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'On-Line' Vs 'High Street' Estate Agency

The above heralded Tesco's Supermarket's re entry into the property selling business & once again opened the debate as to do Estate Agents offer value for money & is there real choice for the consumer?

Having been involved with the property business, since 1989, I have witnessed the way in which the internet has dramatically influenced the way in which a property is marketed to the extent that now 85% of home buyers, at least, find their purchase via the property portals. The traditional methods of selling, or renting, a property relied heavily on newspaper advertising & personal visits into the High Street offices, both expensive mediums which in the main equate to estate agents fees ranging from 1.25% through to 2% & in some cases 3-3.5% for a multiple listing. The question rightly asked by consumers & now the Office of Fair Trading is -if it costs less to effectively market a property & people are not visiting High Street agencies why are home sellers being charged the same percentage as they would have paid fifteen- twenty years ago?

'On-line' would be seen by many as a viable alternative to the 'High Street' with this acknowledgement, from the National Association of Estate Agents, (October 2009)

Philip Bullman, of the NAEA, told Sky News Online that the internet posed a threat to high street branches but insisted that there would always be a role for an agent.

"I do think there's an opening for a virtual estate agent out there but you still need the local experience and the people on the ground," he said.

Further adding: "But yes, I think maybe the day of the big shop front is nearing an end."

During the years 2007- 2009 one in four estate agents in the UK closed down. As we enter a new decade, & an ever challenging market place, agency must adapt further to adopt new methods of trading more readily. A more sustainable business model based on offering a range of property related services at reasonable cost whilst offering straightforward knowledgeable advice. The days of solely relying on a property 'boom' are certainly over.

The question is how long will the evolution take & will the current economic recession speed the process or slow it down?

Simon Bayliss

Estate Agents Oxford http://www.oxfordhomesdirect.co.uk

[mailto:info@oxfordhomesdirect.co.uk]info@oxfordhomesdirect.co.uk

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