Online estate agencies have witnessed an unprecedented rise in recent times. Owing to the digital revolution, more and more people are now embracing property dealings via the web. However, all things online come with their demerits, such as lack of impersonality, physical restrictions, accessibility challenges, and much more. It is in such a context that hybrid estate agents come into the picture. What are they? Let us find out!
To begin with, there is no universally accepted definition of a hybrid estate agent. Nevertheless, the constant feature of a hybrid agent is that they claim to offer the best of both worlds. Hybrid estate agents predominantly operate online while offering some services of a ‘high street agent.’ However, it is essential to remember that some online estate agents regard themselves as hybrid agents because they offer the services of a high street agent sans a physical office. On the contrary, you can come across specific high street agents who claim to be ‘hybrid’ agents because they have a website.
The crux remains that both are acceptable scenarios to be hybrid estate agents. For example, if an online agent genuinely offers the same level of services as a high level as a high street agent and does so at a lower cost due to the absence of office charges, then they can perhaps be known as a ‘hybrid agent.’ Likewise, if the high street agent has a genuine online presence and can accept valuation and online bookings, we can also consider them ‘hybrid’ letting agents.
Online and high-street agents are on opposite sides of the spectrum, whereas hybrid estate agents lie somewhere in between.
• Online Agents – They operate solely online and provide telephonic support.
• Hybrid Agents – They operate online and have a local presence. In addition, hybrid estate agents offer telephonic support as and when required.
• High Street Agents – They solely operate through a physical branch on a local ‘high street.’ In addition, support is available via walk-ins and telephones.
• Differences between Hybrid Agencies and Online Agencies: Online agents can offer ultra-affordable offerings that compromise on some pertinent services that a regular estate agent would provide. On the other hand, some online agents are akin to full-service agencies that render all the standard services of a traditional real estate agent. Therefore, an online estate agent is not necessarily a hybrid one, yet a hybrid agent is always an online one. It is not impossible to be a hybrid agent without having an online presence. Some of the best hybrid estate agents in the UK retain low pricing but provide services similar to local property experts, full-hosted viewings, complete photography and floorplans, and sales progression.
• Differences between Hybrid Agencies and High Street Agencies: The primary gulf between high street estate agencies and their hybrid counterparts ultimately boils down to price and the ability of the high street agent to accept online orders. You will encounter many high street agents claiming to be ‘hybrid’ letting agents simply because they feel that having a website is enough, but that is far from the truth. A website is a standard business requirement in today’s day and age and does not necessarily qualify an agency for the ‘hybrid’ status. The most significant hurdle that high street agencies face is the price. Online estate agents have a significant advantage as the absence of overhead charges allows them to pass on the savings to customers. Therefore, a hybrid estate agent offers the best of both worlds. A high street agent that charges more than online estate agents cannot qualify for the hybrid status.
In recent times, hybrid-letting agencies have seen extraordinary growth, owing to their robust online presence, grasp of local properties, and low prices. Studies reveal that the demand for hybrid agents in the UK has soared by almost 50 per cent more than their high-street counterparts. We can also observe similar trends in terms of growth. Although market penetration is still very much dominated by high-street agents, hybrid agents are gradually taking up space.
The rental market, for instance, has experienced remarkable growth within the hybrid space. The proportion of rental properties booked by hybrid agents has spiked by almost 37 per cent, as per TwentCi’s 2019 report. With the world gradually adjusting to the new normal and opening up, we can expect hybrid estate agencies to reach even greater heights in the upcoming future.
Although there is no one-size-fits-all answer to the question of which type of agent is appropriate for whom, we can consider some pertinent points. First, the decision comes down to people’s preferences and how much risk they are willing to take. Of course, there will always be a greater risk when you stray away from the traditional tried and tested routes. But, does not been that newer options cannot be better.
• If you are looking for the cheapest possible proprietary solutions and are happy to manage your viewings yourself, then an online agent will be ideal.
• If you want to pay as low as possible while reaping the benefits of a local expert’s assistance, then a hybrid letting agent is someone you must consider.
• Lastly, if you want the option always to be able to talk to someone in-person, with minimal involvement in the selling process, and are all right paying 1 to 2 per cent of the selling price, then a high street agent will be your best bet.
So, there we have it, a summary of the various dimensions of hybrid estate agents and their differences from online and high street counterparts.
One of the best hybrid estate agents in the UK – TRPE- The Real Property Experts – stands out as a towering presence within London’s real estate scenario. With forty years of experience in London-based properties, TRPE offers local expertise with prices that are too good to be true. In addition, their transparent policies and customer-oriented approach make them a clear winner within the hybrid letting scenario of the UK.
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