Real Estate Online: What’s Going Well?

The way we buy and sell the property has changed significantly over the past decade. These days, it’s much more common to go online to search for an ideal property than it is to hit the high street. However, it’s not just finding new properties the internet can help you with, it’s buying and selling them too.

Online estate agents have become increasingly popular in recent years. Enabling potential buyers to carry out the entire buying process online, they’re ultra-convenient and often cheaper too. Here, we’ll look at why online real estate is proving so popular and the features it offers to make finding the perfect property easier.

How are online Agencies Helping to make it Easier to find Properties?

The main reason potential buyers are turning to the internet to find the property of their dreams is because it’s convenient. Internet estate agents operate practically 24 hours a day, 7 days a week. This means buyers are able to view potential properties whenever it’s convenient for them. There is a clear and easy option to view property on mobile applications too. Buyers and renters are frequently looking at ways to find a property instantly and mobile apps help people with this. Internet estate agents have the ability to ‘chat online’ to prospecting buyers/renters, this is a service which saves buyers time on emailing and waiting for more details on the property such as available rooms, the house age and the location it’s based.

They don’t need to wait until the agency opens, or even get out of bed to make an enquiry about a house. This has definitely helped to boost the popularity of online real estate. However, it’s not just the simple fact buyers can view properties online that’s beneficial, it’s the way they can view them too.

Online estate agents provide numerous tools these days to help narrow down the search for a property. You can search by area, the number of bedrooms a property has and even by price. These filter options ensure buyers don’t need to spend hours trying to filter through hundreds of results themselves. They can simply view the properties which best match their preferences. You can’t do this in a high street agency, at least not as quickly as you can online anyway.

Cost makes Buying online a more Attractive Option

Another thing that’s boosting the popularity of online estate agents is the cost. Both buyers and sellers can save a lot of money going through an online service compared to an offline estate agent.

Sellers are being drawn to online agencies due to the low fixed fees offered. High street agencies tend to charge a percentage of the sale fee which ranges from 1.5% to 4%. That’s before VAT is added, which means if a property sells for £300,000, the fee taken from that could be as much as £4,500 minimum, plus additional VAT. It’s a lot of money to lose, especially when you consider the same service can be found online for as little as £400.

Providing a more Direct Service

One way online estate agents can offer such lower prices is because they provide a more direct service. That is, they enable the buyer to carry out much of the selling process themselves. They’ll provide the advertising and take care of the legalities, but the house viewing process, for example, will be undertaken by the seller, rather than the agency.

This is actually beneficial to the buyer too. You get to be shown around the property by the actual owner. This gives you the opportunity to ask questions that an agent may not know the answer to.

These are just some of the reasons online estate agents have become so popular in recent years. The ability to use numerous filters to search for the most relevant properties, along with the lower costs and convenience make buying online a really attractive option.

Teno Blog
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