Real Estate Matters Update — March 2014: the rise of online agents

A new way of selling and letting properties has hit the streets of the UK. Or the information super-highway to be precise. A number of online estate agents have ventured onto the market to challenge the traditional high-street agent. Instead of charging a fixed percentage of the sale price, online agents are charging a fixed fee of typically between £399 and £1,000. In return, they advertise properties on the major property websites, including Rightmove and Zoopla, and provide the basic requirements such as floor plans with optional extras available at a cost. The rest is up to the seller.

One such recent entrant to the market is sellmyhome.co.uk, which claims to be part of this ‘property revolution’. Since it launched in December 2013, it has become the fastest-growing online agent. It offers a basic package that includes online portal exposure, professional photography, floor plans and an EPC at £499 plus VAT…

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