How is the high street coping with online agents?

footfall falls

When I opened my own full service ‘online’ agency 6 years ago, I knew that there was an opening for something different. My opinion was somewhere in between the fully optimistic “the high street is dead” and the traditional “sellers want local offices” as I believed that there was room for both, in various forms, and the strong of each would survive and the weak, including some high street agents, would fall.

Fast forward to 2018 and I thought it would be interesting to run through the type of meetings I have been having, as an agency consultant, since January 1st.

There’s no doubt about it, the hybrid estate agency model, particularly Purple Bricks, has changed the market forever. If the average vendor calls three agents in at market appraisal stage, until recently, an online agent would have to fight to be the fourth phone call; now they’re one of the three. This, in turn, means 33% less market appraisals for the high street – in theory. What are the high street agents doin about it?

One of my clients has employed me to specifically analyse what, how and where these MA’s are going, to who and what can be done about it. What are the USP’s being bragged about when my client, a medium independent, sees another Purple Bricks board go up? We’re not only looking at reducing loss directly but also ensuring that the agent remains one of the strongest on the high street, thus reducing the impact of the ‘33% drop’.

Another client in the North East is looking at launching their own ‘online’ version of their brand, with local property experts working in a similar way to the hybrid model it under a local brand and trusted business. This, in theory, will offer vendors comfort of an established team but the advantages of having a round-the-clock rep, not clocking off at 5pm and rivalling the USP’s of the hybrid agents.

Whether large, small, new or old what I have found interesting is the different approaches the high street agents are taking to wrestle back some business and keep relative to their market.

It’s going to be an interesting few years, with many changes, closures, start ups and challenges and one thing is for certain – online agents have altered the landscape, how will the high street cope?

Written by Richard Nicholls – richardnichollsproperty@gmail.com

EAN Content

Content shared by this account is either news shared free by third parties or sponsored (paid for) content from third parties. Please be advised that links to third party websites are not endorsed by Estate Agent Networking - Please do your own research before committing to any third party business promoted on our website. As an Amazon Associate, I earn from qualifying purchases.

You May Also Enjoy

Love or Hate Rightmove
Breaking News

Average two-year fixed mortgage rate for 60% LTV now cheaper than five-year rate

The average two-year fixed mortgage rate for those with a 40% deposit (60% LTV) is now cheaper than the average five-year fixed equivalent, the first time this has happened since the mini-Budget The average two-year fixed, 60% LTV mortgage rate is now 4.18%, while the five-year equivalent is 4.19% The gap between average two-year fixed…
Read More
Overseas Property

How UK Property Investors Can Manage Exchange Rate Risk When Buying Off-Plan Overseas

Off-plan purchases are especially common in developing overseas property markets with a high proportion of international investors. In these less mature markets, a significant share of stock is sold directly by developers, making off-plan transactions a natural sales model. These opportunities appeal to international buyers because they typically require less upfront cash due to extended…
Read More
Breaking News

Foxtons Lettings Market Index – March 2025

London rental market gains momentum as new rental listings surge, Foxtons data shows   March saw a 14% increase in new rental listings across London compared to February Applicant registrations rose by 11% month-on-month in March. Year on year, demand was stable, tracking just 2% below March 2024 levels The average rent in March stood…
Read More
Breaking News

UK’s mid-market firms show improved business growth in March but economic uncertainty continues

Key findings: NatWest’s Mid-market Growth Tracker shows improved business growth in March, led by a strong service sector performance SMEs register a softer decline in output levels during March Market conditions remain challenging and we could see continued challenges in the coming months   Mid-market businesses continued to outperform the wider UK economy in March,…
Read More
Breaking News

ONS Private rent and house prices UK – April 2025

The Price Index of Private Rents (PIPR) measures private rent inflation for new and existing tenancies. The UK House Price Index measures house price inflation. Main Headlines Average UK monthly private rents increased by 7.7%, to £1,332, in the 12 months to March 2025 (provisional estimate); this annual growth rate is down from 8.1% in…
Read More
Breaking News

Renters’ Rights Bill – what you need to know

The Renters’ Rights Bill is an extremely important piece of legislation for anyone who rents their home. For those in England (with some elements also covering Wales and Scotland), it represents one of the biggest changes in well over thirty years, and it’s important to be aware of what it might mean to you if…
Read More