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

Breaking News

Breaking Property News – 28/02/24

Daily bite-sized proptech and property news in partnership with Proptech-X.   Birchgrove and Hybr launch intergenerational living scheme A unique partnership will see students, key workers and retirees live together at new north London retirement development. Birchgrove, the UK’s leading provider of rented retirement homes, and Hybr, the UK’s leading student letting platform, today announce an industry-first…
Read More
Estate Agent Talk

Benefits Of Choosing Roger Bates Properties

Roger Bates Properties stands out as a prominent real estate agency that offers a myriad of benefits to individuals seeking to buy, sell, or invest in real estate. With a stellar reputation and a commitment to excellence, choosing Roger Bates Properties can prove to be a decision that yields numerous advantages. 1. Experience and Expertise…
Read More
Love or Hate Rightmove
Breaking News

Rightmove’s weekly mortgage tracker – 28/02/24

The average 5-year fixed mortgage rate is now 4.80%, up from 4.59% a year ago The average 2-year fixed mortgage rate is now 5.15%, up from 4.92% a year ago The average 85% LTV 5-year fixed mortgage rate is now 4.73%, up from 4.64% a year ago The average 60% LTV 5-year fixed mortgage rate is now 4.30%, up from 4.25% a year ago The average monthly mortgage payment on a…
Read More
Love or Hate Rightmove
Breaking News

Rightmove calls for stamp duty reform with only 4% of London homes exempt

Ahead of the Spring Budget on March 6th, the UK’s biggest property website Rightmove suggests three policy reforms that could help people moving home: A reform of stamp duty to consider regional property price variations: Only 4% of homes in London are stamp duty exempt for all buyers, compared to 71% in the North East Less than…
Read More
Breaking News

Breaking Property News – 27/02/24

Daily bite-sized proptech and property news in partnership with Proptech-X.   Alto reveals ‘next generation’ of Lettings Progression Alto, software for estate agents and part of Houseful, has revealed further information about the improvements being rolled out in 2024 to drive a step change in business efficiency for letting agents. Leading the way is a…
Read More
Home and Living

The Versatility of Parquet Flooring in Contemporary Homes

What comes into your mind when you hear about parquet flooring? Most probably Victorian era, historic estates, grand ballrooms, and grand mansions but what if I tell you that the parquet flooring has redefined itself with warmth, texture, and classic elegance? Parquet flooring in contemporary homes is a delight to the eyes because when you…
Read More