There are plenty of times in your life when friends and family tell you exactly what you want to hear. “Did I do well at my School Play Dad?”, I asked nervously, “Of course you did Son, well done”. I was a Barn Door (better than a sheep though!). We’re already ten minutes late and my wife says “Are you sure this looks OK?”…….I think you know where this conversation is heading!
So if you want to buy a house for £350,000 and you need to sell yours for £270,000 to make this possible please don’t tell the Estate Agent. If you do, you know what will likely happen. The agent will know there is little chance of an instruction without persuading you that your house is genuinely worth, you’ve guessed it, in the region of £270,000.
At Elizabeth Davenport we know that the right advice and what you want to hear are often two different beasts. What we do know is that in order to attract the most interest and at the highest price possible you certainly don’t need to start marketing unrealistically high. It just doesn’t work.
Rightmove statistics have shown that since 1st January 2016 we have reduced a lower percentage of our properties than any other agent in Coventry and Kenilworth.
As the very bespoke nature of property alludes, we can’t always get it right but we certainly won’t advice you of the impossible just to win your instruction. Beware of listening only to what you want to hear! I’m not talking about my wife now ( I made that bit up!).
Kenilworth School plan to conquer all comers in Canada next year with thanks to Elizabeth Davenport Estate Agents. April’s expedition is the biggest single Rugby and Football tour that Kenilworth’s only secondary school has ever undertaken. With a total of 56 children, many partaking in both disciplines, the need for parental and sponsored support is paramount. Two of the Directors of Elizabeth Davenport have a particular affinity for the School with Mark Walmsley having a daughter in Year 8 and Nick Luntley being a former pupil himself. “Having played and toured with both Rugby and Football for Kenilworth School, Mark and I approached George very quickly when we heard about the opportunity to purchase all of the sports kits for the pupils forthcoming trip to Canada” Nick commented.
Year 8’s football team have been very successful and sit currently as district league and cup champions whilst the Year 9 Rugby team are undefeated and have won the prestigious Solihull School Rugby 7’s tournament. “As Kenilworth’s only Secondary School and with the kids genuinely achieving so much success at both Rugby and Football at the moment raising the money for the tour is a massive ask. Pupils and staff are undertaking all kinds of fundraisers to support this trip of a lifetime and any support we can offer we are delighted to do so” Mark Walmsley said.
The purchase of Sports kits doesn’t come cheap with the quality having to be first class. Canterbury, who produce the British Lions and the England & Ireland Rugby kits, have been chosen as the supplier who despite being more expensive than most will hopefully offer the pupils an advantage when it counts. “The choice of kit is vital” stated Paul Flowers, “they’ve got to last, they’ve got stand the wear and the tear they’ll be put through. Our pupils are going to be representing our School as well as the Sponsors and they’re really going to look the part. We can’t wait to see them. They’re due in January so not long to wait!”
“We’ve got a lasting relationship with Kenilworth School now” stated Mark Walmsley. “Nick’s been working with Dave Peacey who used to teach him which is really full circle, and obviously my daughter’s a pupil now too. There will be opportunities for Netball, Athletics and Dancing events too so if we can give the support then we certainly will”.
With children at Finham Park School Elizabeth Davenport have also been supporting the local PTA with donations from completions sold in the Finham area. Every house sold by way of an introduction from parents or relatives at the school will see at £100 donation to this worthwhile cause.
What a fortnight that’s been. Three weeks to be exact. From being an Estate Agent to becoming a buyer myself has been an absolute revelation.
A house I’ve been looking at for over three years finally came onto the market. Sure it needed a little work but I was expecting that. It’s being sold “On behalf of a corporate client” was the official line. The viewing staff who showed me round were genuinely lovely. “Is it a Repossession?” I asked. “No, we’re just selling on behalf of a corporate client” was the reply. A Repossession it indeed was. If the word, Halloween like, fills you with dread (think Grim Reaper & Exorcism) then you’d have nailed it. After the fourth time of being asked for a best and final offer myself I felt like I had become a summoned corpse.
I do not blame the agent. To handle a repossession correctly and respectfully I would suggest no one other than investors get involved. The emotional roller coaster would not have been prevalent if the entire process was purely finance motivated.
This is where the law needs to change. Is a buyer a buyer? If they indeed are then why should be treated differently simply because the seller is a Financial House rather than a Mr Smith or a Mrs Khan. What gives a Financial institution, a Bank or Building Society and the companies that execute their debt collection for them, the right to act contrary to a genuine, human home owner.
What homeowner would sell to an investor rather than an owner occupier if the price agreed was the same? Where is the consideration to the neighbours? Why isn’t the sense of community a consideration? These are questions that are morally & socially unanswerable. And I had agreed to pay more. Sour Grapes you might say. Try Watermelons.
A common discussion with absolutely no rights or wrongs is the value of a “For Sale” or “To Let Board” at your home. “To Let” Boards are more straightforward as the emotional factor of telling your neighbours and the passing public that your house or a house you own is “available” is far less relevant. The percentage of owner occupiers renting there own home is obviously less than the number of investment properties on the market. The issue regarding security though may still be a relevant one. If the property you own is empty then does a board signal “Empty! Easy Opportunity”. Well, Ne’er-do-wells don’t burgle empty houses. So a Board does not a burglary make. These security issues are the most common negatives that a seller or buyer will concerned about, and quite fairly too.
The positives though can of course can be great. Desirable areas will lead potential buyers to drive around and research where they hope to live. If there is no “For Sale” board then they may not see your house. No matter how impressive the brochures and web details, no one should buy a home without seeing it in the light of day. A “For Sale” Board isn’t just helpful for the seller of course. It’s an immensely powerful marketing tool for the Estate Agent too. If your agents For Sale boards are faded, in bad repair or remain fallen down or broken, what does this say about them as well?
Like the majority of the UK I’m sure, my interest surrounding the US Election is born more out of caution and fear than a desire to see the best candidate succeed. How can two opposing candidates with huge question marks hanging, halo like, over their uniquely manicured barnets create anything other than morbid curiosity?
With the first of the three debates over, Hilary Clinton seems to have taken a substantial lead in the US opinion polls. Why?
It seems like simplicity is again the key. If asked a question, the least the respondent should do is answer with as much integrity and supporting fact as possible. This is where Donald Trump seems to have let himself down. In his commercial life, having so long been able to simply preach demands without explanation, he seems to struggle with anything other than “this is my opinion, therefore it is correct”.
This failure is a lesson to everybody. If you are going to preach, then prove it. If you are going to provide “facts”, make sure they are “correct”.
Nick, George and myself will not even undertake a valuation of anybody’s home without thorough research and up to date statistics with evidence to prove each point we make.
Loud voices a successful sale do not make. Incidentally we’ve just placed a “White House” on the market. Bit smaller and slightly less prestigious but “White” nonetheless.
HONEY, LEMONS & WHY SIMPLE IS BEST!
Whether you like Lemons or not, Dr Chris van Tulleken’s flawed documentary “The Doctor Who Gave Up Drugs” did reveal more about us than originally intended. An over-reliance on taking professional advice and the easiest solution possible seemed to be the standard medication both prescribed.
“Get some exercise!”, “drink Water!”, “socialize a bit more!”, were the simplistic views offered to the solution of aching joints, depression and headaches. They could be a lot safer though than simply taking the advice you are given.
However, keeping it simple and understanding what you’re being asked to do (and why you are being asked to do it!) spoke volumes to me.
How many times are you preached complicated solutions to problems that really aren’t there?
Our industry is full of peculiar language that simply doesn’t need to exist.
The person selling a house is called a “Vendor”. Why? Do you really “Vend” a house? No, you sell a house. Surely the person selling the house is a “seller”? Then, if you want to buy a house, are you an “applicant”. Sorry, do you “apply” if you want to buy a house? Is it a job or a gym membership? If a house is for sale does the process of buying it require an application to do so? If you buy a “Bentley” or a “Sunseeker” I think you’ll find the dealership will refer to you as a “customer” not an “applicant”.
I think sometimes business creates a world of semantics just to make itself seem more important than it is. I think it creates it’s world to simply distance itself from the truth of how simple business should be.
If you make yourself sound complicated you justify your role. Well, I think you need a “holistic and cradle to grave approach that loops back to our initial dialogue”. Mark, stop it man you’ve sold out! “Let’s just keep it simple”. Anyone for a hot Lemon and Honey?
When you have an eight week period in any business you expect to have a volume of enquiries that, despite dealing with professionally, do not lead to genuine fee earning business. Whether fee earning or not every enquiry made about any property and many that are made to simply to register interest must always be dealt with as courteously and promptly as possible.
The last eight weeks have seen this service rewarded with the team at Elizabeth Davenport earning us our own Gold Medal from the British Property Awards! With this success we’ve now been entered into the Regional and National Event so if you don’t read a blog about them then clearly we’ve still got more work to do!
So, for speed of answering calls, email enquiries, answerphone call backs, integrity of reviews, in fact with a judging criteria of 25 separate factors, this Coventry award really is quite special.
Massive credit to all of our colleagues, Chris, Jan, Jo, Kate, Lauren, Nicki and Shelina for being so personable and efficient in each and every way. Having fun, enjoying your job and generally caring about what you do make the Monday blues a thing of the past. It really is a pleasure to go to work! This Award is proof that Red tape and over zealous Management are simply out of fashion and not what it takes to win a Gold Medal in 2016!
Now we’ve got to retain it!
Researchers at Cambridge University have recently undertaken a study revealing British new homes to be amongst the smallest in Europe. New homes being built at sizes potentially detrimental to our health are one of the claims the research suggests. With the average new build in the UK being measured with 76 sq metres of living space comparing to Ireland at 87.7, Germany at 115.5 and Denmark at 137 sq m the evidence does appear to overwhelmingly support the findings as well.
Pre loved, second hand, used or nearly new are not phrases associated with house buying or owning but every house has a tale to tell and older properties have assets all of their own. Mature Gardens with trees and hedges rather than seeded rubble strewn turf are the external equivalent of high vaulted ceilings versus energy efficient light fittings. The emotion evoked when purchasing a period building cannot be replicated in other than the most bespoke new build.
The space available in many a 1960’s detached home together with it’s driveway and traditionally generous plot should always compensate for it’s not so aesthetic façade. Two up, two down, Victorian houses, found abundantly throughout Coventry offer two terrific double bedrooms and two reception rooms and can be easily modified to incorporate two bathrooms if the mood takes. You’ll have period features, more floor space and real character for less than your average starter home! Look around, take your time and use your imagination. You don’t have to own a Castle for it to be a lovely home.
When we have written about London pricing soaring and the rest of us catching up, the London marketplace may have smirked. Now, the boot seems to be on the other foot with active growth and non deterred sellers coming to the market in the majority of regions outside of the Bubble. If we take a snapshot over the last six weeks of activity we can see that the two weeks prior to the Referendum saw a like for like drop in instructions by 8% while interestingly the first two weeks post Brexit saw instructions rise by 6%.
Regionally Estate Agents report that the property market continues to build momentum due to the lack of property coming onto the market. The interesting dynamic here is that prices will likely continue to rise unless the volume of instructions increase. With Mortgage rates remaining low and buyers experiencing a degree of panic that further “suitable” properties will “not” come to the market, the higher prices are being,in the majority of cases, offered.
At Elizabeth Davenport we like to see what the public really feel about the price of there ideal home. Our goal is to generate as much interest as possible and not just to sell, but to find the very best buyer; have a choice if you like. This is not going to happen if you price the buyers of your property out of the equation. If the advertised price isn’t cynical the public will appreciate it and multiple buyers can be found. As I’m sure you can see, this does not occur from demanding a price above that which the property is worth. Our Sold to For Sale ratio reflects this with over 65% of our stock consistently sold.
Brexit has not affected the market place in Coventry and Warwickshire because there is not enough stock for sale. Whilst the demand outweighs the supply the prices will, for many of us, remain too high for comfort. But everyone does need to live somewhere. Possibly not London though.
Having just received a call from BBC Coventry and Warwickshire with a question regarding David Cameron’s legacy and his impact on the property market, I found myself having to look at the same results but from two contradictory angles.
Are dramatic property price increases a positive or a negative? It’s that fundamental. Who is to congratulate and who’s to wave a fist at?
According to data from the Land Registry, average UK house prices have risen from £161,148 in 2009, just before Mr Cameron became Prime Minister, to £206,953 in 2016 – a 28 per cent increase. If you own a home and don’t want to move then could this be irrelevant? Well, not if you want to remortgage and borrow more thus releasing more money into the economy. And what if you want to move? Well, unless you are moving from an area of wealth and high property value to an area not so, then irrelevant it is. The property you purchase will likely have risen proportionally too.
As far as I can see, David Cameron, Britain’s youngest Prime Minister since Lord Liverpool in 1812, has been sturdy if not so Gung Ho as New Labours last elected incumbent. His parties decision to increase Stamp Duty for investment landlords seems flawed but his restructure of traditional stamp duty was welcome.
Now, we must move forward as a country, not just a political party and Theresa May be the right person to do this (See what I did there!) . Until Labour’s leadership creates solidarity within it’s own party I see we have little choice other than hoping that this Governments moral decision making prevails within our new “Brexit” nation. No rash decisions, some cleverly thought through policies and a goal of making everyone who at least lives here now as comfortable and productive as possible.