In the often-seen debate between High Street versus Online, is there really a need to choose a side, asks Bobby Singh of https://www.loveyourpostcode.com
With the introduction of online agencies and the ever-increasing innovation within the smart-technologies we use every day, there has been much debate on the impact this will have on High Street agents who have subsequently been labelled as outdated and archaic by many. As the average house price in the West Midlands has seen a marked increase, local agents have needed to focus and remain vigilant in a saturated market.
Looking at the comparison of High Street agents to online, there have been many thoughts on what these differences truly are and how consumers are now choosing to buy and sell their homes. It can be difficult for the consumer to be in possession of all the salient facts to make an informed decision. There are pros and cons to both platforms and it is important to look closely, as with any purchase, to ensure you find the right decision for you.
Online agencies tend to focus on lower fees; instead of the traditional percentage commission of 1-2%, online agency fees typically range between a flat-fee figure of £395 – £895.
Marketing is keenly geared towards convenience of use and easy to understand packages with the choice of extra options and further cost-savings for those wishing to carry out their own viewings etc. The downside appears to be a lack in a wide range of services: a “one size fits all” model cannot be tailored to individual needs. The outsourcing to call centres can also create a disembodied and impersonal touch along with the risk payment upfront whether the property sells or not.
High Street agents are seen to have local knowledge and experience meaning an accurate value of what is arguably a person’s most valuable asset. Understanding the current market along with the ability to meet face to face with a dedicated team from beginning to end is another advantage of the traditional estate agent. On the other hand, it is believed that such agents rely on outmoded marketing methods and appear inflexible, unable to catch up with the fastpaced technologies and social media.
Birmingham has been named among one of the “hot spots” where investment and growth is prevalent. For sellers and purchasers alike, it is a prosperous market with many looking to obtain a foothold in an area which forecasts further progression. With such a high level of investment and business development currently taking place, it’s not hard to see why those from London in particular are keen to claim a stake here. Whilst it is impossible to a make an accurate prediction of future trends, the Midlands’ house prices remain strong with no immediate indication of slowing down.
Whilst many talk of survival for agencies due to the fast growth of online, the stake which they currently hold stands at 5.4 percent of property purchases and rental transactions as at December 2017. It may be too quick to write off High Street agencies completely. It is evident that waves have been made and there certainly needs to be a level of flexibility within the industry. Perhaps this is why High Street agents are seen, by some, as “Dinosaurs”, as there appears to have been a feeling of inflexibility and rigidity of old methods. This is not about survival, there is a shared goal and a room for all in the industry. This is embracing the new, listening to the change and employing innovation to create a new modern approach.
Only strong brands will survive, creating a level of trust and security in the name. Traditional standards cannot slip with fivestar customer service being at the centre of any successful transaction. This comes from not only the high level of professionalism and courtesy at every stage, but the security and knowledge in choosing a modern agent that will work towards getting the best possible price. A modern agent that uses technology and a waiting list policy to enhance the brand further and brings a refreshing approach.
The ability to negotiate must not be underestimated, this is a skill that can take years to hone. Choose an agent that is world-class in this area, have them in your corner with the knowledge and understanding to see 100% of transactions complete. Agreeing a sale is not the end of the process but the start and a modern, performance led agency will do just that – the drive and ambition to achieve the very best service and price.
https://www.loveyourpostcode.com® is a multi-awardwinning property group. Our teams are available seven days a week on Monday 0800 862 0870 should you wish to enquire about our much talked about Performance&™ product for sales, lettings or investment.
