Internet estate agents are becoming more of a popular option when selling or renting your home then once thought, they are now seen as a real money saver.
The rise of the property portals such as Rightmove, Zoopla and Primelocation enable them to offer vendors and landlords fantastic savings, savings that your high street agent would find difficult to pass on because of the way they work. Traditional estate agents tend to have higher running costs, whether they are large or small, having a shop front on the high street comes at a premium as does having one in every location they cover. They then have to staff that branch, in most cases provide their staff with branded vehicles and throughout all that continue to fund the marketing of the company and their properties.
Though online estate agents can vary depending on what services and prices are offered they usually only have one single office, staff and no need for branded vehicles and providing an adequate service can be offered they can easily cover the whole of the UK. Depending on how big you are as an online agent the more area you cover the more you are a comparable to the high street agent. Often these larger online agents are not the cheapest or most cost effective due to their fees; similarly to high street agents the larger they are the more they charge.
These are just the basics in why selling your property online through an online agent is almost always cheaper and more cost effective than selling your property via your local estate agent and their shop front.
I am not sure how much research you have done or what you know about the level of fees charged by the various different types of internet estate agents, but these will mainly depend on what services they provide. Some offer fees of over £700.00 payable upon completion and others charge from as little as £35.00 a month by upfront payment.
Why do they vary so much in price and what does it all mean?
When you are selling a house everybody understands that there are costs involved and when you complete on the sale of a property, depending on which type of estate agency you choose, the fees can be in the hundreds or even thousands! Variation in price is often about being competitive in the market place and attracting you, the property owner, into using that agent’s service. How competitive an estate agent can be comes down to a number of factors as each one is different from the next. Costs that affect a London high street estate agent may not affect a London online estate agent. What about upfront costs? That is something quite different and wider spread since online estate agents appeared and started to offer an alternative service.
Ever wondered why the upfront costs?
Your local high street agent will spend thousands of pounds marketing your property for free until it is sold; they then charge you a king’s ransom. Imagine how profitable selling a house is for your high street agent! Of course they can market your property free of charge come what may.
An online agent charges the vendor an upfront fee, which is usually the marketing cost; because that is how they can offer the savings that the local agents do not. Imagine if you were looking for whatever reason to sell your house yourself. You would naturally try and place it where it could be seen, even if it costs you. Selling your home online via an internet estate agent offers you exactly that service along with fully trained staff on hand that can help you through the process.
The average cost for selling your property with an internet based estate agent ranges from £300.00 – £400.00. While the cost of using the more traditional form of estate agent is on average around £2,600 based on the average UK house price, from the house price registry provided by the Land Registry in March this year. So considerable savings are there to be had and it goes without saying that in some areas of the UK you will see monstrous savings simply because of property prices.
Agents Commission at 1.3 %
Savings through Online(£400 one-off fee)
£9,035 + vat
£8,635 + vat
£6,435 + vat
£6,035 + vat
£5,135 + vat
£4,735 + vat
£3,835 + vat
£3,435 + vat
A simple equation and nothing too difficult to understand but it serves a point in showing just why using an online estate agent to sell your house is really becoming the popular choice.
So what different services do online agents offer and how do cheap internet estate agents like iMoveEstates compare?
When we say the word cheap it can often be read in a way that devalues the service. But that is not the case. We believe in being cost effective for our clients, so where we can save clients’ money by using our service we will do so. Our fees are a reflection of what it costs to market your property; it does not include our expert advice which simply comes as a bonus when using our service.
Our fees for selling your property start at £249.00 which is much lower than the average of £300.00 – £400.00 for an online service. We offer a variety of packages and additional services to suit your requirements meaning you can invest as much or as little as you want in the process of selling your property on the basis you have the basic information required.
Here are some of the main services that are offered when selling your house online using an internet based estate agents.
- Fixed Fee One-Off Upfront Service; these can vary in price, some agencies charge as high as £700.00 for a fixed fee service, which is a much larger investment compared to our fees of £249.00 or £399.00. The average fixed fee is around £300.00 to £500.00, a large number of the larger online services are at the higher end of this. It is important to note that the reason why a particular brand is more well-known is because you often are paying for the marketing of the name and not the actual service.
Fixed Fee One-Off Upfront Service Comparison
– Highest cost on the market around £700.00 compared with iMoveEstates £399.00
– Lowest cost on the market around £300.00 compared with iMoveEstates £249.00
- Fixed Fee Pay Me Later Service; quite a few online agents offer this type of service. You sill sign up for a period of time and either pay a small introductory payment and then settle the rest upon completion. Or alternatively pay nothing upfront but pay the entire fee upon the sale of your home much like the more traditional estate agent. Some online agents state that you will still pay the delayed payment regardless of whether there is a sale depending on the time your property is advertised for. We at iMoveEstates do not offer this type of service simply because if we wanted to charge you upon completion we might as well setup a traditional estate agent! Yes there are still huge savings to be made using this Fixed Fee Pay Me Later Service but it is not as cost effective as it could be for the property seller.
Fixed Fee Pay Me Later Service Comparison
– Highest cost on the market around £800.00 compared with iMoveEstates £0.00
– Lowest cost on the market around £600.00 compared with iMoveEstates £0.00
- Fixed Fee Monthly Upfront Service; some agent’s offer a fixed fee plus the ability to use their services on a monthly basis which allows their clients the freedom to pick up and drop services as required. iMoveEstates do not tie any of our clients into a contract no matter what service they opt for which offers similar flexibility to this service. Fees can vary from as little as £23.60 per month for selling your property to as high as £60.00 per month. iMoveEstates are very attractive in price as our fees vary from £20.60 – £33.25 per month over 12 months depending on which package.
Fixed Fee Monthly Upfront Service Comparison
– Highest cost on the market around £60.00 per month compared with iMoveEstates £33.25
– Lowest cost on the market around £23.60 per month compared with iMoveEstates £20.60
These are the main three different types of services and payment methods online estate agents offer to their prospected clients. It is easy to see that whichever service or online agency you end up choosing you will always be saving thousands when selling your home. It is simply that some offer that much more of a saving, limiting the risk involved in marketing your property with the object of a sale.
Additional services are often offered either as part of a particular package or separately which provides the seller the option of picking which of these best suits their requirements. Additional services such as;
- EPC (Energy Performance Certificate); this is a requirement by law and can last for up to 10 years although if you have had any home improvements made to your property that affect how energy efficient your property is it is better to have an up to date certificate which will reflect this improvement. Fees vary between agencies we have seen some as high as £70.00 – £90.00. At iMoveEstates we offer this certificate for £55.00.
EPC (Energy Performance Certificate) Comparison
– Cost on the market around £70.00 – £90.00 compared with iMoveEstates £55.00
- Professional Photos and Floorplans; although these are not required by law they can really have a positive impact on the sale of your property. The more information you provide such as room sizes, a plan of the property and better quality pictures the greater the chance of viewings. The more viewings you have the more likely you will sell your property. Fees for professional photographs can be found for around £100.00 – £150.00. Floorplans can be packaged together with an EPC and/or professional photographs whilst others offer this separately for around £25.00 – £55.00. We offer both professional photos and a floorplan for a collective price of £150.00, regardless of the location within the UK.
Professional Photos and Floorplan Comparison
– Cost on the market around £125.00 – £205.00 compared with iMoveEstates £150.00
- Premium Listing for extra exposure; a premium listing is an enhanced property feature which enables your property to stand out from others within the listings. A good time to use this is when your area and guide price is saturated with property or you need an extra boost as you have not received many hits to your property. All in all it will enable more clicks to your property. Some online agents offer varying services similar to this; some are for a one month period only whilst others are for the full advertising period of your property. Again these services can also form part of a package as well as being sold separately, prices range from £75.00 – £250.00 depending on how many portals and what service. iMoveEstates offers the options to purchase a premium listing on either a single website or as a collective meaning you can pay as little as £60.00 per site.
- Premium Listing for extra exposure Comparison
– Cost on the market around £75.00 – £250.00 compared with iMoveEstates £60.00 – £179.00
- For Sale Boards; more often a common feature from the traditional form of estate agent. Whilst being a great way of highlighting to local people or passers-by that your property is up for sale agents also use this as a form of marketing their own company. It is worth considering whether it will offer you more value than your agent as in most cases you will be paying for the ‘for sale’ board. Depending on which service you select, the ‘for sale’ board can be added within the package like most of the other additional services or sold separately. Prices vary from £60.00 – £100.00 in most cases they are erected where you instruct them to be and are there for as long or as little as you wish. iMoveEstates offers an erected ‘for sale’ board service for £89.00.
For Sale Board Comparison
– Cost on the market around £60.00 – £100.00 compared with iMoveEstates £89.00
It is difficult to get a true overview when comparing the different online estate agent fees. You can simply type ‘online estate agents comparison’ into a search engine but the results will only give you a glimpse into what is potentially on offer and will only highlight fees from around five or six different services. It is not a true reflection when there are hundreds of internet based agents to compare. Similarly to when you look for an insurance quote, whether it is for a holiday or home contents, you will find yourself faced with a never ending list of comparisons.
When you are looking for an online estate agent to help you in selling your house privately, price is always a factor as everybody wants value for money. Through the comparisons above it is clear that iMoveEstates offers a real cost effective solution to our clients, whilst continuing to maintain a high level of service and customer satisfaction. It is evident that we offer a cheap online estate agent platform however neither we nor anyone else can really claim to be the cheapest online estate agent on the market.