Tag: Property

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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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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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OnTheMarket says Covid crisis could be catalyst for change in portals

OnTheMarket says Covid crisis could be catalyst for change in portals

The acting chief executive of OnTheMarket says the Coronavirus crisis could indirectly create a catalyst for change in the portals marketplace.

Clive Beattie – the portal’s long-standing chief finance officer who is currently substituting for the sacked Ian Springett – says that as a result of the virus “we’re seeing a very vocal agency community arguing that this is a time for change, arguing against a return to ‘the old normal.’”

Although he does not refer directly to the Say No To Rightmove campaign, Beattie insists that OnTheMarket is ripe to benefit from that change, echoing the familiar comment that OTM was “founded by agents and founded for agents” and has provided the competition that he claims the portal market had been lacking for some years.

In an interview with the Edison TV business channel Beattie quotes figures dating back to January for the portal with some 13,500 advertisers representing about 12,500 branches and around 1,000 new build advertisers. In that first month of the calendar year OTM enjoyed a record 30m visit generating 126 leads per advertiser on average, he claims.

Beattie did not give any more recent figures – even for the February or March period before   the pandemic – but admitted that when the lockdown was announced traffic was “lower than it was” but had “rebounded” in the past fortnight, albeit not to pre-virus levels.

Beattie – whose performance was markedly different in tone and attitude to that of Springett on similar media appearances – said that future developments in the agency industry generally and his portal in particular were likely to take the form of additional services to agents.

He pointed to a recent deal, announced just before Christmas, in which OTM made a strategic investment for a 20 per cent share in Glanty Ltd the owner and developer of the PropTech lettings platform teclet. That deal was a cash purchase of £797,000, spread over 10 months from December plus an option to acquire the remaining 80 per cent of Glanty.

“It’s no surprise that there may be an acceleration of technical projects to help agents work differently and more efficiently” as a result of the Coronavirus crisis, Beattie claims.

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Mortgage holidays could be extended to up to a year

Mortgage holidays could be extended to up to a year

The Financial Conduct Authority is reported to be considering offering homeowners up to 12 month’s mortgage holidays.

Currently 1.2m mortgage payment holidays have been offered by lenders to customers impacted by the Coronavirus crisis – that’s equivalent to one in every nine mortgages.

These were expected to be short term.

However The Times this morning says the holidays could be for up to 12 months in a bid to avoid widespread arrears and eventually repossession.

The number of payment holidays currently in place more than tripled in the two weeks between March 25 and April 8 with an average of some 61,000 being granted each day.

For the average mortgage holder, the payment holiday amounts to £260 per month of suspended interest payments, with many benefitting from the option of extending the scheme for up to three months.

Now it appears a longer holiday is on the cards as the virus crisis has further impact on jobs.

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New plea to help self-employed agents missed by Corona schemes

New plea to help self-employed agents missed by Corona schemes

NAEA Propertymark has made a series of demands on the government in the light of the Coronavirus crisis.

In a formal written response to the Housing, Communities and Local Government Committee’s Inquiry into the impact of Coronavirus on the private rented sector, NAEA makes several calls for action.

The aim of the inquiry, which closed its deadline for written submissions on Tuesday, is to examine how effective the government has been in supporting individuals in the private rented sector.

In a statement on its submission, Propertymark says it highlighted the positive steps the government had taken so far such as extending business rates relief and including commission in furloughed pay.

However, it says concerns remain about access to support for agents who are self-employed and the disparity in how the Small Business Support Grants are being administered by different local authorities across the country.

In a section of its submission entitled Support for self-employed agents, Propertymark says:

“Some limited company directors and small businesses have fallen between the government’s economic support packages. 

“To support this segment of the employment market the government could ask company directors to self-report their average dividend income in order to obtain a similar measure of support to the 80 per cent of income that self-employed and PAYE workers can access. 

“Furthermore, agents who are self-employed had to have filed their 2018-19 tax return by 23 April 2020 to receive support under the Self-employment Income Support Scheme. 

“However, if they had more recently become self-employed, such as from April 2019 it is not clear what support is available. In addition, payments will not be made until June 2020 which means three months of no income when many agents continue to have bills and overheads to pay.”

Propertymark also makes a series of demands on renters’ knowledge of packages available to help them, the suspension of mandatory electrical checks, a review of future maintenance and safety checks, the postponement of all rental licensing schemes, and the treatment of arrears.

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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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ONEDOME – A breath of fresh air

Ladies & gentlemen, I had the pleasure of speaking to George Lawson yesterday, on behalf of Onedome, an emerging property portal that has really been gathering pace in recent months.

Onedome guarantee to be free for 100 years, laying the foundation for a revolution in property marketing. Having acquired nethouseprices a while back and now in partnership with Facebook marketplace, properties are placed in all three locations, for even greater exposure.

The current crisis has highlighted many issues that agents have with the current portals, with many having faced large overheads, regardless of the fact that their ability to operate has been seriously constrained by the lockdown.

Understandably, there has been mutiny in the ranks, with many agents leaving one or more of the ‘big three’ portals, for obvious reasons.

I have no doubt that any agent willing to make the effort can sell property without being a slave to any portal, I know from experience the we at Fine & Country take pride in our relentless proactive approach to marketing property, but that is not the issue here.

As I see it, amongst all the figures, the overheads, the contractual agreements and the frequent and often justified claims by agents of being at the mercy of the portals, there is one other factor that concerns me more, that is the public.

Whilst it is more than possible to bring property to the attention of potential buyers, both active and passive in many ways, we must ask ourselves, where do the public look first and why?

I conducted a poll recently in the Northants Property Post, the response was mainly local, although being online, there was some response further afield and the results were pretty much what I expected, however, I have no doubt that should I have asked the public a different question, I have no doubt that I would have received a different response.

What if I were to ask the public this question?

“Would you be more or less likely to search the portal with the most property first?”

I have no doubt that the vast majority would say yes and this my friends is the foundation of any portal. It is we, the agents who can and do make or break the portals, it is we who provide them with the very content that drives people to their site, without us, they are little more than a few pages of php code.

For this reason, I was delighted to welcome a portal that acknowledges this fact and has been established with an ethos that appreciates the value of the agent. However, on the subject of the public, I would like to make one final point, the easier it is for the public to search for a property, the easier it is for them to find a property, and that cannot be a bad thing.

If a potential buyer is not aware of a property, because it is not in the first one or two place they may look, they may have missed out on that property, but simultaneously, the seller of that property may have missed out on a buyer and potentially, a higher offer.

Although I have no doubt that we will commence our journey to recovery soon and that we will succeed in doing so, we must not underestimate the severity of the current situation. Therefore, the opportunity to present our properties to the public, collectively and ubiquitously, is an opportunity that we should not be ignored. The property market is in many ways the start of the financial food chain, with thousands of jobs and billions of pounds generated as a result. For this reason, in my opinion, I consider this to be the right opportunity at the right time.

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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.