Digital technology, video, smartphones, apps and the Internet have transformed the way people market their property or search for a new home.
Slideshows, video and floorplans offer wonderful opportunities for showcasing property at its best, and potential buyers from all over the world can ‘view’ property virtually.
As a result, we now see people buy or rent property purely on the basis of video, Facetime tours and Google Streetview, without even physically seeing it.
However, the rise of online tools and agencies has not removed the value of traditional estate agency skills. It’s as important as ever to get good advice on when is the best time to put a home on the market, and at what price; or when to accept an offer and when to hold out for a better one.
Also key to a successful sale is putting a home in front of the right people – as opposed to lots of the wrong people.
We saw a recent example of this in Central Edinburgh, where a flat had been marketed solely via an online platform, and attracted just two viewers.
The sellers then opted for a more ‘traditional’ approach, including putting it on the ESPC website as well as other online property portals. The flat attracted 19 viewers in a single weekend, and was sold after two days for 5 per cent over the asking price.
With 85% of buyers of Edinburgh property saying they used an ESPC channel to find their new home, and 64% of buyers saying they used an ESPC channel first to find their home, it’s clear that buying and selling through legal firms retains its attraction.
In other regions too, legal firms maintain their popularity with buyers and sellers. For example, nearly 7.5 million property pages were viewed on the TSPC website during January-September 2017.
If you’re thinking of selling or buying this winter, modern digital and online tools will certainly ease your task. But so too will ‘old-fashioned’ aids like local knowledge and contacts. Put together, they’re a powerful combination.
