High street agents are experiencing increasing competition from online agencies.
There are approximately over 6 million global monthly searches for ‘estate agents’ made via Google per month however; it seems that property portals are being used as the preferred house-hunting tool. Rightmove.co.uk currently dominates the online market with an estimated 40 million visits per month to their website.
Additionally, results of a new survey reveal that just 1% of house hunters search for properties on the high street whilst an incomparable 99% turn to the internet on the hunt for the property of their dreams.There has been a large growth in online agents, just 18 months ago they accounted for 1% of the market however they have increased five-fold and further exponential growth is expected.
Buyers will always need to physically view a property but online platforms give an instant indication as to whether a viewing would be worth their while, saving time for both buyer and the vendor. Online platforms also allow people to compare a variety of properties at the same time and research what other properties are on the market. Having this wide range of properties available to view in one place is also favourable for sellers as they can determine any competition and ensure their property is priced accordingly.
Jason Dodd, Sales and Lettings Co-ordinator of Residential Estates said ‘Our Company was the first online estate agents in Chester and we can really see the need for people to be able to have ease in advertising and searches, but at the same time have a professional service provided. The most successful companies will be those who incorporate the benefits of online agents and high street agents together. With the market moving to online platforms, companies must adjust their way of working to keep up with clients and how they are looking for properties”.