Death of the High Street Estate Agent?

10th October 2018

No one can deny that the way we now search for a property has changed. Gone are the days of walking down your local high street, calling into every estate agent and registering your property search requirements.

With the rise of Rightmove, Zoopla and other internet search portals, your dream property is just a click away, all from the comfort of your own home.

So, does this mean the death of the high street estate agent? Maddisons Residential investigates in this week’s blog.

The Benefits of a Good Agent

Because of changes in the way we seek out new properties, a new breed of estate agent has evolved. One which advertises properties for sale on the internet only.

Here, in return for some seller involvement you can sell your property for a low fee. However, the sale of a property is for most a chance to realise the value of their biggest asset and so it’s crucial to understand the true benefit that a good agent provides.

Firstly, your local agent will truly understand the best price that you are likely to achieve for your property, since sold data available on the internet is around four months out of date.

They may feel your expectations are too low or too high and agree a price with you that is more achievable in what is still a challenging market.

Secondly, a good estate agent should be trained in the art of viewings and negotiations. There is no doubt that they need to understand the property as well as the owner, but assuming this is the case, if the agent conducts the viewing, they will gain valuable feedback, which buyers may be reluctant to disclose to the owners for fear of offending them.

Finally, and most importantly, a traditional agent only gets paid when the property is sold. Winning the instruction is the first step, but the sale is what really counts.

The internet-only offerings receive the majority, if not all, of their fee on instruction, so understandably they have less incentive to sell the property.

At Maddisons, they want to sell each property for the best price, to the best buyer in the shortest possible time: objectives that are completely aligned with those of the vendor.

A staggering 42% of offers fall through before completion, so active involvement is vital.

Maddison Residential

At Maddisons, they totally harness and embrace the power of the internet and combine this with a local presence.

Their offices give serious buyers and sellers a space to discuss their property search and sale and also allow them to focus on selling their clients’ properties, providing local, involved and totally committed support.

The internet only offerings provide a good alternative for those who feel confident and have the time and energy to be actively involved in their sale.

And for those who decide that this model is not for them, they should shop around to find a great local estate agent.

After all, deciding who to use to sell your property, probably your most valuable asset, is important both financially and emotionally.

A good agent should work tirelessly behind the scenes to find your buyer and then hold the deal together.

To find out more about Maddisons and how they can help you with your property sale, pop in to see them in The Pantiles.