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Seller search interest for high street agents has dropped, while there has been a significant spike in searches for cheap fee agents, research suggests.
Agency comparison website GetAgent analysed data from Google Trends for a number of home seller and estate agency related search terms to reveal how seller interest has changed in the current market versus this time last year based on the change in the average search term popularity score.
The analysis found there has been a notable year on year spike in search interest for the term ‘cheap estate agent’ within the estate agency category - up 53% between January 2023 and January 2024.
Meanwhile, search interest for ‘high street estate agent’ is the only search term analysed by GetAgent to have seen a reduction, down 45% annually. Although the search terms ‘best estate agent’ was up 27% and ‘local estate agent rose 12%.
Colby Short, chief executive of GetAgent, said: “In a time when selling a property is particularly tough, it’s more important than ever for vendors to instruct the very best agent they can find, but more and more vendors are searching for a cheap agent. Whilst this approach is wrong it is understandable why many vendors are making this mistake. To the untrained eye estate agents are a commodity. They often look the same, say the same things and all bring a Rightmove report “proving” they are the best.
“Yet agents are not a commodity. Some are much better than others and a good one can get you a price for your home that will far outweigh the additional fee they charge you whilst also providing great support through an extremely stressful process. It is vital to our industry that we all continue to make this point and hopefully we will see ‘best estate agent’ searches surge next year.”
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What a hypocrite. This is the company that take 25% of the agents fee without disclosing it to the seller. As Estate Agents we have to disclose what fees we earn from making referrals to third parties so why is this organisation not doing the same. When I tell prospective clients this they are horrified. CALLING ALL AGENTS, DO NOT USE THIS COMPANY
Completely agree Mark.........they simply set one agent against another whilst "creaming off" their percent ! Oh dear oh dear !
Yeah from 2 searches t o 3 ! "cheap estate agent’ within the estate agency category - up 53% between January 2023 and January 2024."
I held back this morning from saying the exact same that Mark stated - I gave notice 2 weeks ago and cancelled all involvement with them, and I was the leading agent on our patch. The last attempt to keep me on board, was from a conversation saying we only take 25%, to which I said yes that is £250.00 per £1000.00 and you don't tell the prospective vendor that do you. Now cancelled.
So, I've just been contacted by the PX Hub, owned by LSL, offering me instructions on a 3 bed semi, value probably about £350,000 at a fee of 0.85% plus VAT on a multi agency basis. they were told, thank you, but no thank you, This company is probably getting either 1.5% or 2% from the developer and keeping the majority for themselves. Builders out there ditch companies like this, appoint a PX manager and save yourselves loads of money. Get agents on board, pay a decent fee to motivate them and at the end of the day everyone's a winner. Its not rocket science.
Agree totally Mark - I have been beating this drum with Move With us, winner takes all on multi-agency instructions - no incentive to either agent to bust a gut, as one doesn't get paid, unless you can strike a deal with the other agent 70-30%. These companies are taking us for mugs, and cheap ones at that. I'm concentrating on quality instructions won on my own terms at a good fee. Less is more.
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