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Traditional agents are good value say sellers, but deals take too long

Friday, May 31, 2019

Traditional High Street estate agents have been given the thumbs up by sellers in a new survey of over 5,000 vendors who have sold their homes in the past 12 months.

The study, conducted by GetAgent, shows that of those sellers who used a traditional agent, 69 per cent felt the fee they paid represented good value for money.  

And when asked to rate the service level provided while selling out of 10, the average score by those surveyed was a seven.

However, there was a much more mixed response to questions regarding the price achieved and the time it took to seal the deal.

Only 40 per cent of sellers achieved the price they hoped for; another 30 per cent secured “almost” the price they wanted; while the remaining 30 per cent were disappointed with the price achieved.

No fewer than 63 per cent of sellers felt that the transaction took too long; only 35 per cent felt it took ‘the right amount of time’ and a mere two per cent sold quicker than expected. 

The increasing trend towards longer gaps between house moves was borne out by the GetAgent survey - only 14 per cent of sellers within the past 12 months suggested they would move again in a five-to-10 year window, while 26 per cent were not going to move for at least 10 years. Another 36 per cent said there was no move being planned in any time frame.

“While a low fixed fee may have seemed like the future of home selling and many may have sold successfully via that model, a number of high-profile company collapses along with a consistent string of customer service failures has seen the market share of online agents fail to live up to expectation” explains Colby Short, founder and chief executive of GetAgent.

“Previously, the commission fee charged by traditional agents was seen as too high. I think the consumer is now starting to realise that you get what you pay for” he adds.

“To pay a few thousand pounds in commission to achieve a higher sold price while securing a buyer in current market conditions is ultimately much better value for money than a few hundred up front and no sale achieved at the end of it.

“Of course, the current lethargy plaguing the market is not ideal and has evidently had an impact on the price achieved and the time it’s taking to sell, but I think it has helped demonstrate the worth of a good estate agent which is a silver lining for the industry at least.”

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