All posts by GeorgeHartshorn

George is Managing Director at Elizabeth Davenport Estate Agents. He enjoys writing this weekly blog and hopes that you enjoy reading it!!

What Drives The Value Of A Property?

Location? Number of Bedrooms? Size of the Kitchen? Local Schools?

What exactly does drive the value of a property? And what exactly is the definition of value?

The market value is what a willing buyer would pay for the property to a willing seller, once the property was adequately exposed to the open market via the correct channels for the correct period of time (up to 3 months). This figure could vary dramatically depending upon the method(s) of marketing and how many buyers are drawn towards the property in the first place. The number of interested buyers in turn is driven by the quality of the marketing details and the asking price. The marketing details are in effect “the bait”. Poor marketing details (eg poor photographs) is like going fishing with no bait on the hook. You simply won’t catch anything.

The asking price is like a magnet for buyers. A competitive asking figure will create excitement and activity amongst potential purchasers, whereas a high asking figure will have the opposite effect and repel the most likely buyers away in the first place.

Both of these crucial elements (asking price and quality of marketing) will be driven by the choice of Estate Agent that you make. A poor agent will overprice (in order to win the instruction) and probably under market (simply because they don’t know how to use a camera). Elizabeth Davenport Estate Agents are experts in getting both of these fundamentals right and as a result have a very high success rate in selling all types of property.

Call today on 02476 010105 to speak to one of our experts about getting maximum market value for your own property.

 

Should We Have A ‘For Sale’ Board?

Many homeowners are unsure whether to have a ‘For Sale’ board when they place their property on sale. There are a number of reasons they might think of to not have one: They don’t want to upset the neighbours. They don’t want people knocking on their door. They think it might be a security risk.

In reality these reasons are unfounded and there are many advantages to having a ‘For Sale’ board put up. If you decide to put your home on the market then you will generally find it easier to sell with a board for the following reasons:

  1. Buyers expect a house that is for sale to have a For Sale board outside it. A board sends a very positive message to buyers by confirming that the seller is committed.
  2. A board helps buyers to locate and identify the property when they come to view, making their experience an immediately positive one.
  3. Many buyers go on a Sunday afternoon drive searching for ‘For Sale’ boards in their preferred locations. I myself have bought 3 properties, all of which I discovered via the ‘For Sale’ boards!!
  4. The neighbours will know that the property is on sale very quickly via the internet anyway so not having a board won’t stop them finding out. It’s best to simply tell them yourself than let them find out the hard way.
  5. If your Estate Agent has an attractively designed board, this can add to the kerb appeal and the saleability of your property.

So if you’re going on sale this year then the message is simple. Choose a high quality Estate Agent like Elizabeth Davenport and get one of our attractive ‘For Sale’ boards mounted outside the front of the property. You’ll be moving in no time.        by George Hartshorn

How To Cash In Your Family Gold

The largest investment most of us make is the home that we live in. The value of your property investment is driven by a number of factors including current demand and supply of similar properties. So when you decide to cash in on your home how do you claim back the true value of your investment?

If you decided to sell your family gold you would take it to a specialist gold buyer and they would weigh it and work out an exact value and you would receive the correct amount. Simple. But for bricks and mortar this method isn’t available. A house cannot be weighed. There is no prescribed value per kilogram. There is no formula for working out the correct figure.

Instead the value of your property investment is decided by potential buyers. They visit your property and make offers to you, at which point you either accept or reject their figures, but eventually it is the buyers (or market) that decide the value. The higher the demand (more buyers) the higher the value, the lower the demand (less buyers) the lower the value.

So the biggest risk to the value of your property is a poor Estate Agent that cannot attract enough potential buyers. Budget Estate Agents will offer you a low fee but by definition they will offer a poorer service and provide you with less potential buyers. This translates into a lower property value and a poor return on your lifetime investment. You may save a few hundred quid in fees by using a budget Estate Agent but the huge danger is that they will undersell your property and cost you many many thousands of pounds.

Elizabeth Davenport are High Quality Estate Agents and are able to provide the maximum amount of potential buyers for your property, neutralising any possibility of it selling for below market value.

Don’t take a risk with your lifetime investment. Call Elizabeth Davenport for expert advice, a high quality service and the maximum return on your most valuable asset.

Rubbish English Football = Time to Buy Property

Every time the football World Cup comes round, expectations are high and “England Expects”. A good run in the tournament for the men in white translates into a long happy summer and the onset of the “feel good factor”. 

And in the past, statistics have clearly shown that when England do well and reach the late stages of the competition, a happy buzz is created throughout the land which causes people to go out and spend money, whether it be on cars, electrical goods, holidays, and even property.

Well sadly this time that hasn’t happened. Two dismal results against mediocre opposition has dumped England out of the tournament and (at time of writing) a pending third game that could prove to be embarrassing. No feel good factor.  🙁

Here’s a sneaky tip: If you’re in the market place to buy a property then go and buy something right now. Whilst everyone else is sitting at home feeling sorry for themselves and dreaming of Italia 90 or Euro 96 you can go and put an offer in on that dream home and with no competition to outbid you, that house could be yours!  🙂

And when Euro 2016 starts, all of your friends will want to come and watch it at your place (if we qualify!). For more tips on football & buying and selling property visit our website or call 02476 010105.

Join our Winning Estate Agency!

WINNING FORMULA:  HAPPY STAFF = PRODUCTIVE STAFF = BETTER RESULTS = HAPPY CUSTOMERSWinning Medals

As sales volumes increase with the ever-improving housing market, Elizabeth Davenport is expanding it’s operations and requires both new properties to sell and at the same time requires an experienced office supervisor/senior negotiator to fit into their expanding operations. The successful candidate will bring with them several years in the industry and a track record of successful sales experience.

At Elizabeth Davenport our staff are well rewarded for their efforts, meaning they are highly motivated and this leads to better sales results and more satisfied customers whose properties sell quickly and for full market value due to a combination of unsurpassed marketing material and also expert valuation processes.

Our branch at 23 Warwick Row has a happy, relaxed atmosphere which creates the perfect environment for efficiency and seamless processes. This reflects on both our staff and our customers, who continually leave positive feedback following the services they receive from us.

To arrange for a free valuation of your property or to apply for a role in our growing operation please call our Warwick Row office on 02476 010105.

 

 

 

The Truth About House Prices

Once again the national media have been providing commentary about the “housing bubble” and talk of measures to cool the property market down seem to be getting louder. The press however are pre-occupied with what’s happening in London and the home counties and don’t seem interested in reporting what’s happening on the ground further afield. It’s a shame that local media outlets don’t run stories about what’s happening in your own backyard or more specifically the Coventry area.

Doing some of my own research, I found it extremely easy to get the exact figures for the Coventry area, simply doing an internet search for “Land Registry Price Index” and the real data is available publicly. The contrast between the reality and what the press are reporting is amazing. Importantly the only data that matters is what houses actually sold for and this data is available through Land Registry. Price indices based upon asking prices are meaningless and misleading.

Prices in Coventry rose 4.6% annually to the end of March. This contrasts with those in prime central London which soared 17.5% during the same period. However, the most amazing statistics are where prices currently stand compared to the top of the market in early 2008. Coventry prices are still 12% lower than the at the peak (see graph). Compare this to the city of Westminster where they have risen 72% during the same period. The national figures put out on TV are heavily skewed by what’s happening in the south-east and as a result are meaningless for the rest of the country.

The market in Coventry is very healthy at present but certainly not out of control or becoming a bubble. We don’t need politicians, bankers or economists applying the brakes to our market for all of the wrong reasons.

 

Pictures Paint A Thousand Words

I’ve been to a fair few weddings in recent years and one thing that they all seem to have in common nowadays is a professional photographer. The kind that turns up with lots of equipment, charges a high fee, takes literally hundreds of photos, steals the bride & groom for hours on end to take dozens of portrait shots, and even stays for the evening do to get snaps of everyone doing their bit on the dance floor. Why do all couples go down this route? Why do they pay through the nose for a professional when all of the guests have got their own digital cameras anyway?

Probably because it’s the most important day of their lives and these are the most important and memorable life photos they will want to cherish!  Can you imagine the look of horror on the bride’s face if the photographer turned up and started taking pictures with his mobile phone?

Chatting to a homeowner recently I was astonished to find out that his Estate Agent had done just that. He turned up at the property and began photographing each room with his Motorola. If this isn’t acceptable at a wedding then how can it be acceptable when selling a property worth £00000s? The photos are THE most important marketing tool that homeowners have nowadays to help them sell their house. They MUST be taken by a professional who has the right equipment and knows how to use it! Poor photos will knock many thousands of pounds off the value of a house in the long run.

At Elizabeth Davenport, our photographers have the very best equipment and most importantly they have received extensive training in how to take good photos. This means that our marketing details are of a higher standard and our properties sell more quickly and for higher prices. Call us today for a free valuation on 02476 010105.

Dont’ Put Your Money Down The Drain!

The case for selling your property through an established locally based Estate Agent has been given extra credence recently with the announcement that TV’s Sarah Beeney had re-launched her “free to list” property portal as an “Online Estate Agent”.

Beeney’s website “Tepilo” had been launched several years ago with the strapline “Ditch the Estate Agent”. After 4 years of failure, the embarrassing about-turn meant that in effect she became an Estate Agent herself. Tepilo now charges £912 up-front to list a property and this is their “Best Value Deal” (this generously includes a For Sale board, photography, a floor-plan and a rightmove premium listing). The £912 is paid before you go on the market and is non-returnable if you don’t find a buyer.

Let’s think about it carefully. Throw Money AwayYou hand over 912 (nine hundred and twelve) of your hard earned notes to an “Online Estate Agent” based at the other end of the country and they upload your property details to their website. You have already given them their fee so what is the resulting motivation for them to find you a buyer?

ANSWER: Big Fat Zero. You might as well put your money down the drain!

By contrast if you market your property through Elizabeth Davenport Estate Agents you get all of the above, PLUS you get professional bespoke brochures, accompanied viewings AND you get expert local knowledge on setting the correct asking price for your property.  We will be highly motivated to find a buyer because that’s how we earn our fee. You don’t pay us a penny until the day the property is sold. Now that’s what I call a great deal!

Call us today for expert, honest, free advice on selling your property.

 

 

Market Back in Full Swing

At time of writing (Tuesday) our Coventry office had already agreed 6 sales for this week alone. Three of those were for the full asking figures and one went for substantially over the asking price. Buyers are desperately competing for the best properties and trying to outbid one another in order to secure purchases. Confidence has returned to the local Coventry housing market in no uncertain terms. There does however remain a shortgage of stock generally and this is increasing the “buyer frenzy” whenever good homes come onto the market.

If you are a buyer then you have to be in a good position when you start searching otherwise you will be wasting your time. This means that your own property must already be sold or you must be chain free. You should already have a mortgage agreement in principle or even better, a suitcase full of cash!!

If you are selling then your property needs to be appealing. This means it should be priced competitively and marketed in the correct way. We can advise you how to do this and also advise on setting your asking price at the correct level. This will help to create the “buyer frenzy” that will get you the best price for your property.

Those homeowners that are badly advised usually set their asking price too high and get the marketing all wrong. This leads to only a small number of viewings and little or no competition between buyers. RESULT: Few viewings, few or no offers, no buyer frenzy and definitley not the best price for the property.

Call us today for expert advice on buying or selling property on 02476 010105. We’ll be delighted to help.

The Quickest Way To Add Value To Your Property Revealed

It’s a question that gets asked many times. “How can I add the most value to my property with the least amount of effort?”

Add an extension? Refit the Kitchen? Convert the attic, or perhaps landscape the garden?

All of the above are of course are very good ways to add value to your property. However they all take a lot of time and planning and require an up-front significant expenditure or outlay. Today I am going to reveal a way to instantly add value to your home without spending a penny or lifting a finger.

“Impossible!” I hear you retort. But it’s not impossible. In fact it’s very easy and very simple.

It’s a statisitical fact that when you put your property on sale, the more hits your property gets online, the more people will call the agent up and request a viewing. And it’s basic economics that the more buyers that come and view your property the higher the demand and the higher the selling price. So when you come to sell you need an agent that will get you the most online hits and the most viewing requests.

According to rightmove statistics Elizabeth Davenport are regularly top of the tree for hits on our properties. Our properties consistently get the highest “click-through rate”. This translates into a higher number of viewings for each property and therefore a higher selling price. In fact many of our properties sell for the full asking price because they are in such high demand.

So to add instant value to your property, give us a call today and request your free valuation.