We see an increasing number of services, businesses and business types expand beyond their physically rooted bases and take to the world of the internet, on a daily basis. The property buying and selling industry in the UK is no different. And it should come as no surprise to anyone, once we consider the immense advantages that online dealings have for the business.
As customer habits change and the online presence of people increases in number at a steady and rapid pace, all those connected to the property market follow suit, becoming more and more accustomed to the online world.
As per a recent study, the number of adults using the internet in the UK is increasing at a steady rate, paving the path for more business to shift online.
Estate Agencies as Online Businesses
Before the online phenomenon took the business world by storm, estate agents were often viewed as active salesmen, knocking on people’s doors and offering their services in person. The prospect client’s approval or disapproval depended on how well the estate agent delivered their pitch and how good their persona was. Putting the property on the market, confirming the sale, and even the marketing, most of it was done on paper and that was sometimes a major hassle.
Nowadays, a great majority of the work is performed in cyberspace. From the initial valuation to putting the house up for sale, all of it can now be done and for the most part, is being done online. This has presented some significant advantages in the general functioning of the business. Below are some of the advantages that an existence online has to offer:
- The entire process has become more understandable to the general public. People today find it much easier to digest if it is presented to them in the form of a paragraph online.
- Estate agents are now more accessible to a greater number of people simultaneously. Instead of an agent being able to only see a single client at a time in person, they can now communicate from anywhere with several to several dozen clients in one go via email.
- The process has become considerably swifter. What used to take several days and meeting with multiple estate agencies, can now take no more than a minute. The increase in swiftness allows for a lot of time consuming tasks to be performed by a simple series of clicks.
- The process to putting a property on the market has become significantly easier. This used to be a major concern for sellers in the past but can now be accomplished in a matter of minutes with the help of online tools.
Home Buyers now searching Online
Several researches conducted within recent years, show how 95% of all home buying and selling processes are bang conducted online. Although this will not result in estate agents running out of business, seeing as the vast majority of buyers and sellers claim that their primary source of information will still be an agent, this does mean that estate agencies require an online presence.
Estate Agents going Online
Estate agents have responded to the aforementioned online presence of buyers by taking their businesses online as well. As buyer habits changed, so did the agents’ involvement with the internet and technology in general. More and more agents admit to buying smartphones and creating an online presence to improve communication with existing clients and to initiate it effectively with new ones.
Along with being an effective and improved channel of communication, estate agents also accepted the internet as being the ideal place to search for homes, preferring an online website to a property trade related magazine or newspaper.
The Internet Estate Agent
A great majority of the estate agents are now, in one way or the other, present on the internet. Some of the estate agents opt for their own websites, with the rest of the agents online, registering themselves on various relevant sites. The agent’s identity, their marketing and promotion, all of it can now be built with ease and much greater efficiency online.
An internet estate agent is not only more efficient in enabling you to sell your house online, but they can also provide much greater assurance by way of testimonials on their sites. Just as with the property business being online as a whole, there are several advantages of estate agents operating online. Some of the biggest advantages are as below:
- Internet estate agents provide a relatively low-cost service. Their service charges are significantly lower as there is no need to make repeated visits to sellers, as well as to undertake several other demanding errands.
- There is little to no compromise on quality. Although online estate agents are dealing with several individual sellers and buyers at the same time, they are able to perform various tasks with greater accuracy, due to the use of online tools.
- Online estate agents are generally more flexible with their service. This is due to the greater fluidity of the work being performed.
- Transparency of service is another major advantage of working with estate agents online. There are no secrets hidden by an online service. All the details are there for the potential buyer or seller to consider. Additionally, the estate agent’s clients’ testimonials are present for potential clients to see and review as per their need.
Property markets everywhere have been disrupted to a significant degree by this relatively new phenomenon which not only challenges the traditional practices of older agencies, but rather, beats them at their own game.
This is quite unlike the internet-boom that took place earlier. Instead of simply websites that you can use to sell your property, there are now real estate agents available on the internet that can be called and consulted with minimum hassle. This reduces the need for a lot of effort on the buyer’s or seller’s part; letting you sell your house online quickly.
An additional advantage of an internet estate agent is the greater exposure that they provide to your property. When a seller approaches an online estate agent to sell their property, they basically ensure a lot more exposure and viewing of the property in question due to the significantly larger number of people online. This exposure ultimately results in your being able to sell your house online quickly.
Online Property Valuation – What It Entails
‘How much is my house worth?’ is the first question that arises in any seller’s mind. Getting the property valuated is the first and most essential step towards selling it. Having a valuation conducted is beneficial in order to gain an estimate worth for your house, which in turn, provides a good idea on how you should price the property on the market. Even if your plans are not to sell the house directly, it can do no harm in finding out the worth of your house through a quick property valuation.
There are several factors that come into play, when calculating the estimate value of the property. The present condition of a home, the number of available rooms, whether or not it has a garden or lawn, the availability of parking and the existence of any conversions and/or extensions. The age of the property is another important factor with modern properties enjoying preference is some areas and older, more rustic ones being more valuable in others.
Some of the most common factors that go into the calculation of a property’s value are as below:
- The area in which the property is located. Different areas have different property values and specifically in the UK, the major cities as well as locales with significant heritage are considerably more expensive than smaller towns.
- Type of the property is another notable factor. Different types of properties have different prevalent prices, with town houses and bungalows usually costing more than flats and studios.
- Property style is another factor that holds noteworthy value. Period architecture generally fetches greater prices than contemporary, in the UK.
- Size, number of rooms, availability of parking space, all are elements that contribute towards valuation of a property.
An accurate calculation of the property’s value is also valuable for potential buyers. By already having knowledge of how much properties like theirs are worth, they can then estimate how much they should add into their buying budget or how much they will save, in case they are moving into a smaller, less valuable house.
An online instant property valuation can therefore be significantly beneficial as it protects you from greedy estate agents and buyers looking to short-change the seller. Once you apply for an online instant property valuation, deep analysis of the local property market as well as independent examinations are then conducted, to determine what the property’s ideal price should be, pertaining to the condition of the market and general value of properties in the area where it is located.
Pricing the Property
This is a significant factor in the entire selling process, and when all other processes have run their course, it is the only and most important remaining factor that both you and your property are judged on. It is necessary to price your home fairly, once it has been determined how much it is worth.
The price is often the first detail that is observed by potential buyers as it is what the great majority of buyers are concerned about. If a house is priced at a certain amount, and it does not feature all the amenities that are common at the asked price, the chances of its being sold even close to the asked price are slim.
It is a good idea to price the property competitively, in case there are other properties selling for certain prices in the same or a similar area. The buyers, in most cases, adhere to similar guidelines for buyers and will therefore, be aware of the prevalent market trend so it is necessary to attract as many buyers as possible, by pricing the properties just right.
Property Valuation Tools
As always, the internet remains the ideal source of information regarding property valuation, owing to the various online property valuation tools present.
“How do I value my property?”
There are several online tools available that help in calculating the estimate value of a property. Online estate agencies such as iMoveEstates can provide some of the best property investigation as well as valuation tools. These tools take into account all the aforementioned factors to determine an accurate estimate on the property’s value.
By far the most accurate of those tools is present on iMoveEstates. Along with the estimate value of the property, you can also get a free price comparison report with us. Online tools to investigate a property are both numerous and easily accessible, and therefore they should be availed.
The Property Business in the UK
The property business in the UK has been predicted to undergo a change in both pace and value, post Brexit. It is therefore beneficial to get a free price comparison report first, especially keeping the current situation in mind. The industry is already different from the rest, as older properties, in villages and shires are priced significantly higher than modern flats in big cities. This is mostly due to the ancient heritage being preserved in those areas, with some of the villages and the properties within, carrying strict rules against remodelling, in order to preserve the houses in their original condition.
Properties such as flats are priced higher in older cities such as Oxford, due to the presence of several important buildings that add to the cities’ reputation. A residential and commercial property in London is also generally higher priced, due to the size and significance of the city, economically, commercially and location wise.
Properties in the smaller, comparatively newer villages are generally lower, due to their lower population and their lack of more modern amenities, as compared to market towns such as Burford and Chipping Norton.
With such extreme variations in price, it is always best to get your property valuated by an internet estate agent or have a free house valuation online to sell it at the best rate.