Category: News

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Coup for London agency selected to provide Bank of England data

Coup for London agency selected to provide Bank of England dataHigh end London agency Beauchamp Estates has been selected to join the Bank of England’s advisory panel of companies and senior directors, and to provide property sector data to assist with economic forecasting.

In addition, Beauchamp Estates’ managing director Jeremy Gee will become a member of the bank’s Decision Maker Panel.

The DMP provides a monthly survey of small, medium and large UK businesses, used by the Bank to monitor developments in the economy and to track businesses’ views.

Property Week reports that Gee and Beauchamp Estates will provide the Bank with data on how business conditions are evolving and changing in the London and UK residential property market, covering transaction volumes, prices, deals, employment and investment.

The data will be used specifically for the Bank’s review of the implications of the Brexit referendum on corporate decision making and property sector performance.

“Beauchamp Estates is pleased to be joining one of the Bank of England’s advisory panels, providing the bank with ongoing data on our performance, property industry outlook and trends within the property market” says Gee.

A month ago Beauchamp warned that it could take until spring 2021 for the luxury market in areas such as prime central London to resume – but when it does come back, there’s likely to be a mini-boom.

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OpenBrix The property portal for the new generation

Following an online meeting with Adam Pigott, who is the Chief Executive Officer of OpenBrix, I wanted to express my thoughts on this new, innovative portal.

What makes OpenBrix any different?  Here are a few key points:

OpenBrix has set out to be sustainable and easily affordable for Estate Agents, where the client are the decision makers  controlling the price: data and transactions. Everything is community run and done for the benefit of everyone.

Through the OpenBrix platform, you’ll have the tools needed to retain all your applicants, meaning that you will never have to buy these needs again.

Following an online meeting with Adam Pigott, who is the Chief Executive Officer of OpenBrix, I wanted to express my thoughts on this new, innovative portal.

What makes OpenBrix any different?  Here are a few key points:

OpenBrix has set out to be sustainable and easily affordable for Estate Agents, where the client are the decision makers  controlling the price: data and transactions. Everything is community run and done for the benefit of everyone.

Through the OpenBrix platform, you’ll have the tools needed to retain all your applicants, meaning that you will never have to buy these needs again.

You can even add your current managed tenants to the OpenBrix platform so that they can take advantage of its benefits straight away, as well, users have full transparency and access to their account and property transaction history.

Tenants can increase their credit score through rent payments: they can also gain loyalty points with their favourite Brands

All other portals offer the same centralised service of listing your property, but can they be trusted not to raise the price?

Can you trust them not to sell your data to the highest bidder?

This is the problem with centralised portals they can start off with low fees but they can change their policy is terms and conditions at any time

 

  • OpenBrix is going to be completely different
  • It is a decentralised portal
  • Completely run by its members

 

OpenBrix is using block chain technology because it makes it impossible to raise prices or sell your data.

 

  • These decisions are made by the community which is you
  • This means that there is no need to worry about OpenBrix suddenly raising prices or selling your data
  • They will attract millennials and generation Z with rewards from Major Brands
  • It’s very simple you simply sign up auto upload your properties and begin selling

 

The property portal for the new generation

 

The OpenBrix Press Release

 

There is light at the end of the tunnel for UK estate agents in the form of new  challenger portal OpenBrix!

 

Spring and summer are often cited as the best time to buy a property, with the warmer weather        encouraging more people to put their homes up for sale, but with the Government having all but shut down the UK’s housing market, buying, selling and even renting has been incredibly challenging during the lockdown – the situation not made any easier by the giants in the property portal industry and their lack of support to those on the ground who are struggling the most!

We’ve all seen and heard the revolt against Rightmove and Zoopla who have collectively managed to alienate the majority of agents across the UK at a time when they are already on their knees. Thankfully help has arrived!

 

After over two years of development the challenger property portal, OpenBrix has finally landed!

 

Unlike its competition OpenBrix is set to completely modernize and progress the experience of buying, selling and renting real estate by cultivating a community led platform wrapped with a spirit of       transparency, collaboration, innovation and integrity.

It is fair to say that agents are looking for an alternative that has their best interests at heart, an alternative that is ‘agent focused’ rather than concerned about stock market prices and shareholder wallets!

OpenBrix is currently in the process of onboarding agents across the UK and is offering all agents 100% free listings until Covid-19 has passed, beyond this their monthly fee of only £100 per agent, regardless of the amount of properties, is a much more manageable cost and easier to swallow in what are difficult times for all.

As a business OpenBrix is geared up to support agents with a decentralized community-based approach, giving power to those that are using the platform, not shareholders and those so far removed from the daily struggles at the coal face.

In addition to this OpenBrix has a whole host of functionality for consumers and agents alike that is not available on any other platform, this includes the ability for consumers to manager their rent payments, maintenance tickets and even credit profile online. For agents, they have an opportunity to manage their entire portfolio in one simple and easy to use dashboard and with additional functionality on the way could even make money from their tenants when they sign up to other home related services!

‘we are incredibly excited to finally be in a position to launch, ‘comments Adam Pigott, Chief Executive of OpenBrix.

The OpenBrix Press Release

‘It’s early days but initial feedback from agents that we have spoken to has been very positive. We are currently registering over 50 new agents per day at the moment, many of whom are in a rush to upload their property for when the lockdown ends and the market begins to pick up’

‘We have a fantastic roadmap of feature releases and updates in the pipeline and to be quite frank it’s about time a platform existed that was actually on the side of the agents and the industry as a whole’

‘It is fair to say we are going to ruffle some feathers over the course of the next few weeks and months but that is exactly what the sector needs, in our opinion it’s about time!’

For further information, to register and to start uploading your property portfolio please visit. www.openbrix.co.uk and/or follow on all social platforms for daily updates!

 

The OpenBrix Platform

CONCLUSION:

We are in the midst of a national crisis, one that threatens to palce the most robust of businesses on their knees. I have joined in many conversations about the existing big three portals over the last few weeks and it has been an education.

During this period I had the pleasure of a long video call with Adam Pigott, who is the Chief Executive Officer of OpenBrix and it was actually a learning experience. I am so pleased to be able convey a brief summary of what this company is about, although Adam had told me a lot more, but I was too busy  listening intensely to take notes!

The greatest common issue with the existing portals is that they were made by the agents, after all, a portal without properties is little more than a few pages of php code, yet how were the very people who provided the content for these portals repaid? They found that their monthly fee has increased exponentially over the last few years, with an almost arrogant response to anyone who has dared to question it.

It is for this reason that the emergence of new portals, with a new ethos, a new strategy and an inherent respect for those who are contributing the very content that will make or break it, is refreshing and one that I strongly support.

The model for OpenBrix will make the members the partners, the decisionmakers and the moderators, which will invariably offer some peace of mind to those who are feeling hard-done-by, after their experience with the big three existing portals.

I hope to speak to Adam again in the future and then I will be able to provide you with greater insight in to this new partner operated portal.

However, in the meantime, if you have any questions, please contact Adam directly:

Adam J Pigott

Chief Executive Officer OpenBrix

 

+44 7770223816

adam@OpenBrix.co.uk

www.openbrix.co.uk

 

OpenBrix Ltd, 5th Floor,

2 More London,

Riverside, London, SE1 2AP

 

Download the full PDF HERE

 

 

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Online estate agency ceases trading and customers refunded

Online estate agency ceases trading and customers refunded

The online estate agency Settled appears to have ceased trading with its customers refunded.

It was launched in 2014 by former Google executive Gemma Young and her brother Richard.  In 2017 it secured £1.2m in funding in a new investment fund-raise.

But a statement on the website today says: “In light of Coronavirus, we’re rapidly living in a very different world. With that in mind, we’ve made the hard decision to hibernate Settled. We’ve refunded all of our customers who were yet to have an offer on their home and we’re helping those in the process of selling to get to completion.

“We’ve also reflected and decided, we don’t want to go back to the way things were.

“It’s time for us as a business to examine both the problems of these present times and to also look deeply at the issues that have impacted the property market (including Settled) for many years.

“It’s time we stopped to take a look at how we build our business for the future, so that, as the market begins to recover, we can launch a vastly improved way of buying and selling homes, which, in turn will help to stabilise the country’s economy.

“It’s time to connect with advancements in technology and the opportunities this offers for the property sector.”

The people behind the agency say they now want to establish a PropTech platform working with government, local authorities, banks, lawyers, estate agents, surveyors, insurers and consumers.

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Stamp Duty tax break MUST happen, surveyors tell government

Stamp Duty tax break MUST happen, surveyors tell government

A large majority of property professionals polled by the Royal Institution of Chartered Surveyors say a stamp duty holiday would be an effective way of kick-starting the housing market.

RICS has welcomed the re-opening of agents’, conveyancers, surveyors and removal company offices but it warning that the government must do more to bolster demand and house building.

Some 62 per cent of those responding suggest a stamp duty holiday would help the market recover post-pandemic, by lifting sales and leaving prices relatively unchanged.

On average, respondents anticipate sales would rebound to their previous levels in around nine months.

In its monthly snapshot of housing market activity for April, RICS says that – unsurprisingly – a net balance of 93 per cent of respondents reported a decline in new buyer enquiries over the course of the month, dipping further from a net balance of 76 per cent in March.

New instructions also continued to fall, with 96 per cent of contributors reporting a drop rather than rise in new properties being listed for sale. This is the weakest net balance reading since the inception of the RICS measurement in 1999.

As far as prices are concerned, following a run of three successive months of positive readings, the RICS headline house price balance fell into negative territory with a net balance of 21 per cent noting a decline in prices.

Some 35 per cent of the survey participants believe that when the market reopens, prices could be left up to four per cent while around four in 10 take the view that prices could in fact fall by more.

They suggest that a recovery in prices could take a little while longer than sales levels, with respondents suggesting, on average, prices will recover in 11 months.

“Not surprisingly, the latest survey shows that housing activity indicators collapsed in April reflecting the impact of the lockdown. Looking further out, there is a little more optimism but the numbers still suggest that it will be a struggle to get confidence back to where it was as recently as February. Moreover, whether this can be realised will largely depend on how the pandemic pans out and what this means for the macroeconomic environment” explains Simon Rubinsohn, RICS’ chief economist.

“There are, of course, other options available to government as they reopen the market, notwithstanding stamp duty options such as reducing or removing stamp duty for downsizers that would kickstart market fluidity, and we look forward to continuing conversations as the market starts to move again.”

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Company gurus to advise agents on new strategies post-Covid

Company gurus to advise agents on new strategies post-Covid

An estate agency is running a series of five webinars aimed at helping agent discover new business strategies for the post-Covid era.

The series – called Re-imagining Your Business and run by Fine & Country’s Nicky Stevenson – is open to all agents.

In the first session today business guru Pete Wilkinson will be sharing his so-called 1-3-5 Action Plan to focus agents’ priorities.

Subsequent events will involve Josh Phegan, described by Fine & Country as a “coach for high performance agents.”

Jon Cooke, chief executive of epropertyservices – parent company of Fine & Country and the Guild of Property Professionals – will outline his thoughts on what it takes to be a strong leader and why now, more than ever, it is incredibly important in driving forward successful estate agency businesses.

The remaining webinars will be led by  Peter Loverdos, former board level executive at Romans, who is now a business consultant; and Jennifer Scott-Reid on maintaining self-belief and confidence in challenging times.

“Whilst physical interaction with buyers and sellers have been on hold, we have all evolved our way of working and embraced virtual viewings, valuations and learning” explains Nicky Stevenson.

“Many have also evolved their thinking and used lockdown as an opportunity to re-imagine what estate agency will look like going forwards.

“As we now all prepare for lockdown restrictions to be eased, over this five-part series we will be reviewing essential topics enabling agents to thrive in a post lockdown world.”

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Homesearch Property Valuation

Every now and then, something comes along that stands out from the crowd, it could be a toll that can make life so much    easier, that you could soon, find yourself wondering how you managed without it.

I recently spoke to  Simon Gates who is the head of training & development at Homesearch.

Simon explained in great detail the benefits of using the Homesarch market        appraisal tool.

This is a simple tool that helps agents collate data about a property that could take hours in minutes.

Everything that you need to create a professional, comprehensive report for your clients at the tip of your fingers.

During our online meeting, Simon gave me a live demonstration of the tool. He used one of our recently sold properties as an example. It is a simple as entering the address of the property, then the tool goes to work, preparing an in-depth report in minutes.

As we all know, the majority of automated valuation tools are all too often, wildly inaccurate, so what makes this one so different?

Unlike mainstream automated valuations, this tool does not just take a local average, or a previous sale price, it actually looks at the size of the property, the type of property, the size of the plot and similar properties in the area.

As an example, if there is a 4 bed house in a street of larger luxury properties, it will not over-value the house by taking the average of the street, it will seek out similar properties within a certain radius, and use those as comparables.

This enables the application to get a far more accurate calculation than other automated calculators, indeed the property that Simon chose was valued surprisingly close to the agreed sale price.

When the report is generated, it includes your own branding, contact details and other information, such as details information about the property, the sq footage, number of bedrooms, listed status and much more. Then it will add photos of comparable property and details of recently sold property.

It will produce a graph of property prices in the postcode district and a market analysis. On a local level, it will create a neighbourhood report with facts and figures along with a summary. Finally, it will include the agent’s profile and contact details. An amazingly accurate market appraisal tool at the click of a mouse.

What Homesearch say……

Homesearch is the essential source for comprehensive information on every single property in the UK. It’s a platform for relationships to be forged and potential to be unlocked.

Find more opportunities, give the best advice and provide your clients the information they need to move.

Homesearch helps position you as the absolute property expert. Harness the most advanced data available to proactively spot and convert new leads and opportunities, and confidently instruct, sell and let more

Impress your market, book more valuations and grow your business with fully branded, fully personalised and fully customisable reporting.

Data is never a substitute for dialogue, but when combined – they’re powerful. Give your clients the best possible view of the property landscape by fusing your local expertise with Homesearch insight.

Conclusion….

I was really impressed with this site, in these days where agents will be conducting more and more online valuations, the need for accurate information is of paramount importance.

The Estate Agency industry is a service industry, ‘SERVICE’ being the operative word, it is very important to demonstrate to sellers that you have gathered as much data as possible to value their property, but more importantly, to demonstrate HOW the valuation was calculated, on what basis, with what information and details of the information that was used.

In this respect, Homesearch does a wonderful job and will without doubt grow to be an invaluable tool used by agents throughout the country.

As more and more agents have access to accurate information about property, not only will they benefit from the advantages that this tool offers, but the public as a whole will benefit as they become accustomed to receiving a detailed, professional and accurate  valuation of their home.

Homesearch are also launching property listings soon, I am looking forward to seeing their what they have in store for us, when they do.

View an example report HERE

For further information visit homesearch.co.uk

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Agents in England can return to work tomorrow!

Agents in England can return to work tomorrow!

Housing Secretary Robert Jenrick is expected to announce tomorrow that the housing market in England can resume with estate and letting agents returning to work.

Previously it was the travelling to and from properties for “non-essential purposes” that was the key factor in restricting activity.

But an amendment to the Health Protection (Coronavirus, Restrictions) Regulations 2020 published this evening means travelling can be undertaken for a range of purposes including, explicitly, dealing in property. The precise wording reads:

in sub-paragraph (f), omit the words “travel for the purposes of”;

(v) for sub-paragraph (l), substitute—

“(l) to undertake any of the following activities in connection with the purchase, sale, letting or rental of a residential property—

(i) visiting estate or letting agents, developer sales offices or show homes;

(ii) viewing residential properties to look for a property to buy or rent;

(iii) preparing a residential property to move in;

(iv) moving home;(v) visiting a residential property to undertake any activities required for the rental or sale of that property;”;

A joint statement this evening from David Cox, chief executive of ARLA and Mark Hayward, chief executive of NAEA Propertymark reads: “It’s great news for consumers and the industry that the housing market is being opened up and people can let, rent, buy and sell properties again. The new regulations provide clarity to agents and will allow them to deal with pent up demand from consumers. It’s also a step to reinvigorating the housing market and will be a boost to the economy. Safety of course will be paramount, and we would encourage everyone to ensure that they follow Government guidelines closely to protect others and themselves.”

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Back-To-Work guidance for agents expected this week

Back-To-Work guidance for agents expected this week

The chief executive of NAEA Propertymark says he expects specific government guidance later this week for estate agents to return to work safely.

This follows the shock of yesterday’s 50-plus page document on return to work guidance which failed to address any agency-related issue.

“I was disappointed that the Prime Minister’s announcement didn’t contain any answers for estate agents” Hayward tells Knight Frank in an interview for the agency.

“We are in daily contact with the government and I am cautiously hopeful that there will be some sector-specific guidance this week. We are hopefully moving closer to something that resembles a functioning marketplace.”

Hayward says he expects the guidance, which will come from the Ministry of Housing Communities and Local Government, will answer questions that many in the industry have.

“People are confused. If tradespeople are now allowed into the property, why not estate agents? The government is telling people to go to work if they need to, does that include doing market appraisals?”

He hopes there will be “some sort of slackening” of the rules and said leaked details from last week would hopefully form the basis of any announcement.

Measures under consideration included masks, hand sanitiser and alcohol wipes being required during viewings, which could be limited to two people plus the agent.

Other measures under discussion could mean owners or tenants are asked to vacate the building and those viewing would be asked not to touch surfaces. Also under discussion was the banning of open house events and limiting viewings to 20 minutes.

John Rockel, Head of Strategy and Operations at Knight Frank, says that while the resumption of business under social distancing restrictions would be challenging “it can be done safely for staff and customers and we’re ready for it”.

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Don’t give in to buyers wanting viewings, agents told

Don't give in to buyers wanting viewings, agents told

There’s been a surge in buyers wanting to view properties – but agents must sit on their hands and wait for government clearance.

That’s the advice from NAEA Propertymark overnight as it responds to the frustrating government guidance issued yesterday on how businesses emerge from lockdown.

To the disappointment of some in the industry, the government’s 60-page document which was released yesterday utterly ignored the housing market and agency sector.

Most analysts felt the nearest business category defined in the document was “non-essential retail” which may open sometime after June 1 so long as safe processes can be agreed. However at the same time the guidance suggests domestic cleaners can visit a home with immediate effect – which could be a loophole for agents to exploit.

A statement from Propertymark last evening says: “Consumers’ demand for viewings has increased today with potential buyers across the UK contacting members.”

But it warns that the guidance first set out by the government on March 26 – and explicitly ruling out physical viewings – remains in force and must be adhered to.

There is evidence that the lockdown is being circumnavigated by some agents; within minutes of the government document being publish yesterday afternoon, Estate Agent Today was told of a London agency chain allegedly showing viewers around properties surreptitiously; and in Devon, one agent told EAT that he had allowed a buyer to view a property after the owner stepped out.

However, the NAEA – although clearly frustrated that recent discussions with government have not led to any date for lifting agents’ lockdown – says the guidance set out over six weeks ago still holds.

“Consumers that are demanding viewings are leads to be nurtured until the point at which a face to face viewing – if that is the final hurdle – can once again be executed safely. This nurturing can involve video viewings and vendors conducting a more amateur viewing by phone around the house, where 360-degree software is not available” continues the association.

And NAEA Propertymark states: “It remains the case that where staff can carry out work from home this is Public Health England’s preference, freeing up space on public transport for those who cannot work remotely. When the time comes, agencies may choose to return staff to branches on a rotational basis combining branch and home-based work to accommodate re-opening with the required social distancing.

“Although Propertymark does not yet know exactly when the Government will allow estate and letting agency premises and auction houses to re-open, business managers must make appropriate preparations within the information that is available now.

“This will vary across premises and companies but key common areas are: arranging sufficient stocks of personal protective equipment and easy to access cleaning products and sanitiser but also considering whether there is sufficient space between work stations and preparation for minimising the hazards of frequently touched areas such as door handles, taps, kitchens, and toilets.”

Meanwhile another omission from the government document has been picked up by the Winkworth franchise chain.

“The key to keeping the second-hand and new build homes markets active is for banks to allow valuers to go back to work to allow mortgages to progress. This could be done with strict social distancing, hygiene and wearing of masks and other protective clothing rules in place. The government needs to consider this as a priority” explains Dominic Agace, chief executive of Winkworth.

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Cleaners can enter homes now – so why can’t estate agents?

Cleaners can enter homes now - so why can't estate agents?

Domestic cleaners can now re-enter private homes under new Coronavirus return-to-work guidelines – the very guidelines which appear to stop estate agents doing the same thing.

The new safety guidance for cleaners suggests that they obviously need to notify their clients in advance of their arrival at the home. They should also wear gloves and face masks as appropriate.

When they come in they should wash their hands for the stipulated 20 seconds, and do so again if necessary during the visit – especially if they cough, sneeze or blow their nose.

They must maintain a safe distance of two metres or more from occupants remaining in the property during the visit and ensure good ventilation by opening windows as appropriate.

Property expert Russell Quirk has raised the question on social media as to why an estate agent, surveyor or other property professional can’t visit properties under similar conditions.