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25 September 2007

The future of estate agents is online

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by Kay Mitchell

The future of estate agents is online

According to online property portal, Hotproperty.co.uk, the property market is becoming more reliant on the internet, however there is still a strong demand for high street offices.

Supermarket giant Tesco recently announced that it would go head-to-head with estate agents allowing homeowners to sell their property online for a cut-price fee of £199. There are also low-cost internet estate agency sites or a small percentage have started selling their home on eBay, the auction site, or YouTube, the social networking site.

Research from Hotproperty.co.uk said that only 38% of estate agents think their high street businesses will still be necessary in a decade’s time. This declines further in the longer term, with only 28% of agents saying they thought they would still be necessary in 20 years time. 50% of estate agents believe their future presence will be online.

Estate agents believed that staying on the high street appealed to potential buyers for face to face interaction. Agents added that customers like to come in and discuss their property or talk about their requirements face to face.

However, according to Hotproperty.co.uk, the future of estate agents is online, it’s just a question of how fast it happens.


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