How is the high street coping with online agents?

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.

You May Also Enjoy

Estate Agent Talk

Top Tps For Buying Your First Property

Buying your first property is an exciting milestone, but it can also be overwhelming. With the right knowledge and preparation, you can navigate the process smoothly and make informed decisions. Here are some top tips for first-time property buyers in the UK, designed to be simple and easy to understand. Top Tps For Buying Your…
Read More
Estate Agent Talk

How much less can you expect if you sell your house for cash in 2024

When selling a house in the UK, opting for a cash sale often means accepting a lower price compared to a traditional open market sale via an estate agent. This reduction is down to a few factors including convenience and the speed of the transaction, which can be highly attractive to sellers looking to cash…
Read More
Rightmove logo
Estate Agent Talk

Rightmove’s weekly mortgage tracker

Headlines   The average 5-year fixed mortgage rate is now 4.97%, down from 5.91 % a year ago The average 2-year fixed mortgage rate is now 5.35%, down from 6.42% a year ago The average 85% LTV 5-year fixed mortgage rate is now 4.97%, down from 5.90% a year ago The average 60% LTV 5-year…
Read More
Estate Agent Talk

Preparing Your Essex Home for Sale: A Step-by-Step Guide

Selling your home can be a complex process, but you don’t have to navigate it alone. Experienced estate agents in Loughton and across Essex play a crucial role in helping you prepare, market, and sell your property. Their expertise and local knowledge can streamline the selling process and maximise your chances of a successful sale.…
Read More
Estate Agent Talk

Optimising Your Property Investment With Financial Expertise

Property investment can be rewarding, especially when approached with the right financial expertise. A well-planned property investment strategy, supported by professional advice, can significantly enhance your returns and minimise risks. Ready to learn more? Keep reading as we share tips on optimising your property investment with financial expertise. Leveraging Mortgage Brokers For Success Mortgage brokers…
Read More
Breaking News

Breaking Property News – 09/07/24

Daily bite-sized proptech and property news in partnership with Proptech-X.   Fine & Country increases international marketing and growth focus   Premium estate agency, Fine & Country is increasing its focus on international growth by launching new marketing initiatives to support its existing international network as well as expanding into new markets. This underscores Fine & Country’s commitment…
Read More