The internet is now used for everything from ordering groceries to researching family trees, so it was only a matter of time before someone utilised its capabilities to transform the property market. The rise of the Do-It-Yourself landlord and the entrepreneurial approach to the property ladder in recent years has come largely as a result of the harnessed power of the internet, and with a whole new category of online estate agents on the scene, it is easier than ever for landlords to let and sell their properties.
Traditionally, estate agents were high street operations, with a shop front and a team of staff available to talk face-to-face about lettings and sales requirements and prices. But now, with more industries finding ways to bring their business into the twenty-first century, the invention of the self-service estate agent has brought about a whole new way for prospective landlords to market their properties.
Self-service online estate agents like I Am The Agent operate almost entirely online, giving a 7 days a week service along with an abundance of easily accessible resources.
The price of online web space when compared with renting a high street shop is drastically lower, and as a result of this, these new online agents are able to offer much cheaper solutions for those who want to let their property online and become a DIY landlord. Where traditional estate agents will usually take a cut of 10% plus VAT for a let only service, self-service letting agents are able to charge fixed rates for everything from listing a property and providing a ‘To Let’ sign, to , arranging EPCs, referencing tenants and arranging gas safety certificates. Depending on the price of the property being listed, the savings can amount to thousands of pounds. There are even whispers amongst experts that this method of no commission and a fixed rate could reignite the property market completely over the next few years; landlords will be able to lower their initial asking prices because they no longer need to make up for the percentage they would lose in letting and other service charges.
However, low prices at fixed rates are not the only unique advantage that online estate agents can offer. The internet as a marketing tool can cover a much broader spectrum of people in comparison with a high street estate agent, which can only sell or let properties to those who contact their branch specifically. Online estate agents list their client’s properties on all of the major property portals to provide the optimum coverage, and with recent research showing that between 80% and 90% of all property searches begin on the internet, this online presence is an invaluable tool. The nature of an online estate agent also means they are not restricted by location; the relatively small radius which a high street estate agent can operate in is not an issue in the case of the self-service agent, as their online reach can span the entire country, and even beyond.
There is also a higher level of control associated with self-service estate agencies. In the past, a landlord was required to entrust the representation of their property to an estate agent, whereas many online agencies now offer their clients a specified client area on their website, where they can edit their property description and choose what photos they’d like to upload at any hour of the day. In the case of I Am The Agent, any changes are uploaded to the site immediately. Landlords using a traditional agent may find the alterations can take a few days to filter through.
The management of a buy-to-let property is also a serious business, and having a professional service to turn to is a vital factor for many tenants and landlords. A property management specialist will be able to visit the property if problems occur, giving complete peace of mind for busy landlords who don’t have time to deal with issues such as rent collection or broken appliances.
Put simply, online estate agents have taken some of the major gripes about traditional estate agents (inflated commission, lack of control over listings and location-specific advertising) and made use of the internet to solve these issues, creating a convenient new service that is perfect for the DIY landlord. While both approaches have their advantages, the self-service method is best suited for those who wish to be in complete control of their listing and advertise to the broadest audience, for a faster result and a potentially higher profit.