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Agents are doing it for themselves

It’s become apparent, month by month, that more and more agents are choosing not to deal with other agents.

Image: AdobeStock

This policy has nothing to do with ‘data protection’; the reality is that rival agents are trying not to ‘share’ their applicants.  They are coming at the applicant from what they perceive as a commercially driven position, in reality, not providing the buyer with a completely transparent service. 

Agents and Information

When applicants register their interest with an agent, they are revealing their hand;  the agent builds a strong rapport with an applicant to gather ample information about their circumstances and importantly their budget and exactly what might tempt them. 

An agent has the opportunity to glean from the applicant what will make them offer more than they intended, even paying over the odds.  A selling agent isn’t motivated to offer a voice of reason and encourage the buyer to stay within their original budget and sit tight.  As much as a buyer might want to believe the agent will not exploit the information they provide, the likelihood is that the agent will focus very much on pushing the buyer to the top end of his budget or even beyond. 

What Agents Really Want

The waters can get muddied and all too often I’ve known applicants to believe a selling agent has their best interests at heart and is their ‘friend’ – WRONG!

Trust me, when I say that the agent won’t be looking to negotiate on the buyer’s behalf.  A selling agent will always be aiming to secure the highest price from their client (the seller) because that will gain them the maximum commission; that is not in any buyer’s best interests.

A buyer needs a go-between, who will communicate effectively between the seller and their agent – that’s where a buying agent comes in. They can act on behalf of their client and really do have the buyer’s best interests at heart.

Trust Experience

An experienced buying agent who has built up strong professional relationships with selling agents over many years will be one step ahead.  Put your trust in them because they will know how to negotiate and act – with or without a poker face.

Buying property should not be a gamble.

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London property – Should I sell or buy now?

Simon Barnes owner of H. Barnes & Co
Simon Barnes

London property expert Simon Barnes, owner of H.Barnes & Co, looks at the prime central London property market and asks if October and November is a good time to buy or sell your London property; what issues will affect your decision to act now and whether or not you are best to wait until next year.

“In Prime Central London, October and November is a good time to sell London property because, after this, stock becomes limited.  Sellers who have not sold by mid-November will inevitably sit tight until the spring.  Current market conditions mean that price is key for buyers looking in London.

London property in Montpelier Walk, Knightsbridge
H. Barnes & Co is joint selling agent with Knight Frank’s Knightsbridge office for this £22.5m penthouse in Montpelier Walk, Knightsbridge, London SW7

If a London property which came on the market in September has still not sold, it’s more than likely to be too expensive and this creates a degree of ‘wiggle room’ for determined buyers.

Serious buyers are educated buyers and will have a keen eye for which properties are overpriced and which are priced to sell.  They will have a good grasp of their market place.  However, the flip side of waiting too long for prices to come down is that anything could happen by the end of the year and that may work against them as well as for them.

London Property in January

Come January, new properties will make their way onto the market and those which were available before Christmas but did not sell, will be jostling with competition from fresh stock and more likely to increase their asking prices to reflect the prices of new to market instructions.  So a word of caution is that by leaving it until 2019 buyers may risk losing their window of negotiation with a seller who is desperate to agree a sale before this year ends.

Savvy buying agents know that estate agents have the ability to dig deep and reach for a second file at this time of year.  In real terms, serious buyers having looked and rejected everything on the market now will be a reason for agents to pick up the phone, delve into their property bank and potentially uncover a few ‘not officially on the market’ properties.

We are always busy from now until Christmas trying to negotiate property deals before the New Year for clients who want to enjoy Christmas knowing that they have their new home all wrapped up.  Like a lot of business in London, it comes down to who you know as much as what you know and on that note, I’d say that if you are determined to buy before Christmas there’s no time like the present.”

London Property: H. Barnes & Co is joint selling agent with Knight Frank’s Knightsbridge office for this £22.5m penthouse in Montpelier Walk, Knightsbridge, London SW7

 

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Are listed buildings a hit, a miss, or a maybe?

Many people are attracted to listed buildings for their charm and character, particularly those looking for a period property in London.

Cliveden Place, Belgravia SW1 – Best Gapp

One of the overriding benefits of owning a listed building in central London is that around 70% come under either a conservation area or Historic England. This ensures that all listed buildings must be properly maintained and comply with particular criteria like choice of paint colour and traditional materials in keeping with the age and appearance of the property.

The standard, overall look and feel of properties in these streets are maintained, which in turn protects their value. In certain areas like the Nash terraces in Regent’s Park or the stucco buildings in Eaton Square and Chester Square strict maintenance and conservation rules apply. For example specific paint products and colours have to be used. While this adds to the expense of upkeep the result is that the occupants enjoy living in a street where the overall appearance is consistently impressive and immaculate.

Listed Buildings - Best Gapp
Cliveden Place, Belgravia – Best Gapp

Given that listed buildings in London are not uncommon at all, there is no premium attached for buying one. A buyer is far more likely to expect to pay a premium for a property because of its location, scarcity and will be guided by price rather than whether it’s listed.

It’s always a consideration for buyers when they buy a listed property about how to make it work and suit their 21st Century lifestyle; installing air conditioning, sound systems and channelling in cables are prerequisites for modern day life.

There may be limitations and considerations when trying to incorporate modern technology and certain design aspects into a listed period property, but experienced builders and architects working in central London are more than used to dealing with such factors and are adept at coming up with practical solutions that meet the listed building consent criteria.

 

 

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Why Simon Barnes has a passionate dislike for purple

Some people fail to understand that buying and selling a house is a complex business. Any fool can stick a ‘for sale’ sign up, put your property online and mail shot applicants masquerading as ‘serious buyers’. However, once a ‘buyer’ has stepped inside, that’s where the work starts and when you need a real person not some distant invisible online robot; even recognising a proper buyer from a time waster

purple houses
Image: Adobe Stock

The hard stuff isn’t getting the property noticed and seen by a wide audience. It’s not in the initial marketing or even in finding a buyer. Where your money in paying your agent’s commission is in the negotiation process; it’s that which requires experience, diplomacy and the voice of reason and objectivity. Never has it been truer to say that when you choose an agent, ‘you get what you pay for’.

Ensuring that the buyer really does have funds in place; that they are managed, guided and navigated through the difficult sales process. Above all, that your agent maintains communication with them from start to finish. That way, any blips, potential problems or major deal breakers are far more likely to be resolved before a small problem turns into a full blown crisis. Mountains and molehills and storms in tea cups spring to mind.

An experienced and knowledgeable agent will understand how to turn a negative into a positive, preventing problems arising from any number of possible problems – from service charges to leases that can be thrown up during the selling process. A good agent will pre-empt and anticipate a host of scenarios, problems and stumbling blocks, know how to calm the buyer, reassure the seller and keep the deal on track.

A capable agent will save you money by intercepting and dealing with issues before they finally end up on the solicitor’s desk – by which time your legal fees will escalate and the ‘cautious’ approach your solicitor feels duty bound to take can trigger what could have been an avoidable u-turn by your buyer, who, of course, disappears.

So when selling your biggest asset don’t look to the false economy of using a property portal or an online agent, recognise that paying an agent is a small price to pay to sell your old home and secure your new one.

Diligent agents are like guardian angels – so make sure that the only purple you spot is the colour of their tie!

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Prime London property – the secret way in

Buying top end property in London is far from straightforward. Not only is the prime London property market currently suffering from low levels of supply, meaning competition for the best properties is incredibly tough, but much of the stock available to buy never reaches the open market. This, in turn, makes it increasingly difficult for both domestic and overseas buyers to find either the right domestic or investment property.  Nevertheless, London remains one of the safest and most desirable places to invest in property, but how do you access the market if so much of it functions under the radar? This is where buying agents come in.

Prime London Property
IMAGE: ADOBESTOCK

The buying agent

The job of the buying agent has never been more necessary at the prime level of the market. Their ability to offer impartial advice, to cut through mixed messages relayed by the media, their expert negotiation skills and perhaps most importantly, their ability to access properties that are marketed privately, makes their services indispensable. Time poor, cash rich individuals are not in a position to build the relationships necessary with estate agents, to ensure first access to properties hitting the market, or crucially to be made aware of those that don’t ever get there.

In such a competitive market, strong relationships with estate agents are essential. Estate agents know us and know that we represent clients who are committed to buying and can move quickly, therefore we are often the first to hear about properties before they come onto the open market.  Agents register hundreds of buyers every week, how can they know which are the serious ones and how can they keep in regular touch with all of them?

 “A diligent buying agent will be a lifelong estate agent stalker!

Instructing a buying agent to advise you shows a serious, considered commitment to buying a prime London property, which gives strength and credibility to any offer put on the table. If an agent can sell a house by making one call, he often won’t bother making two.  A diligent buying agent will be a lifelong estate agent stalker! They will have worked hard over years to guarantee that they are always number one on the estate agent’s call list, receiving the first call as soon as that agent has seen a new instruction.

International investors in prime London property

For international investors with no knowledge of the prime London property market, the appeal goes even further, as a good buying agent will have extensive local knowledge essential for a home search – from good schools to transport links, to nearby development plans and intricate price variations that can vary from one side of the street to another. Increasingly buying agents are being asked to handle much more than the search and acquisition process, but are relied upon to recommend legal professionals, and even design experts.

Much more than a property search

“Finding the property is only part of the job; the work doesn’t stop there…

The job of a buying agent, especially when you are a small outfit, is a 24/7 job and you are always on call, often acting as a confidante in more than just the property search.  We help with sourcing finance, a good solicitor or tax adviser, and are able to provide our clients with introductions to the best architects, interior designers, landscape design gardeners and even professionals in sourcing antiques and artwork.

“Once the perfect property is found, this is when the work really begins, and where the good buying agent really adds value to the deal…

Negotiating the deal is another essential string to the buying agent’s bow. Buying agents can negotiate aggressively for investor clients, potentially saving a healthy percentage off property asking prices. However, whilst getting a good price might be important for many, the saving is not always the most important thing but securing the best deal is, especially if the buyer is searching for the perfect lifetime home. The successful structuring and presentation of the offer put forward to the seller, is as important a part of the negotiation process as securing the best price.  Savings are not the main thing for many of our clients. We are employed to identify what the client is looking for, find it and once having found it, making sure that we secure it. Sometimes price is immaterial.

Engage an experienced buying agent

The buying agent’s ability to understand cultural differences, respect and preserve client confidentiality entirely and offer expert advice and knowledge, are key to acquiring the right property. Experts have for a long time been automatically employed when it comes to almost every other investment decision – be it art or the stock market. Today, for those investing in bricks and mortar, the instruction of a good buying agent has become an equally essential requirement.

This article was originally published in JANINE STONE

More property intelligence from SIMON BARNES

 

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