Tag: Property for Sale

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Volume of portal listings carrying virtual viewings surges during pandemic

Volume of portal listings carrying virtual viewings surges during pandemic

There’s been a very significant increase in the number of listings carrying virtual viewings, accelerating during the period of the Coronavirus crisis and lockdown.

An analysis of Rightmove listings conducted by virtual tour provider Made Snappy shows that the pandemic has expedited agents’ uptake of visual aids in portal listings.

Between mid-November 2019 and mid-May 2020 the number of lettings adverts on Rightmove with virtual tours increased by 179 per cent. Meanwhile, the number of lettings listings with videos increased by 280 per cent during the same period.

Between mid-April (when lockdown measures were at their most severe) and mid-May (when market activity started to resume) the number of lettings listings with virtual tours increased by 44 per cent, rising by 63 per cent when it comes to listings with videos.

On the sales side, the number of property listings on Rightmove with virtual tours increased by 77 per cent between mid-November and mid-May, while the number of adverts with videos increased by 50 per cent over this six-month period.

Over the past four weeks the number of sales adverts with virtual tours has increased by 19 per cent alongside those with videos increasing by 26 per cent.

“The lockdown has understandably forced more agents to embrace virtual tours, particularly on the lettings side. Our analysis also reflects the quicker restart of the lettings market compared to sales, which will be much slower to get started” says Mark McCorrie, software director at Made Snappy.

“With the market now up and running, we expect the number of portal listings with virtual tours to increase even further as more agents will be operating at full capacity over the coming weeks.”

The government, in its official guidance on the resumption of the housing market, says: “We encourage people to do the majority of their property searching online … To support this agents may ask home occupiers to conduct virtual viewings.”

And in relation to new-build property sales it advises: “Where possible, developers should promote virtual viewings.”

Made Snappy says it anticipates a 75 per cent reduction in physical lettings viewings while social distance measures remain in place.

“We know of letting agents who have used virtual tours to filter down applicants, subsequently achieving a 100 per cent success rate on the physical viewings – we expect this trend to become the norm” says McCorrie.

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PPE for estate agents being marketed by food packaging firm

PPE for estate agents being marketed by food packaging firm

A food packaging manufacturer is re-shaping its production line to make PPE equipment which it is selling to estate and letting agents, amongst others.

Rapid Action Packaging says it can produce a total of seven to 10 million face shields a week.

The visor is laminated to a carton board frame which, the company claims, provides “a rigid head frame with adjustable strap.”

“In a world after lockdown, the shield will help people adjust confidently to a gradual return to normality” according to the company’s chief executive, Graham Williams.

He says his product – which is manufactured in the Republic of Ireland – conforms to the EU Regulation 2016:425 Category 1 technical PPE specifications.

The company normally provides packaging for sandwiches, hot products, chilled meats and ready meals at retailers including Tesco, Sainsburys, Waitrose, Morrisons, ASDA, M&S, Pret A Manger and LEON.

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Volume of portal listings carrying virtual viewings surges during pandemic

Volume of portal listings carrying virtual viewings surges during pandemic

There’s been a very significant increase in the number of listings carrying virtual viewings, accelerating during the period of the Coronavirus crisis and lockdown.

An analysis of Rightmove listings conducted by virtual tour provider Made Snappy shows that the pandemic has expedited agents’ uptake of visual aids in portal listings.

Between mid-November 2019 and mid-May 2020 the number of lettings adverts on Rightmove with virtual tours increased by 179 per cent. Meanwhile, the number of lettings listings with videos increased by 280 per cent during the same period.

Between mid-April (when lockdown measures were at their most severe) and mid-May (when market activity started to resume) the number of lettings listings with virtual tours increased by 44 per cent, rising by 63 per cent when it comes to listings with videos.

On the sales side, the number of property listings on Rightmove with virtual tours increased by 77 per cent between mid-November and mid-May, while the number of adverts with videos increased by 50 per cent over this six-month period.

Over the past four weeks the number of sales adverts with virtual tours has increased by 19 per cent alongside those with videos increasing by 26 per cent.

“The lockdown has understandably forced more agents to embrace virtual tours, particularly on the lettings side. Our analysis also reflects the quicker restart of the lettings market compared to sales, which will be much slower to get started” says Mark McCorrie, software director at Made Snappy.

“With the market now up and running, we expect the number of portal listings with virtual tours to increase even further as more agents will be operating at full capacity over the coming weeks.”

The government, in its official guidance on the resumption of the housing market, says: “We encourage people to do the majority of their property searching online … To support this agents may ask home occupiers to conduct virtual viewings.”

And in relation to new-build property sales it advises: “Where possible, developers should promote virtual viewings.”

Made Snappy says it anticipates a 75 per cent reduction in physical lettings viewings while social distance measures remain in place.

“We know of letting agents who have used virtual tours to filter down applicants, subsequently achieving a 100 per cent success rate on the physical viewings – we expect this trend to become the norm” says McCorrie.

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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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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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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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Mortgage demand rises as market sees light at the end of the tunnel

Mortgage demand rises as market sees light at the end of the tunnel

The demand for mortgages in April was scarcely a quarter of what it was in March – but the figures show that there’s been an increase each week since Easter suggesting there’s light at the end of the lockdown tunnel.

Technology company Twenty7Tec analyses mortgage statistics and shows that for the week ending Saturday May 2;

– The volume of online searches for mortgage information was 5.36 per cent up on the previous week and 21.32 up on two weeks before;

– The total value of loans granted was up 2.93 per cent on the previous week and up 23.59 per cent on two weeks before;

– Mortgages for new purchases represented 31.74 per cent of the searches made online last week, compared to recent lows averaging 24.5 per cent;

– Searches for mortgages for buy to lets (both to purchase and to reportage) stood at 25.01 per cent of all mortgage searches.

“The data tells us that we are gently on the up again and have been ever since Easter. Across the board, we are seeing higher search volumes, higher levels of documentation prepared and higher total levels of loans requested” explains James Tucker, chief executive of Twenty7Tec.

“Buy to let is probably the story of the week, representing around one-fifth more of the total market than the long-term average [ but] whilst it’s great news that this week’s searches for purchase mortgages continue to rise, the volumes remain considerably down on their January to March peaks. This week’s volumes are only 26 per cent of the weekly volumes in mid-March.”

He continues: “In comparing April to March, it’s worth noting that April had two Easter bank holidays and that March was a day longer, but also that the volume of mortgage products on the market was considerably lower than the month prior.

“Despite the difficult conditions, lenders quickly moved to address the changes in the market conditions and amended, updated and replaced their products at an unprecedented rate. Brokers responded well and were able to focus in on those areas of our industry where volumes remained higher.

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New virtual valuation platform offered by major industry supplier

New virtual valuation platform offered by major industry supplier

Industry supplier epropservices has created a new virtual valuation platform to help the industry operate during the lockdown and social distancing periods.
 
Jon Cooke, chief executive of epropservices – the parent company of The Guild of Property Professionals and Fine & Country – says that the service was born out of the need to continue providing sellers with a professional valuation without agents having to physically visit the property.
 
All the vendor needs to do is complete a questionnaire and upload a short video and/or some photos of their property, as well as choose the best date and time for them to take a video call.
 
“Based on the video, photos and information provided, agents will be able to fully research the property and then conduct the face-to-face virtual meeting, choosing the system of their choice to provide an accurate valuation, giving a realistic sales or rental price for the property” explains Cooke.
 
“Following the meeting the agent can send the vendor a detailed report on the property providing them with the pricing expectations, as they normally would do” he notes.
 
“If the vendor decides they would like to go ahead, the agent is then able to start the process of marketing the property and conducting virtual viewings.”
 
According to Cooke, both Fine & Country licensees and Guild Members have the tools to be able to go through the entire process remotely and find either a buyer or tenant for a property without there ever being any physical meetings.
 
“No-one know what the future holds for how we interact with customers or how customer behaviour will change, potentially a virtual valuation platform will always be a vital tool in an agent’s service offering,” Cooke concludes.
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Buckle up – Wave of law cases possible if off-plan buyers pull out

Buckle up - Wave of law cases possible if off-plan buyers pull out

There’s a warning today that the housing market could face a wave of legal disputes if buyers of off-plan new builds fail to complete because of falling prices.
 
Private wealth law firm Boodle Hatfield says the impact of the lockdown on residential property values may push the market values of some new build developments substantially below the prices purchasers paid.
 
If buyers decide they will not complete, they may lose the deposits they have paid.
 
However if the property values fall further than the cushion provided by the deposits, the developers of those properties might still pursue the purchasers who – under most contracts – would still be liable for further losses.
 
This problem was relatively widespread following the collapse of UK residential property values after the credit crunch in 2008-2009.
 
In some new build developments scores of investors had to be pursued to ensure they completed transactions they were legally committed to.
 
“The contracts of most residential new-build developments are fairly clear cut and deposits would be at risk. Many purchasers also forget that this might not be the end of it. You may be liable for any additional loss the developer makes from selling that property, on the market, for less than you originally agreed” says the law firm’s property disputes partner, Colin Young.
 
“Hopefully property prices don’t fall too far but there are certainly developers are now exploring their options over deals where the buyers seem to have gone cold. Once the lockdown is over we expect that buyers who should have already completed will start being asked to agree to a new timetable” he continues.
 
“What we are also hoping is that these problems can reach a negotiated settlement.”
 
 
Kellie Jones, a senior associate at the law firm, says the issue is most disruptive where high net worth individuals have committed to buy multiple properties at the same scheme, typically as an invest,ent.
 
“If that HNW is based overseas there is the extra expense of enforcing the judgment of a UK court in another jurisdiction. However, if a development has not been finished on time then a purchaser may take steps to serve a notice to complete so that it can rescind and reclaim the deposit if the seller is unable to comply” she adds.