Are Traditional Agents Fighting a Losing Battle?

Published: 13 January 2015 (Last modified: 15 January 2015)

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Are traditional agents fighting a losing battle?

It would be weird walking down a high street and not bumping into an estate agency or two. They’re a staple of the high street, and have been since the early 20th century. Buying and selling property is as old as time itself, but it has progressed and updated through the years and now, estate agents as we know them may be running out of steam with the entry of a new foe – The online estate agent.

Online estate agents do have a few things going against them; being online only means they have further to go to win customers trust with one of the largest purchase decisions of their lives. However, some of the benefits of using an online estate agent are clearly attractive; undercutting traditional estate agents by thousands of pounds will always be an enticing prospect, but our report has shown us a few other things as well that we perhaps wouldn’t expect otherwise.

There are so many different aspects to take into consideration now; communication, accessibility, opening hours, interactions, cost, and so on. Can traditional estate agents keep up?

We can let you into a little secret; Traditional estate agents don’t appear to be keeping up with the social media whirlwind. This might not be a surprise; traditional estate agents are kind of like your old faithful t-shirt that you just can’t bear to throw away, where-as online estate agents are like the new t-shirt you love wearing simply because it’s new. With Generation Y growing up and making the big leap onto the first rung of the property ladder, this would certainly explain why online estate agents seem to focus more on making sure they have a presence on social media, and that it’s utilized to their advantage.

But surely nothing beats being able to talk to someone face to face, converse about your hopes and fears, your dream property, what you want and don’t want? While online estate agents might be exceeding in certain areas – particularly when it comes to the internet – estate agents are still holding on to their place in the world of property, and they don’t appear to be willing to let the new kids on the block take the top place just yet.

We’ve been very interested in the property market for a while now. So much so that we’ve compiled a report on this storm, traditional agents vs online estate agents, and we would be lying if we said there aren’t statistics from our research that shocked us, and has already caused a bit of controversy within the estate agent world – it’s definitely worth a read, regardless of which side of this interesting yet vicious battle you’re on.

You can grab your copy here

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