What Does Viewing Feedback Really Mean?

Sellers often approach us after an unsatisfactory experience with another agent, particularly in relation to poor levels of feedback following property viewings. Surely prompt and constructive feedback should be a fundamental part of any estate agent’s service to their clients! Only when agents understand what buyers think of a property can they deliver practical advice that will enhance its sale prospects. The agent and the seller should be working hand-in-hand to achieve the desired outcome, based significantly on buyers’ comments. We also understand the seller’s anguish in simply not knowing whether a sale is imminent following a viewing. Sometimes, feedback is obviously positive: “When can you move out?” is clearly a strong buying signal; “What are the neighbours like?”, “Could I bring my partner round?” or “Will you be leaving that cupboard?” certainly indicate that the property is a distinct possibility, and a good agent should be able to move this interest towards a firm offer. Some feedback can be helpful in confirming whether the asking price is positioned correctly in the market. Buyers buy by comparison, and sometimes a swift price adjustment can be imperative to avoid the house going stale on the market. For example, “The property is too small for us” usually means, “We have seen larger houses for the same price”. “The street is too busy” usually means “We’ve seen similarly priced properties in quieter streets”. Of course, many people are just being polite when they say, “We’ll think about it”, or “I’m sure you’ll find a buyer easily”. The key to good estate agency is identifying which comments point to a sale, which point to a negotiation, and which point to a problem with the price. And we think sellers deserve to know, via prompt and supportive feedback.

Maximising Your Sale Prospects

The vast array of property-related TV programmes proliferating our screens is certainly an indication of our appetite for home improvement. Presumably this has something to do with pride of ownership and making the most out of “an Englishman’s home is his castle”. However, once you come to sell, you may understandably be more focused on your next property than the one you are leaving. It is surprising how many properties we see offered for sale where the vendor has not taken advantage of some simple things that can be done to increase their chances of selling whilst maximising their price. Bear in mind that we are not just selling bricks and mortar, but an aspirational lifestyle, as most people purchase a better property than the one they are leaving. A recent survey among estate agents identified key aspects of property presentation that they regard as important to get right when selling. 77% said that decluttering the interior was among their top three tips, 68% included a thorough interior clean, 48% highlighted the need to tidy the garden, 40% suggested neutral decoration, 35% recommended a fresh coat of exterior paint, and 24% felt a new kitchen or bathroom was important. Interestingly, gadgets, technology and security features ranked very low, with less than 1% of agents citing these as important, presumably as these are things that can easily be added at a later date as required. It is interesting to note that the above figures overwhelmingly point to the need to create a strong first visual impression, and this concurs with our own findings that whilst buyers do not always know precisely what they want, they certainly know it when they see it.

The Meaning of Service

Most lettings agents see their role solely as a “purveyor of tenants”, and they pride themselves on their ability to find the right tenant for a property and to negotiate attractive terms for the landlord. But lettings agency has moved on. Indeed, finding a tenant is arguably one of the most straightforward aspects of letting a property. Wise landlords now seek other attributes in their lettings agent. We all know how emotionally traumatic a house move can be, and this is often reflected, albeit to a lesser extent, in a niggling concern about the care of, and revenue from, an investment property. Yet many agents fail to recognise their ability to reduce this overall burden by becoming thoroughly involved not only in the actual letting of a property, but also in the investment objectives as a whole. We feel this provides a great opportunity for the service-focused agent to deliver a level of customer service that really makes a difference. A service based on empathy. In other words, “seeing the world though the eyes of the tenant/landlord”. With this vision, a good letting agent can then anticipate and proactively respond to the very real needs of both. An example of an obvious contribution that your letting agent can make is a hands-on approach the vetting and reference procedure. Is this just lip-service, or a real commitment to securing the best tenant? And what about a passion for avoiding the vacant periods that can undermine a seemingly good rental amount? * So if you are to make your move enjoyable rather than simply endurable, choose an agent who believes passionately in supportive customer service that is delivered personally with accountability and commitment. Choose Blakes Estate Agents. We want you to sleep at night!

Buyers Buy By Comparison

Typically, most people look at about half a dozen homes before making a decision as to which one they should buy. Some people look at just a couple, and others spend months considering each and every one of the dozens or even hundreds of properties that come on the market within their price range. Even though many of the properties offered to a typical buyer are likely to fit the minimum criteria they request, the buyer is unlikely to buy a specific property, however well-suited it may be, unless it can be seen in comparison with others. The psychology of the buying process generally dictates that people make realistic comparisons between properties (or holidays, or cars, or shoes, or even toothbrushes for that matter) before they feel qualified to make a decision based on the relative merits of each home they see. Part of our job involves helping buyers make a buying decision that is genuinely in their best interests. We encourage our buyers never to exclude a property without having first seen it in context. Although price is a critical consideration, it is the relative value that is even more important. A property is worth not what the seller put in, but what the buyer gets out of it in relation to an alternative property. It is therefore important to go the extra mile in seeking to make your property as attractive a possible during the sale, not just by keeping it clean and tidy, but also by quoting a competitive price, and being flexible over completion date and contents. If you make your property attractive in these ways, our marketing will cause it to sell! Why not call us to find out how we can make this work for you?

What About The Children?

Showing your home to prospective purchasers can be stressful enough, but children add an extra dimension and their needs should also be considered. Moving house might be logical and exciting for an adult, but the fear of the unknown can be upsetting for children. That room or corner of the garden that has been their special place for most of the child’s life is about to be taken away from them, as they are rocketed out of their comfort zone into unknown territory. After you have made the decision to move, child psychologists usually advise telling the children as soon as you can. They are certain to find out one way or another and being up front with them will enable you to manage the process better and stay in control. Parents nevertheless need to be sensitive when discussing the move, and make a point of highlighting the exciting aspects of a new home. Ask your child what they would like to find in their ideal home. They don’t have to have a major influence on your decision, but their apparent involvement in the process will pay dividends. Likewise, if your children regard the move as a positive thing they are more likely to be co-operative when buyers come to view your property. A stress-related temper-tantrum as the buyer walks through your door is to be avoided at all costs! Indeed, no matter how sweet your children may be, they are more likely to be a distraction to a prospective buyer than an advantage. This is one of the many reasons why we always aim to accompany purchasers around our clients’ property. So our respectful advice is this: ideally, leave the viewing to the trained agent and take the children (and the dog) for a walk! Happy Selling! For more advice on any aspect of your move, please feel free to call us on 023 92 602155

Landlords Beware!

As property prices have fallen dramatically, smart investors are keen to snap up bargains, and the buy to let market remains surprisingly active. However, whilst it is tempting to go out and buy, buy, buy – a word of caution, because it might not be so easy to let, let, let. Finding a tenant is only one aspect of the venture which some landlords feel can be done independently of a lettings agency. However, we often hear sob stories from new landlords who tried to go it alone - with disastrous consequences. For example, according to the National Landlords Association, some 50% of landlords have had a property abandoned by a tenant. This usually follows at least one month of rent arrears and can also include substantial repairs bills and cleaning costs, and arrears of electricity, gas and water, which may have accrued without the landlord’s knowledge. So the issue of credit referencing and deposit protection becomes an issue. Then there is the problem of possession. You can’t just reclaim the property, as the tenants are unlikely to have formally relinquished their occupation. So despite having an empty property, you could still have to gain formal possession through the courts. This can take months and be expensive, especially when compounded with rent arrears and a period of vacancy. And if you re-let the property illegally you can be fined up to 25% of the property’s open market value! As you might expect from the above, most experienced landlords choose to employ lettings specialists such as ourselves to manage their investment - as well as simply finding a tenant. Whilst the fee is likely to be higher than a straight tenant-finding fee, landlords typically agree that this could well represent one of the most rewarding aspects of their investment in the right letting agency.

Don’t Be Fooled by Multi Branches

Many of our clients tell us that when considering agents with a view to selling their home, they were tempted to use an agent that has several other branches. They were told that more branches equals more buyers, which on the surface sounds appealing. But don’t be fooled. The “more-buyers/faster sale” claim is standard practice among multi-branch estate agencies. However, the reality can be quite different, with vendors being given false hopes at best, and a lack of accountability at worst. Firstly, most negotiators are targeted on their sales, and whilst their managers may encourage them to “share” their buyers with their sister branches, many would rather swim in a pool of piranhas than let one of their buyers go to another agent – even within the company! Secondly, the wider a buyer’s search area, the less chance there is of them buying in yours. If a buyer registers in a particular branch, it suggests they want to buy in the area covered by that branch – not in the area covered by another branch. Being offered “out of scope” locations can annoy purchasers who feel they are being “palmed off”. If they are indeed looking in another area, then the efficiency of the internet will certainly ensure that they are also registered in that area as well. Estate Agency is an intensely local business. We enjoy a great supply of buyers and work extremely closely with those whom we know are really serious about buying in the xxxx area, and nowhere else. That’s why we can say, hand on heart, “we are THE Gosport specialists”. Why not call us on 023 92 602155 to find out how we can help you maximise your own sale – without any unfounded claims! And our straight-talking sincere advice is free!

Working In Partnership with your Letting Agent

When the time comes to let your property it is important to ensure that you entrust the sale to a reputable letting agent if the stress involved in finding a tenant, managing the property and maximising you investment is to be minimised. However, the most successful lets tend to be those where the seller and letting agent work hand in hand during the initial marketing process. Here are some pointers: • Be open with your agent about any problems with the property. Even if these cannot be solved, awareness of an issue could secure a let that might otherwise not have happened. • If you are currently living in the property yourself, ensure your agent is properly informed about which fixtures and fittings will be staying/going. • Tell the agent if you have any direct tenant enquiries – it can avoid confusion over commission. • Ideally your agent should accompany all viewings, but if you show the tenants round yourself, immediately let your agent know how the viewing went, so he/she can follow-up appropriately. • Keep the house and garden clean and tidy at all times – you never know when you might get a short-notice viewing, or prospective tenants peering over the fence. • Aim to be as flexible as possible over viewing times and occupancy dates. • Agree to listen constructively to your agent’s feedback and recommendations. • Share your objectives with your agent – eg for some landlords having a careful and reliable tenant is more important than securing the very highest rent. For others the rent is the most important criteria. Make sure your agent knows what your requirements are. As your letting agent we share your objectives - So help us to help you. After all - we’re on your side!

Avoid Virtual Tours

Some agents have introduced a number of concepts and innovations which they hope will impress you enough to sell your property through them, yet we do not believe that every apparent “tool” at an agent’s disposal is necessarily to your best advantage. For example, some agents use virtual tours on their website, and on the surface this appears to be a reasonable and useful addition to a website. However, we choose not to use virtual tours of our clients’ property on our website. This is because we do not believe that anyone will buy your property unless they actually step inside and have a look for themselves. The purpose of a website is to encourage buyers to contact us and, following a qualification procedure in the interests of security, subsequently view your home. Virtual tours can even prevent viewings as there appears to be no need for the buyer to physically visit your home!. Additionally, due to the limiting nature of lens technology, virtual tours can often make a property appear much smaller than it actually is. They certainly convey little, if anything, of the atmosphere that a property has to offer. Unfortunately, atmosphere is often the hidden “I’ll know it when I see it” quality to which buyers certainly do need to be exposed. Our role as estate agents is to facilitate the sale by ensuring that maximum numbers of qualified buyers actually visit your property, and this has been a key component of our success. I know I’d rather give my property to an agent who has a great record of getting buyers through your door, than to one who has tried to automate what remains essentially a people business!

A Move by Christmas?

Many people whose property is on the market now would ideally like to move by Christmas, yet only those who are prepared to price realistically to reflect the current market are likely to be successful. Buyers who are currently active in the market are now getting increasingly keen to move before the end of the year and we have noticed a significant ramping up of activity since this summer’s abrupt end. Despite this increase in activity, your choice of agent is paramount as too many agents are currently making rash promises. If you are selling, then you need an agent who will not try to flatter you with promises of an inflated price, nor try to entice you with a commission rate so low (sometimes with hidden charges) that they cannot provide a decent level of service or train their staff. Whilst the market is in fact quite stable, buyers do have a choice. Buyers buy by comparison, and they will always buy the property that offers them the best value in relation to alternatives available nearby. So don’t fall into the trap of assuming that because your property is slightly wider than the one on the market next door, or because it has better views or a bigger garden, that you should quote a higher asking price. By doing so, your price offsets these benefits. Likewise, if your house is similar to next door, then you should undercut their price if you are to achieve an early sale. So if you’d like to sell this year, the rule of thumb for this market is to choose a strong, independent, locally-based agent, listen to their advice, and quote a competitive asking price. With the wind, and the worst of the market, behind you, you might just be in your new home by Christmas.