|October 13, 2020||No Comments|
New technologies have constantly changed the way we live our lives – and the internet is responsible for the biggest revolution of all. Goods, services, information and communication are all available at the touch of a button on a PC, tablet or smart phone.
Here, Totteridge estate agents, Maunder Taylor, who specialise in selling residential and commercial property in north London and Hertfordshire, look at how the internet has changed the home buying industry.
Gone are the days when people just bought the local paper or visited the nearest estate agent to discover what properties are available in the area they are interested in. Surveys now show that around nine out of every ten would-be homebuyers look on the internet first. In the world of commercial property, the internet accounts for around 15% of all retail sales – up more than 10% over the last decade – according to the Office for National Statistics. So, estate agents really need an online presence to tap into this massive new trend.
However, it is worth noting that around the same percentage of house-hunters (91%) still need the help of an estate agent (online or otherwise) to complete the whole process. Many people still value face-to-face contact, which a local estate agent – who usually has an extensive knowledge of the area – is able to provide.
The major property portals won’t just tell you what the asking price is for any particular property, they can also provide a history of recent sales in the street or nearby area so you can see how much prices have risen or fallen over the years.
Potential buyers can use a number of different websites to identify what facilities the local area has, such as schools, shops and health centres, while online chat forums can give you a real ‘feel’ for what locals think about their neighbourhood. In the commercial property sector, investors can use the internet to check how similar businesses in the area have fared in recent years.
The internet is particularly useful if any buyer lives a long way away and personal visits are more difficult to organise.
The internet is also a major selling point for properties. Poor levels of broadband coverage can mean that many would-be buyers either refuse to meet the asking price or refuse to pursue the purchase altogether. This is because of the growing numbers of people who are working from home and the increasing number of domestic electronic devices that rely on quality broadband.
A survey by the property portal, Rightmove, suggested that poor-quality internet coverage could wipe as much as a fifth off the value of a home. There are plenty of mapping tools which house-hunters can use to research the quality of internet coverage.
At Totteridge estate agents, Maunder Taylor, we use a mixture of traditional and new methods when it comes to marketing properties. Our marketing particulars are available on the major property portals as well on our own website, and we also have all the details printed up for people who visit us in person. Colour photographs, floor plans and organising the required energy performance certificates are also among the services we can offer.
We can also sell properties by informal tender. This means we can accept offers from would-be buyers by a certain date, effectively allowing the market to set the asking price. This way, the seller gets a full picture of the amount of interest in his property, allowing them to make a more informed decision.
Maunder Taylor also offer an expert commercial property investment service to clients in and around London. We can recommend possible direct or shared investments to our clients, either in the local market or in auction catalogues, and act on their behalf right up to the point of instructing solicitors.
If you would like to know more about any of our services, follow this link and fill in the online form, or call us on 020 8446 0011.