Seller interest is shifting from traditional high street estate agents to more budget-friendly alternatives, according to recent data.
GetAgent.co.uk, an estate agent comparison website, has examined Google Trends from January 2023 to January 2024 and found a change in patterns for searches related to home selling and estate agencies. They compared how frequently these terms were searched then and now.
Over the past year, there’s been a 53% boost in the number of people searching for ‘cheap estate agent.’ On the other hand, the demand for ‘high street estate agent’ fell by 45%. Searches for ‘best estate agent’ and ‘local estate agent’ are on the rise, with increases of 27% and 12% respectively.
Colby Short, the co-founder and CEO of GetAgent.co.uk, advises estate agents not to drop their fees to lure customers despite these challenging market times.
He emphasizes that competing by reducing prices hasn’t proven successful, referencing the rapid rise and fall of low-cost, fixed-fee agencies.
Short explains that choosing an inexpensive agent isn’t always wise, although this mistake by sellers is understandable given the seemingly identical services offered by most estate agents. He argues that skilled agents bring value that justifies their higher fees by helping secure a better sale price and providing support during the stressful selling process. Short hopes that the search term ‘best estate agent’ will gain popularity in the future, underscoring the industry’s need to emphasize the value of excellent service.
GetAgent previously faced criticism for instructing sellers to deceive agents about fees to negotiate lower commissions. Following a backlash and a regretful public apology, Short acknowledged the misguided strategy had disappointed estate agents. GetAgent apologizes to Estate Agents for suggesting Sellers Mislead on Fees
