The internet is a simple and effective way of selling property. In the last five years, it has established itself as the primary starting point for prospective buyers, and the most effective marketing tool available to estate agents and letting agents.

The Effectiveness of the Internet

Estate agents were surveyed by The Negotiator magazine in 2010. The survey reported that estate agents believed that well over 60% of buyers started their search online and that between 41% and 80% of the marketing budget of estate agents was used for online advertising.

Estate Agents and the Internet

The internet has effectively wiped out press advertising of property and most estate agents, and an increasing number of letting agents, now use one of the major property portals, such as Rightmove. When you sign up with an agent, it is vital that you ask about their strategy for utilising the internet as a marketing tool. The traditional options of estate agents or letting agents using a display board in their office, their mailing list or local newspaper advertising can still bring in a sale. However, to bring your property to the attention of the largest possible number of potential buyers, it is vital that your agent makes effective use of the internet.

Selling Dual

For the buyer, even when they are with an agent and have signed a ‘sole agency’ clause, there is nothing to stop them advertising privately on the internet. In fact, this may increase one’s chances of finding a buyer, because there are some buyers who prefer to deal with a seller or landlord direct rather than through an agent. The concept of ‘selling dual’ has, therefore, become much more common in recent years. Selling dual may also assist the seller by giving estate agents an added incentive to work harder for their client in order to try to secure the sale themselves, rather than allowing a private sale to take place ahead of them. The same principle holds true for landlords working with letting agents who, in addition, may wish to use the internet privately as a supplementary marketing tool.

Sellers who are ‘selling dual’ should be aware, however, that whilst estate agents cannot automatically claim a fee for a private sale where the internet site involved was merely acting as an advertiser, the agent may be able to claim a fee if they have sole agency and can establish that the internet site was acting as an estate agent.

Sellers should also check that the wording of any ‘sole agency’ clause has not, in fact, been refined to constitute a ‘sole selling’ clause, as this would, in effect, preclude a private sale.

Selling Privately

Sellers have traditionally turned to estate agents and landlords to letting agents because:

1. Agents had all the marketing tools at their disposal; and

2. Agents had the expertise and negotiating skills.

The internet has now put a supremely effective marketing tool directly into the hands of sellers and landlords. However, there is still a strong case for continuing to work at some level with agents in order to continue benefitting from their expertise.

Ben Greenwood is writing on behalf of Shepherd Gilmour, estate agents Manchester.

Ben Greenwood is writing on behalf of Shepherd Gilmour (http://www.shepherdgilmour.com), Manchester estate and letting agents.

Author Bio: Ben Greenwood is writing on behalf of Shepherd Gilmour, estate agents Manchester.

Category: Real Estate
Keywords: estate agents, letting agents, property to buy, property for sale