Online Agents Market Share Steady At 7%, Analysis Says

The share of the sales market occupied by online estate agents is ‘steady at around the 7% mark’ , according to the latest Property & Homemover Report Q3 2019 from consumer intelligence company TwentyCi.

The report says that online agent market share averages at around 7% for a third consecutive quarter, being around 7.3% in Q2 2019, a dip from the 7.6% in Q1 2019, followed by an increase to 7.9% in Q3.  It says high street agents took a 92.1% share in the last quarter.

TwentyCi comments that online agency market penetration seems to be improving for lower-priced homes, but they are struggling to gain market share higher up the market – and that online agents may need to address this. Colin Bradshaw TwentyCi’s Chief Customer Officer, says: “Online agents consistently resonate with the lower-value end of the housing market; to achieve significant growth across the market we would anticipate a change in approach from these agents to engage with the broader housing market.”

What online agents may need to do to secure business from sellers of higher-priced property is interesting of course. However, many will wonder why – given the vast resources poured into the online estate agency market in recent years – their market share is still so low.

Source TwentyCi
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