New research carried out for Emoov claims to show that on average the firm gets a better price for its vendors than other agents.
The study, covering a two-year period, says that Emoov gets the best price for sellers at its price point – around £350,000 – in six out of ten regions in England, and in six out of 12 regions in the UK.
It also says that Emoov achieves an average of £4,000 more than other online or hybrid agents and that on average the firm sells properties for £6,000 more than all types of other agents operating at its price point.
Over the two-year period, the study shows that Emoov took on 8,231 instructions at an average price of £353,263 and sold them for an average of £12,911 more than the AVM (automatic valuation model), and on average for £6,092 more than rival agents.
The analysis, by twentyea, compared Land Registry data with Automated Valuation Models of homes (AVMs) between September 12, 2016, and September 11 this year.
The study ranked all UK national estate agent by volume of new instructions over the two-year period, an exercise which put Emoov 33rd nationally.
It then excluded Knight Frank, Savills, Hamptons, Dexters, Foxtons, Fine & Country and Winkworth from the analysis, as they operate at higher price points than Emoov.
That left agencies operating at prices roughly between £150,000 to just under £500,000.
While Emoov’s own average price during the period of research was £353,263, Purplebricks’ was £276,090. The most expensive was Chancellors at £490,627, and the cheapest was Whitegates at £151,746.
While Emoov took on 8,231 new instructions, Purplebricks took on 118,164 – easily the highest in the table, and confirming its assertion that it is now the biggest agent in the UK by both brand and business.
Your Move was the next highest at 47,953 new instructions, with William H Brown at 43,296, Connells at 40,666 and Hunters at 38,377.
Emoov overvalued its listings by 5.5%, reduced prices by 1.76%, and achieved a final price of 3.69% more than the AVM value of the property, says the study.
Ward & Partners came in lowest, at 0.98%, for price reductions (initial asking price compared with Land Registry price), while the highest was Express Estate Agency at 5.4%.
However, no other firm in the list of 23 national agents did better than achieving over the AVM value of the property compared with the Land Registry price.
The research also drills down to regional levels.
For example, in inner London it found that Emoov would achieve 4.71% over the AVM value; this was bettered only by Keatons, which achieved a 6.33% uptick.
The research shows that within Greater London, Emoov are ranked 47th by volume of instructions.
Yorkshire & The Humber proved one of the few regions where Emoov did not top the leader board, with the research finding it in third place in obtaining the best price for the vendor. In first place was Saxton Mee, followed by Hardisty & Co.
Emoov also came third in the north-west when it came to getting best price, after Julian Wadden and Move Residential.
In the south-east it took fifth place behind haart, Miles & Barr, Ward & Partners and Cubitt & West, but beating Fox & Sons and Purplebricks.
When it comes to onlines and hybrids, by volume of instructions over the two years, Emoov are ranked fifth nationally.
The research found that Emoov was top at achieving the best price, followed by Tepilo (which it now owns). Purplebricks came seventh in a list of ten online agents at achieving the best price.
Again, there were variations at regional level: in inner London, Doorsteps achieved the best price for vendors with properties worth £600,000 – Emoov’s average price in the region – with Tepilo in second place.