This logically follows because one would only take this step due to either a financial need or a desire to adjust according to family size.
Reasons why people are selling their properties in the UK today
The most common reason for house sales in the UK nowadays is a need for finances. This need has been propagated by the uncertain economic circumstances that followed the Brexit vote. Not only did it alter the general economic landscape, but it also gave rise to a completely different set of reasons for the business decisions that people used to take each day.
These decisions include selling or buying property. What used to be as simple as wanting to move into a bigger or smaller living space became a desire to not face severe losses. This latter event was predicted by business gurus throughout Europe and indeed the world, as the most plausible of ramifications of Britain deciding to leave the European Union.
It happened finally and the business world within the UK reeled in shock as prices fell all of a sudden and industries began to experience losses.
Today, the situation has improved somewhat and seems to be improving further. There is still a great amount of uncertainty rife within the UK business landscape and people are now conducting business with reasons more geared towards minimizing losses.
Amassing as much profit as possible, as soon as possible, before the margins fall once again, is another important reason why people are looking to make quick property sales today. Since the future is still unknown and as the economic hubs of the UK, the big cities, have suffered the worst of the after-effects of the vote, the people who reside in the economic hubs are looking to sell properties quickly.
The Fall in UK Property Prices and its impact on the Property Business
The UK property business was already in a state of semi-turmoil, due to the exorbitant property prices in some areas and the rapid fall is house value in other regions. What would happen in such a scenario and how it would affect the property business at large was up for debate almost everywhere.
Some predicted that the properties that were gaining in value would continue to do so albeit at a much higher rate. Some had the opposite opinion, saying that the lower priced properties will see a rise in price, due to public disinterest in the more expensive regions.
Predictions and speculations regarding the plight of the UK property market had started to come in several months before the vote passed. The majority of these predictions pointed towards a fall in property value. This proved to be true, especially for cities in the south of England, such as London, which were the worst hit of all. London was hit particularly hard, due to it being the centre of finance of the entire United Kingdom.
The property business, which enjoyed the majority of its revenue from such big cities, suffered greatly, as prices fell at a rapid rate, and even today continue to fall in some areas. Despite the apparently stabilising situation, some experts have claimed that due to the already suffering economy in the UK, prices may continue to fall in value during several of the coming months. This is not pleasant news as most of the major cities in the UK have already suffered at the hands of the decision.
The property business itself has therefore taken a beating from the post-Brexit crisis and people are still unsure of how they should react.
There were various degrees of fluctuation in property prices all over the UK. Some areas such as the aforementioned south of England were hit harder than others.
There is one group however, that is working to contain this apparent disaster, and bring the market back to what it used to be. This group is comprised of internet estate agents, who are working diligently to control the situation as best they can, and restore the value of the property business in the UK. We will see more of how internet estate agents are working on improving the situation.
Specific changes in the UK property market, recently
There were a number of changes that took place in the UK estate business as the week rolled past and uncertainty started to take firm hold in the minds of homeowners and sellers all over the country.
The UK had already been seeing a spike in property prices in certain area, with homes and private residences doubling in price. This was seen as an opportunity by those that already possessed a significant amount of property. The people, who were looking to buy though, were being largely discouraged from both purchasing a home to reside in and a property to invest in.
A fear of losing a significant amount of money was one of the main reasons why people were opting out of trading property. Some new patterns were seen in the UK property market, following the vote, most importantly the foreign interest that suddenly developed in UK properties.
There were other, more visible changes that took place in the property business inside the UK, some of which are as follows.
Interest sources changed from local to foreign
As mentioned earlier, the source of the interest in UK property changed from locals looking to purchase, to foreign buyers looking to take advantage of the low property cost. The latter party saw a golden opportunity to capitalise on the situation and leapt on it.
Some estate agents within the UK and especially in London reported being swamped with calls from buyers in the Middle East and the rest of Europe, asking about the current pricing situation. Even some US based buyers were showing interest in the local, London commercial and luxury property. This was to be expected, simply due to the extremely high prices that properties in prime areas of the UK used to command. However, a response of this magnitude was unprecedented.
London is still developing. If fact, the entire skyline of the city looks peppered with tall cranes, a far cry from just a few years back, when there was hardly any construction at all. This situation looks to be continuing, as the properties in London become more attractive to foreign developers looking to make a profit.
There is some hope for the local buyer as well though, especially in the less prime but equally valuable parts of the country, such as the countryside, which was not usually the centre of attention for local buyers.
Housing prices fall by 15 percent
The most visible of the effects of the Brexit vote was the drastic fall in housing prices across the country. In some areas of the UK, housing costs fell as low as 15 percent, which is a tremendous amount, considering the pre-Brexit cost of the property in these areas.
Although several experts held the opinion that this would come as a welcome change from what the UK public was used to. This did not prove to be the case as the majority of the public became even more uncertain, due to their own stake in the market.
All of a sudden, selling your house became a gamble, which had more chances of ending in a loss than a profit.
London is once again the worst hit of all areas, as both residential and commercial properties experience prices that are continuously getting lower. These prices are expected to fall even further, well into 2017, as are the predictions.
A new buyer demographic
The number of home buyers in the UK has seen fluctuation for the longest time and it is not anything that would be a cause for notice. But what is really noteworthy is the age of the home buyer of today.
It used to be that the ones who would actually purchase a home in the UK would be in the 40’s or 50’s. This was because usually only retirees, with sufficient funds, would be able to afford the ridiculously high pricing. However, the most recent trend has seen younger buyers come to the forefront. The majority of these buyers are young couples looking to settle down and start families. The rest of the buyers are either students looking to purchase a house on a shared basis or those looking to start a business from within the property, such as entrepreneurs.
UK property business seeing a new, promising contender for supremacy
The UK was famous the world over for the prices of its property and the steady rise that they were enjoying, following the low in 2008. This was the cause for a large number of locals becoming disgruntled by their own industry, and foreigners being frustrated over their lack of investment opportunity due to insufficient capital. It seems as though almost everyone who was ever involved in the property business within the UK suffered the impact of the vote to some extent.
The only ones who seemed relatively unfazed by this change were the internet estate agents. Internet estate agents were, for the most part, unaffected by the changing economic landscape in the UK. Not only that but they were and probably still are the only ones trying to maintain an equilibrium in the property business, and restore it to its former glory.
Internet Estate Agents and the UK property market
Internet estate agents emerged on to the property scene in the UK some years ago and at first, as with every revolution, they were not seen as a force to be reckoned with, much less a threat to the conventional property dealers.
This proved to be an error on the part of traditional high street agents, who are currently struggling to keep up with the growth of the online estate agent. This growth in popularity has many reasons which will be discussed later on.
As prices went down and trepidations went up, the internet estate agents, due to their unbelievable consistency and efficiency of operation, remained a solid asset of the industry.
Selling a property or purchasing one, in the UK, has always been a hassle. This has proven to be more so in recent times when the traditional estate agents have struggled to convince their clients of the value that the property market may hold for them.
Online estate agents however, proved to be a blessing for the local UK property seller and buyer. They not only held great promise, as potential redeemers of the property business, but also as a profitable enterprise.
Profit is what every single seller seeks in a property sale and a large margin of profit is what internet estate agents achieve with every sale. The merits that online estate agents possess, especially in the currents state of the UK property market, cannot be denied. The advantages are too great and the profits are incredible, which is why internet estate agents, who used to have a mere pittance of a market share in the early days, now command a significant part. And they are only growing in popularity.
How Internet Estate Agents Produce Profits for their Clients
An internet estate agent can be a lot more profitable for you, no matter what the current property prices are. The aforementioned merits include but are not limited to, quicker sales, more savings on estate agent fees and more overall profit for the seller.
The profits that internet estate agents make for their clients are one of the biggest reasons why several clients who used to put their belief in traditional high street agents, are now going for the online counterparts for all things property related.
There are a number of ways how an internet estate agent can prove to be considerably more profitable to you and your business. Whether it is by charging a service fee that is a mere pittance as compared to the actual sale price, or by quoting a price to potential buyers that is very healthy for the seller, online estate agents are financially beneficial on all fronts.
Misconceptions regarding actual profitability of internet estate agents
Since internet estate agents began to take a hold of the UK property market, there have been some misconceptions regarding them in the property market as a whole. The most major of those misconceptions is that because of the detached nature on the online estate agent and because they charge a fee before the sale of the property, they are not as invested in profitability as a traditional high street agent.
This is absolutely false, in every way. The notion that somehow a member of the business community will be detached from its clients while still expecting earnings from them is absurd.
Internet estate agents are, if anything, even more invested in the seller. It is true that they do not personally conduct viewings and accompany the buyers when it comes to surveying the property. It is also true that because the internet estate agent charges their clients up front, they have no need to negotiate a high sale price from the buyer. However, that does not mean that the internet estate agent isn’t engaged in the profitability of the sale.
An internet estate agent charges a small fee up front simply because they have a significantly more efficient method of going about the sale. They are based solely online which makes their operations streamlined and relatively effortless, which does not warrant as high a service charge as what their traditional counterparts charge.
The conventional estate agent on the other hand, will charge their clients more and their justification is a dedication to the client which includes getting as high a profit from the sale, for the client. This is false as well due to the fact that there efforts are geared towards a more hefty commission for themselves.
Once you consider what you will have to pay a traditional high street agent, versus what an internet estate agent will charge you, the profit scheme starts to lean more in favour of the latter. What you have gained in profit from a traditional estate agent, you will end up giving it back in service charges.
Whereas, with an online estate agent you are only paying once, and whatever you are paying is final, it does not increase, for the most part. By this method, all the profit from a sale goes to you, when you sell your property at a profit.
Following are some ways how internet estate agents profit the seller.
Nominal Service Charges
Service charges are one of the main differences between online estate agents and traditional high street property dealers. This is also the basis for their profitability, along with the reason why they are being preferred over conventional estate agents when it comes to selling a house in the UK.
The most an internet estate agent will charge to sell your property at a profit is £300-£600, depending on the service and the estate agency. When you take into account the fact that by hiring the services of a traditional estate agent, you will potentially have to pay thousands in service charges; the choice becomes clear.
Traditional estate agents charge you on a commission basis. This means that whatever your total profit, you will have to pay the estate agent or agency a percentage of it. This is an unfair charging scheme, as traditional estate agents are doing virtually the same amount of work as the internet estate agent, while charging the clients multiple times more.
A Quick and Efficient Sale
The internet is the world’s biggest hub for everything business related. It can safely be assumed that at any given time, there are countless people surfing the web for something or the other.
The same is true for those looking for a property to purchase. When your property is put up for sale online, the number of viewings that it will get is several times greater than if the property was advertised elsewhere, such as on a shop window.
It is a fact that more viewings translate into a quicker sale, leaving you with a nice profit early on. This is why internet estate agents are the better choice when it comes to selling a house in the UK. As more
people view the property, the chances of it selling for a good price increase exponentially, which in turn leaves the seller at an advantage, enabling you to sell your house at a profit.
Having your property for sale on the internet has the added advantage of providing the seller with a wide range of clients to choose from as well as a lot more time in which to sell the house. While a traditional estate agent may only help in selling your house for a few months, the property in question can remain on online marketing portal for up to a year, depending upon which internet estate agency is handling the sale.
Little to No Added Charges
One practice of traditional high street estate agents that is particularly irksome is that almost every extra service costs an exorbitant amount. While this is true for some online estate agencies as well, it is not even nearly to the extent at which traditional estate agencies are guilty of it.
When you approach a conventional estate agent or agency, you are first presented with a range of choices on the packages which are on offer. These packages dictate the terms as well as the facilities which the seller can avail. More often than not, this is just a ploy, in order to seem more facilitative and comprehensive. The intention behind this is to glean as much of a commission percentage as possible.
After that, the conventional estate agent proceeds to conduct surveys and viewings of the property, which again add to the final commission that they will be charging.
In case a buyer is interested in purchasing the property, sometimes even they will be charged a percentage of the amount that they will pay to the seller. This is an absolutely unfair practice on the part of the traditional estate agent, as it rarely leads to a positive image on both the buyer as well as the seller. This is another reason why a lot of people nowadays prefer to go with online estate agencies which not only charge a single fee and that too only from the seller.
Comprehensive and Multi-platform Marketing
Marketing is another area where internet estate agents excel in. When you hire an internet estate agent to market and sell your property at a profit, you are essentially signing up to not only have your property put up on a marketing pedestal, but displayed as a choice property to all those who view it.
As far as the traditional estate agents goes, there is much to be desired when it comes to marketing of a property. The methods used by traditional high street property dealers are fairly outdated, as well as ineffective in this day and age.
As mentioned earlier, the kind of buyer that used to exist on the market has changed as well. There is an ever increasing number of younger buyers than ever in the UK market today. Keeping this in mind, it makes sense to market the property on a platform that the younger buyers understand better. When you use an online estate agency to aid in selling a property, you take full advantage of the broader spectrum of marketing that they feature.
The online marketing that internet estate agents do is effective with more than just young buyers. Online property dealers aim to capture buyers of all kinds, with their value added services that are beneficial to all.
Selling a House in the UK for a Profit, using an Online Estate Agent
The internet estate agent is virtually a blessing for all those looking to sell their property in the UK with a massive property sales profit at the end of the sale. These are somewhat troubling times in the country, almost everyone can agree on that. And in such times, the correct decision is to hire the services of a party, to sell a property in the UK that is not only dedicated to their craft and their clients, more than their own profits.
Online estate agents do this by functioning on a platform that is the farthest reaching on the planet, as well as the most frequently visited. When you have the internet as a functioning base, there is very little that you cannot do, in terms of customer service. And serving the customer of today is what the internet estate agent does par excellence.
How Internet Estate Agents Sell your House at a Profit
Internet based property dealers function differently from their conventional counterparts in the way that their business is conducted online only, for the most part. Once again it varies from agency to agency but the majority of agencies conduct every aspect of the business online.
Other than minor differences, the way in which internet based estate agents work is more or less the same. Following is how online property dealers sell your house while making sure that you as a seller receive the best possible profit.
Individual Property Valuation: When you first visit an internet estate agent’s website, you are asked to fill a valuation form, which determines how much your property is worth, approximately. The data behind the valuation process is the most up to date and accurate; a lot more so than what traditional high street estate agents are working with.
Because the online estate agent operates on a countrywide scale, their data is more comprehensive and the averages that they calculate are geared as much as possible, towards the seller’s benefit.
The online valuation is almost always free and very convenient a feature. All the details regarding the property in question are covered, such as the size, location, features etc of the house. This helps in bringing forward a very accurate approximation of the price.
Viewings: Surveys and viewings are, for the most part, arranged by the internet estate agent but conducted entirely by the owner. Although many have an objection against this as this shows a supposed disinterest of sorts, pertaining to the client, on the estate agent’s part. However this is not true, as it simply allows the seller to conduct a viewing personally as well as on their own terms.
There are a few online property agencies that send a representative to survey the property while some ask for pictures of the house. In any case, letting the owner themselves show the potential buyer around the house allows the seller to better explain the merits of the property.
Final Sale: The traditional estate agent, on this stage, steps in to demand the percentage of the final sale from the seller, while the internet estate agent does no such thing, as they have already charged you once. This leaves the seller with the entirety of the money gained from the sale, with no percentage to spare for anyone.
Best Internet Estate Agents in the UK
IMoveEstates is an example of the ideal online property dealer. Not only do they have the best services, and the most affordable fee structure, but they also have a wide range of service packages that the seller as well as the buyer can take advantage of. IMoveEstates deal in property rentals as well, with a similar work ethic that spells profit for the seller, benefit for the buyer and a good transaction for all.
Therefore, if you wish to sell a property in the UK, contact IMoveEstates today to find the best services in the business as well as massive property sales profit
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- iMove Estate Agents Ltd
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