The first online agency emerged about five years ago, and since then their number has been growing from year to year. This is because they are cheaper and more people trust them. Unlike the conventional means of charging commission and percentage on the selling price, online agencies charge a fixed amount. Presently in the UK, 10% of houses are sold by online agencies.
With the number of online estate agencies growing by the day, they pose a great threat to the traditional high street estate agents. They are disrupting UK property agency market by significantly lowering prices. This helps home sellers to save a lot of money by using cheaper online agencies. The home sellers can save from £5000 to £40000 depending on the size of the property.
Some of the biggest online agencies in the UK include but not limited to the following.
- Purple Bricks
Purple brick was established in the year 2012. They are the leading online estate agency in the United Kingdom and not many agencies even to close to them. Purple brick sold an average of about 50,000 homes per year. Their fee ranges from £899 to £1399 in London and the surrounding area.
Further, they save home sellers thousands of money. Purple Bricks work with local property experts that help them to value and market properties successfully. They do advertise widely on TV and they are the first online estate agent to operate 24/7.
In January 2016, YOPA was launched in the UK with a nationwide TV advertising campaign. They charge a fixed rate of £889 and some areas in London have to pay more up to about £1999. They usually assign a local expert to their client to guide them through the sales process.
The local expert help with the progression of sales, offer professional valuation, and create a detailed floor plan and. YOPA offer different payment options, you can pay their fee upfront or you pay later at no extra cost. YOPA sold more than 7000 houses per year. They usually get over 98% 0f their asking price and save over £3000 for their clients.
Doorsteps were launched towards the end of 2016. They are the new contender in the online agency market. And they are known as one of the largest online agencies in the UK. Doorsteps have become the best-valued agency. They have an excellent review on TrustPilot with 9.4/10 ratings from 196 reviews.
Doorsteps maintain a high level of communication online with their clients through their web chat service and a 24-hour hotline. They also have local agents that will communicate with you through phone, text or email depending on your location.
With Doorsteps, properties are listed until they are sold. They charge a fixed rate from £99 to £599 and have an average offer time of 31 days. Doorsteps often achieve about 99% of their asking price. They sell more than 3000 houses every year.
YES is a new online agency that is the cheapest. It charge 50£ only with the same level of quality and service. They are growing very fast and help clients saving from £5k to £15K on house sale. They work at weekends 24/7, provide instant house evaluation, free floor plan and do publish property to main UK portals such as Zoopla or Rightmove. YES sells around 2000 houses a year.
There are other several online agencies in the UK and each agent offer a different level of service. Most cheap online agents offer more of DIY service while high-end agents offer hybrid model comprising of a local expert and an online service.