent packages require an initial payment for marketing, there are no huge commission fees at this point.
So it’s time to get the champagne flowing!
Online options
Online estate agents offer various packages that can fit different budgets. In comparison to high street estate agents who usually charge between 1% and 3%+VAT commission on the selling price, conventional online estate agents usually charge a flat fee ranging from £100 to £2,000.
It is important to pick the right package for you, as some of the cheaper options do not include services such as photography, floorplans and advertising on the major property listing websites.
Some conventional online estate agents offer an option if you pay the fee upfront. However, this carries a risk as there is no guarantee that your property will be sold. If you need to switch to another estate agency, additional costs will be incurred.
Other estate agents provide a no-sale fee package, which eliminates this risk but is usually more expensive.
Who should you be advertising your house with online?
The answer is simple: Rightmove, Zoopla and PrimeLocation. Why? An overwhelming 98% of buyers use these websites as their first step in finding their next home. Almost everyone who is buying a house will look at one of these property portals at some point in the process.
Rightmove is by far the biggest of the three, with an average of 141 million visits per month. Zoopla comes in second, with 32.4 million, and PrimeLocation is the third largest and is also owned by Zoopla.
Cash buying options
There are many cash-buying companies online that will purchase property for a price below the asking price, usually by 10-25%. This could be a great option for people who need quick access to cash or are looking to avoid their home being repossessed.
Before settling on a cash-buying company, it is important to research them thoroughly. Companies House can be used to check their filing history – if it contains ‘registration of charge’ and ‘satisfaction of charge’ entries, they are likely to be legit.
Trustpilot is also a great place to look for reviews. Every company will have a few negative reviews, but most should be positive if they are a trustworthy organisation.
It is worth keeping in mind that the initial valuation may change once the house has been surveyed, so the first price offered may not be the final one.
Sell to us!
We can help you out with cash buying! Reach out to us and let’s talk about it.
Property Saviour Price Promise
- The price we’ll offer is the price that you will receive with no hidden deductions.
- Be careful with ‘cash buyers’ who require a valuation needed for a mortgage or bridging loan.
- These valuations or surveys result in delays and price reductions later on.
- We are cash buyers. There are no surveys.
- We always provide proof of funds with every formal offer issued.
We'll Pay £1,500 Towards Your Legal Fees
- No long exclusivity agreement to sign because we are the buyers.
- You are welcome to use your own solicitor.
- If you don’t have one, we can ask our solicitors for recommendations.
- We share our solicitor’s details and issue a Memorandum of Sale.
Sell With Certainty & Speed
- Our approach is transparent and ethical, which is why sellers trust us.
- 100% Discretion guaranteed.
- If you have another buyer, you can put us in a contracts race to see who completes first.
- Complete in 10 days or at a timescale that works for you. You are in control.
