Many buyers make a decision about a property agent based on word of mouth recommendation or how well they get on with them, but a new website aims to provide data on UK agents so buyers can compare and rely on cold, hard facts.
Comparison websites are common for all kinds of products, financial services and the like, but there are few that seek to compare the performance of estate agents.
But now Estateagent4me.co.uk has been launched, which features data on sales success compared with listings, average time to sell, how close the final price is to the asking price, the total number of properties listed and fees charged by each agent. The data is based on around 95% of UK house sales. The service is free and it offers anyone instructing an agent through the site £250 off conveyancing fees.
Managing Director, Ben Thompson, says the service has been launched to make buyers better equipped when selling a house. With the average UK house price today at around £210,000, selling a home is a major financial decision, and it pays to select the best agent.
People sell houses far less frequently today than they did in the past, and are unlikely to know how well agents perform in their area without being provided with helpful data and facts. That is especially true for sellers who live overseas.
Just looking at sales prices achieved, by simply picking an agent who achieves 3% more for an average sale price, for example, secures an additional £6,300, so the potential gains can be considerable.
It seems that the new venture has had a positive reaction from customers, who say it was an obvious thing to do. Estateagent4me.co.uk is not aiming to expand internationally and has no plans to add customer reviews on agents.
There is much debate at the moment at about whether a high street agent is better than an online agent, but Estateagent4me.co.uk says it does not take sides on the issue – it simply provides the data and lets people make their own decision.
“People carry out proper research when buying electrical goods or booking holidays for example, and these represent much smaller financial decisions than selling a house, so it makes complete sense to take a few minutes to be certain you have picked the best agent for your circumstances,” he says.
“Paying a low fee may well be right for some sellers of houses, however many others may well be prepared to pay a higher fee in a bid to secure a higher asking price on their house. By collaborating with the industry and accentuating the positives, we hope that all parties concerned will win, especially customers.”
But how is the service likely to affect agents and the sector in general? Should agents feel threatened? Not a bit of it, Mr Thompson says.
“Our service deliberately accentuates the positives, in terms of agent performance. Estateagent4me shows the top 50% of performers. Initial indications are that feedback re the new service is strong and that agents are keen to show themselves in the best light. We have had positive dialogue with agents that show in the top 50% and also those that don’t. High street agents have been around for many years and remain as strong as ever today, so they are clearly doing a good job.”
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