The proportion of vendors using an online agency has doubled over the past five years although only 19% actually went on to sell their homes this way.
Nearly two thirds of vendors say they’re more likely to use an online agent to sell their home, and that 44% of renters have used an online letting agent.
These are one of several surprising takeaways from Zoopla’s State of the Nation report released today. It has surveyed 660 estate agents and 6,000 consumers on a variety of business and housing market topics.
Zoopla’s report also reveals that a vast majority (81%) of estate agents expect their revenues to grow or remain the same next year despite the looming tenant fees ban and Brexit.
The main challenges facing estate agents are, in order of importance, the current economic and political situation (64% of those canvassed), pressures on fee levels (51%) and insufficient stock (49%).
Tenant fees ban
But Zoopla’s report also suggests how hard the tenant fees ban is likely to hit the industry.
Nearly 40% of letting agents say they expect their fees revenue to drop next year, but many say they will make up the shortfall by generating more income from landlords and other property management activity.
Overall, agents told Zoopla they hoped to use technology and marketing to overcome the challenges their businesses face next year, communicate better with landlords and vendors and expanding their servicing offering.
“The political and economic uncertainty surrounding Brexit is understandably influencing consumer behavior which is having a knock-on effect for agents in parts of the country,” says Charlie Bryant.
“Despite the obvious challenges, the majority are well-positioned to grow their business.”
Agents wanting to find out more about the report can watch TV presenter Phil Spencer and BBC News Home Editor Mark Easton present its conclusions in full and download the full report here.