Six principles for negotiating a reduction in the price of a property
In a housing market where uncertainty is fuelling some of the biggest spreads between initial asking prices and prices actually paid, it’s more important than ever to understand the fundamentals of negotiating the price of a house down while remaining attractive as a buyer.
When you do find a property that you want to call home, remember these six negotiating principles to help guide you on how to talk down a sale price in a way which will reinforce your buyer credentials.
1. Secure finances ahead of any negotiation
Have your finances in place and be prepared to move quickly when you find a house you want to buy. You wouldn’t go high street shopping without cash or a credit card so similarly don’t make an offer without cash in the bank or a mortgage offer in place. Most buying agents will only take on clients who are in a position to proceed so it’s important to be realistic. If you offer on a house and need to sell yours first, it doesn’t put you in a strong negotiating position and a low offer won’t be taken seriously. Buying agents often advise clients to take a chance by selling their property first and renting if necessary when a sale is needed prior to purchase.
2. Investigate the circumstances of the sale
A good buying agent will usually know the seller’s circumstances. For example, ask whether it is a forced sale due to a divorce or redundancy? This is where a smaller, more local buying agent comes into their own. Unlike bigger regional property search agencies, they generally know the houses and who owns them long before they come to market. This is especially true of the larger more interesting country and coastal houses which have been in families for years. If you’re really lucky, a local buying agent may have previously worked in estate agency and have sold that property in the past.
3. Don’t underestimate the power of local networks
Your network can be your most powerful tool in uncovering the hidden gems which rarely come to market before selling. Most experienced buying agents have relationships going back years and also keep an eye on the obituaries to predict when a good property may be coming to market. If you have school age children, the parent network at the school gate is particularly useful. Outside London there are far less than 6 degrees of separation and local news about divorce, death and employment status are inevitable subjects for discussion at dinner party tables! If you don’t have this network or are relatively new to an area, work with a local buying agent who will ideally have grown up in the area, put their children through local schools and will not only have their own network but can access that of their parents’ generation too.
4. What should you compromise on when buying a house?
Keep your head when you set out to find your dream house. The perfect house which ticks all of the boxes rarely exists even when money is no object. Accept that an 8 out of 10 house can be the right home and don’t chase the impossible. If buying with a partner be prepared for tough discussions about what you are both prepared to compromise on. For example, you might find a beautiful house in a fabulous setting, but it may be within earshot of a major A road and you can hear the traffic noise from the garden. Consider how these issues might impact you on a day to day basis and whether the traffic is likely to become something you no longer hear or whether it will become a constant reminder that you should have bought a house in a quieter spot. The most common compromise is on the size of a house versus its location.
5. Investigate previous offers and current interest
If a property is brought to your attention by an estate agent, it is important to establish the history of the house. Has it been on the market in the recent past and then removed? If there was a previous offer, why did it fall through? This is where a buying agent who has long standing relationships with all local estate agents can be of real value. Relationships built over years result in honest information about a property which is unlikely to be revealed to a buyer, who is new to the area. Do remember that estate agents are acting on behalf of vendors and while they need to match buyers appropriately, they will only reveal as much information as they are legally obliged to. Valuable more detailed information can usually be uncovered by a search agent.
6. Don’t get hung up on facts and figures
While there is a need to understand at what price similar houses have sold for in the area or the same road, there are no absolute values when it comes to the upper end of the market. Price per square foot is irrelevant if that property happens to have a unique selling point. How can you possibly put a metric on a view over the sea or a downland valley?
Ready, Steady, Negotiate
Once you have established these six areas you will be armed with the tools you need to negotiate the best price for your desired property. Above all, it is essential to be personally prepared both financially and emotionally before entering any property negotiation. Buying agents are usually best placed to negotiate your offer and frequently cover their finder’s fee by the saving they manage to secure.
How Successful Search Agents Find Off-Market Properties
Successful search agents rely on a depth of local knowledge which can only be learned over many years of working in property in a particular area. Since the property business is as much about ‘who you know as what you know’, this detailed knowledge of the area combined with a powerful network is why Jennie Hancock is such a pioneering, successful search agent in West Sussex. Jennie reveals how her deep understanding of the local area and her exclusive network uncovered a hidden gem for a fortunate client.
The Client’s Brief
Jennie’s client, who had been registered for approximately 6 months gave a detailed brief for their desired property. Primarily, a unique location within a 5-mile range of local schools as the client emphasised the importance of an easy school run. Compared to the location, the client noted that the square footage of the property was not of equivalent importance.
“Patience is key for both search agent and client. If you are prepared to wait you can be rewarded with a wonderful property.” - Jennie Hancock
Acquiring Off-Market Property
A chance conversation with an acquaintance alerted Jennie to the imminent sale of a particular property she had first encountered in 1997. Initially owned by the Goodwood estate, the original cottage burned down in 1992, leading to the owners employing prestigious Sussex architect Neil Holland to help lead the reconstruction. Neil designed a versatile, beautiful, Georgian house; the aesthetics honouring the style of the era the house originated from.
The Rubbing house is built from brick and flint, with a separate coach house, terrace, and gardens, boasting beautiful views of The Trundle, The South Downs, Goodwood Race Course, Chichester Harbour, and The Isle of Wight.
The Work of a Search Agent
Acting immediately on the conversation regarding the imminent sale, Jennie initiated the process of acquiring this property based on the similarity between the features of this house and the client’s brief. Her concrete network led her to leading estate agent Savills’ offices in London and Petworth, who assisted her in the property evaluation. Jennie then swiftly organised a viewing for her client, leading to the acquisition of this exclusive property before the house was listed publicly. The beauty of the transaction was that it worked perfectly for both buyer and seller as the seller avoided a barrage of viewings with Jennie’s introduction of one strong committed buyer.
All parties were delighted, not least the new owner of this remarkable house: “Jennie provided a first-class service throughout the transaction and crucially, using her wealth of contacts established over 30 years in the property industry, managed to source a unique, dream house completely off market”.
If you would like to work with Jennie to uncover your ideal property, please contact Property Acquisitions on 01243 531133, or email email@example.com
The Best Villages for London commuters near Chichester
Top Villages close to Chichester
I am often asked by my London clients what I consider to be the best villages near Chichester in West Susssex and it is a question which always sparks lively debate at local dinner parties! We are lucky to be spoilt for choice in the area and it is hard to highlight some while omitting others but putting my Property finder hat firmly on my head, I am going to risk controversy and pick my top villages close to Chichester, which provide relatively easy access for a London commute.
1. Bosham best waterside village
For a waterside setting close to Chichester, there are few who would dispute Bosham as the best village in West Sussex. Right in the heart of Chichester Harbour, an area of Outstanding Natural Beauty (AONB), Bosham has long captured the hearts of homebuyers looking for a perfect sailing destination in a picture-perfect setting. But it is not only Bosham Sailing Club right on the quay which attracts homebuyers; Bosham has a thriving community with a post office and shop, several pubs including the Anchor Bleu, a good state primary school and a first-rate Arts and Crafts centre. Waterfront properties come on the market rarely and fetch record-breaking prices. In fact, Bosham was the first village near Chichester to achieve £1000 per square foot, a record for house sales in Chichester, where the average for City centre properties is between £400 and £500 per square foot. It’s a slightly longer rail commute than from other villages, but you do have the choice of travelling via Chichester to London Victoria or via Havant to London Waterloo.
2. Funtington best for Coast and Country access
Funtington Parish includes East Ashling, West Ashling, West Stoke and Kingley Vale, and makes the list for its relative proximity to the coast and its position in the South Downs National Park. But Funtington, 4.5 miles west of Chichester, has far more to offer than just an idyllic rural location. The village has an excellent primary school in West Ashling rated Good by Ofsted, a post office, Grange Farm Shop in Funtington itself voted one of the top 30 farm shops in Britain by The Times, and a perfect country pub in the Fox and Hounds offering great food after a long walk in the beautiful Kingley Vale Nature Reserve. And for those interested in local wildlife, Dunreyth Alpacas offers a unique alpaca walking experience designed to please families with young children!
3. Compton and West Marden best for South Downs views
The Parish of Compton also includes the villages of West Marden and Up Marden and for property search purposes you could just as easily include North Marden and East Marden with this group of delightful hamlets and villages. In the heart of the South Downs National Park on the West Sussex/Hampshire border, about 6 miles from Petersfield and 8 miles from Chichester, Compton has a small close-knit community with a local primary school, a cricket club, film club and a tennis court. The village tea-rooms and Coach and Horses Pub provide refreshment for locals and visitors alike. For those who enjoy rural living but need to be able to get to London swiftly, this group of villages is perfectly located to access the Petersfield – London Waterloo rail line.
4. Lavant best village closest to Chichester
Just a couple of miles north of Chichester, the first sign that you are entering the village of Lavant is your arrival at the locally renowned Earl of March pub, favourite with the Goodwood crowd, local walkers and anyone who enjoys good food in a wonderful setting. Taking its name from the River Lavant which runs from nearby East Dean to Chichester, the parish includes the three villages of Mid, East and West Lavant. Apart from the attractions of the pubs, including the Royal Oak at East Lavant, the village has two well-attended churches, Lavant CE Primary school, and for the equestrian minded, Lavant House Stables. Lavant is easily reached from Chichester or Petersfield for a choice of routes to London.
5. West Dean, (Chilgrove and Singleton) best locations for Goodwood
The parish of West Dean includes the hamlet of Chilgrove and both enjoy relatively easy access to Petersfield via the B2141 and back to Chichester on the A286. Singleton is a little further north but deserves mention as it is such a pretty village with a real community feel centred around the village CE Primary school and The Partridge pub with its glorious garden. West Dean, Chilgrove and Singleton are fantastic locations to put down roots in the South Downs with Goodwood racecourse right on your doorstep, the fantastic Weald and Downland Museum and West Dean House and Gardens, host to many horticultural and Arts events throughout the year.
The best of Chichester's villages
There are of course many other villages to tempt those looking for the unique West Sussex lifestyle – very few places in the country offer both coast and countryside from your doorstep for those lucky enough to live here. This is also why good houses are so difficult to secure and those moving from outside the area really should employ the services of a property search agent for two reasons: to access the best properties before they are openly marketed and to avoid paying the wrong price. A good property search agent will often secure a saving which more than covers their finder’s fee.
If you are tempted to discover more of the best villages near Chichester, please get in touch with me, Jennie Hancock at Property Acquisitions at firstname.lastname@example.org or call 01243 531133 for a no-obligation chat.
How to Define your Property Search Area
When people move to a new area of the country they are unfamiliar with, it can be difficult to define a specific search area when looking for a house to buy. Draw it too wide on the property search portals like Rightmove and you will be overwhelmed with properties and may struggle to shortlist areas where you actually want to live. Draw your search area too narrow and you may be missing out on your dream house. Property Search agents can be instrumental in helping you determine the areas you can live, which will support your lifestyle rather than hinder it.
Defining your search area around work needs
Many families move to West Sussex lured by the country lifestyle within commuting distance from London. Whether you are making the move while still working in London or lucky enough to have made a job move locally, this will be a critical factor in defining your search area. If still a regular commuter to London you will need to have access to either public transport (the fastest rail link is Havant to Waterloo which has 5 trains an hour during rush hour stopping at Clapham Junction) or fast roads (the A3 can have you in London within an hour if you are driving at the right time of day). Therefore, consider your weekly commuting needs as the first priority and actually test the journey time, don’t take an estate agent’s word for it!
Defining your search area around school choices
Many families move to West Sussex tempted by the opportunity to escape the ruthlessly competitive education system in London and take advantage of the huge choice of excellent schools in the county, which often have much reduced wait lists for places or are even able to offer a place immediately, which would be nothing short of a miracle in London!
The majority of these schools like Westbourne House Prep School and Seaford College are successfully combining academic rigour with an extensive extra curricula programme in an environment befitting a stately home offering acres of green space. Children benefit from the additional space to breathe and the opportunity to try new sports at weekends like horse-riding and sailing which would be impossible in London for all but the most committed parents.
Defining your search area around lifestyle choices
Although work and school are decisions made primarily with your head, the heart will rule the reasons families are probably making a move in the first place. So many families who move permanently to West Sussex and the Chichester area have first holidayed locally to take advantage of the beaches and watersports on offer or the equestrian activities in abundance in the South Downs.
For those who don’t already participate in these activities, they simply enjoy the relaxing effect of the superb countryside and can be a spectator at the world-famous Goodwood Races throughout the summer while taking advantage of the huge choice of country walks and pub lunches in winter.
Many people making the move out of London to the country assume they will have to sacrifice their enjoyment of cultural pursuits but this is not the case in West Sussex. Culturally blessed with stately homes, castles, racecourses, art galleries, West End standard theatres and sporting events, it is not surprising that West Sussex is one of the most popular areas to buy property.
How a property search agent can help you define your search area
Work, school and lifestyle choice have all played a part in helping you define your search area. But how to combine these requirements and find the perfect house ? This is where a property search agent comes into their own and can really help you define a search area which will combine all three, while offering the type of house you actually want to live in.
Jennie Hancock of Property Acquisitions advises against being too rigid in drawing up the initial search area; “In truth there are many parts of West Sussex, which are not as well known as Bosham, Petworth and Midhurst and my job is to introduce these lesser known areas, which often have superb properties at a lower price than the better known locations.”
Spoilt for choice of location but a lack of property
If you are considering moving to West Sussex, you will be spoilt for choice in terms of lovely cities like Chichester and Arundel as well as an abundance of gorgeous villages either in the glorious rolling South Downs or in the coastal Chichester Harbour AONB. However, you may not be spoilt for choice in terms of available properties. This is where a property search agent is essential to uncover the hidden gems which may not even be on the property portals. Call Jennie at Property Acquisitions on +44 (0)1243 531133 for a no obligation chat about how to define your search area in West Sussex and find the house for sale, which you may not find on your own.
Property Acquisitions and finding houses off market
Trying to find a home with land and a view in West Sussex proves that money can’t buy you everything as highlighted in the recent Financial Times article entitled “Chichester: where house hunting isn’t plain sailing” which underlined the difficulty of finding good properties in Chichester due to the limited development potential around the City. One property finder took even took to the airs in his client’s private helicopter to prove that the house and land specification they were after simply did not exist. This is no surprise to Chichester’s property search expert Jennie Hancock of local search agency Property Acquisitions, who is renowned for her encyclopedic knowledge of property in the Chichester and surrounding areas.
“The locations where my clients desire property, such as the South Downs National Park or Chichester Harbour, a designated Area of Outstanding Natural Beauty, do not allow new development due to their protected status. We therefore rely on existing properties coming up for sale, and the best homes often stay in families for generations. This is why finding properties “off-market” is often so critical to a successful search”, explains Jennie.
What is an off-market house sale?
An off-market house sale is one where the sale goes through without any public advertising. The sale will often still go through an estate agent but the agent will not have employed their traditional advertising methods in securing a buyer. The agent relies on their network of registered buyers and sometimes only needs to identify one buyer for whom they know the property fits the bill. Some London and countrywide estate agents claim they are selling up to 30% of their properties off market, particularly at the very premium end of the market where a property with land may be changing hands for between £5-10 million.
Developers are increasingly in on the action too, relying on word of mouth tip-offs from members of the public to spot derelict houses which might be ripe for development. One London property development company pays in vouchers for a tip-off and a percentage fee to the finder if it progresses to a successful transaction.
Why do people sell “off-market”?
If vendors know they have a unique property and they don’t want their house sale carried out in the public eye, a discreet estate agent with a large database of registered buyers can prove an effective route to a quick sale at a premium price. The off-market route is more often employed when a vendor is selling a large, expensive or exclusive property. Often these client vendors are extremely wealthy or in the public eye and don’t want their private business transactions in the public domain for everyone to see. They simply don’t want the attention which a premium property sale always attracts. They desire the attention even less if the buyer of their property happens to be a well-known, wealthy celebrity. There is always a huge amount of press interest once it is known that a celebrity is purchasing a local property as witnessed when Kate Winslet bought her private beachfront home in West Wittering in 2014 having found her home near Petersfield too accessible to the public.
The advantages of selling off-market
Selling off-market allows vendors to test the market and quietly see whether their property will command the price they are hoping to achieve. It means they don’t have to commit publicly to a price at which they are willing to sell. At the same time, when the agent discreetly tests the water with an asking price and it is not achieved, the property portals don’t register the subsequent drop in price which often de-values a property in a buyer’s mind.
Anyone who has spent any time house hunting on property portals will know that the best properties have gone before they even hit the websites. In addition, any property which has been marketed online for more than a month may be presumed to have “issues” which have prevented a sale, reducing buyer interest.
Conversely, the buyers “chosen” by the agents to view the off-market property feel they have exclusive and prior access and will be more inclined to offer a premium price to secure something not readily available to the general public.
Buyers themselves are often driven by privacy, exclusivity and even an element of snobbery. If they have several million to spend, they want to feel they are spending it on something rarely available.
How to find off-market properties in Chichester and West Sussex
The shortage of premium properties in Chichester in the most desirable villages and waterfront locations means that finding one is nigh on impossible without the insider knowledge of a local search agent. Chichester search agent, Property Acquisitions invests a huge amount of time in finding out not only what is desired in property terms but what makes the client tick in terms of lifestyle. It is not just a box ticking exercise – it is knowing the hearts and minds of the buyer client.
Once the search agent has that in-depth knowledge of the buyer, the search begins in earnest pulling in all the local contacts – solicitors who are dealing with Probate, developers, local landowners, and of course the estate agents who are quietly marketing on behalf of the vendors. Excellent relationships with local estate agents is paramount to a successful search. Estate agents know that the search agents’ reputation is built on absolute discretion. A buyer coming through a search agent is a committed buyer with funds and although the search agent may drive a hard bargain based on their knowledge of local property prices, the deal can often be agreed much faster due to the long-standing relationship between search agent and estate agent. Mutual trust in the agent and the property finder is key to success.
How Property Acquisitions found not one, but two off-market properties
Property Acquisitions specialises in this discreet world of property selling under the radar. Director Jennie Hancock uses all her local contacts built up over a lifetime in Chichester, keeping her ear to the ground at social functions too. Jennie managed to not only find an off-market property for a client buyer looking for a family home in Westgate, but simultaneously find an off-market home for the vendors in Walderton. The vendors were not actively marketing through an estate agent but Jennie happened to know the property and its owners and more importantly have the right buyer at the right time.
If you would like to take advantage of Jennie’s genuinely unique local contacts to find your home in West Sussex, please call Jennie on 01243 531133 or email her at email@example.com
Why Londoners use local search agent Jennie Hancock when they move to West Sussex
When Louise Cameron and her family relocated from rural Oxfordshire to Chichester, she knew with absolute certainty that she wanted to live within the City walls after years of making a 22-mile round trip to the nearest supermarket! At the time, there was only one suitable house on the market in central Chichester, so she bought it without another thought. Now with the benefit of hindsight, Louise rather wishes she had employed the services of local Property Search agent Jennie Hancock of Property Acquisitions.
We find out why Louise is recommending Jennie’s expertise to friends and family, who are making the move to West Sussex.
If you were so sure of where you wanted to live, why do you wish you’d used Property Acquisitions?
We bought the first suitable house in the location I thought would be the most convenient, but it is a Grade II listed building and we could have benefitted from a larger kitchen and better outside space. I wish now I could have dicussed all the options with Jennie. Jennie was subsequently recommended by many local friends, who had been unsuccessful when trying to find their homes on their own, but for whom Jennie had managed to undertake hugely successful home searches. Jennie’s near perfect success rate would have made it an easy decision to employ her.
What do you think Jennie can do for buyers?
When people are moving from another country, county or, as is often the case, from London to West Sussex, they will simply not have the contextual knowledge to make an optimal decision on where to live. No matter how well they may be placed financially, agents can sometimes fail to bring suitable properties to individual buyers’ attention. Jennie makes it her business to get to know her clients so well, their lifestyle, the cars they drive, the art they like - even the time they go to bed(!), that sometimes properties that may at first glance not appear suitable, have potential that Jennie is able to highlight and this has resulted in purchases which have gone on to become wonderful family homes - such was the case for my friend, Tinka.
Jennie’s business, Property Acquisitions, also provides a unique benefit for those moving from the local area and wishing to remain local, as in our case. Jennie is so well known by local and indeed London agents, that they bring local properties to her first. They know her clients are serious and in funds and this makes their job easier and therefore their sellers happy. A win-win situation
So, you think sellers also benefit from the buyers using Property Acquisitions?
Yes, indeed. Many local owners don’t want people knowing they are selling and they certainly don’t want, if it can be avoided, the general public traipsing through their home. They are often selling for reasons such as a death in the family, a divorce, or financial difficulties. It is very likely that they will either know Jennie, or have heard about her reputation and know she is likely to have a client, who would love to buy their house. Both parties will achieve what they are looking for in terms of price and timing - about as hassle-free as these circumstances can be.
What makes the Property Acquisitions service so valued in the Chichester area?
The key thing that Jennie offers is being Chichester born and bred. With 30 years inside market knowledge, there isn’t a single property in Chichester and the surrounding areas in West Sussex that she doesn’t know. With Jennie’s network of local contacts, she seems to know which properties will come on the market almost before the owners themselves do! Jennie somehow manages to get her clients first through the door of outstanding properties, guiding them to see a property’s long-term potential even if it does not immediately tick every box for them.
An important advantage for Jennie’s clients is pricing. It is so easy to to offer too much when you fall in love with a property, unless you know what it is worth in these parts - very difficult if you are coming from London or elsewhere. Estate agents want to achieve the highest price for their clients, whereas Jennie will know what other houses have sold for and ensure you remain cool headed and not pay more than the market value, always confident that she can and will find you another property!
We hear that you have recommended Property Acquisitions to other family members?
Absolutely! My brother and his wife live in a compact mews house in Notting Hill, London. They want to buy a country home with land for weekend getaways close to family in West Sussex and to indulge my brother’s passion for farming. Their lives are so busy they have no time for house hunting nor do they have the specialist local knowledge. This makes them perfect candidates for Jennie and they are utterly dependent on all the skills she brings to the table.
She is working on their search right now, knows what she has to find and I am absolutely confident that she will find the property they want, if it exists.They certainly won’t find it without her!
Would you recommend Jennie’s Property Search service to others?
If you’re serious about finding your dream property, you need someone with specialist local knowledge to find it – you won’t do it on your own. Jennie’s business and social contacts locally and in London make her the nucleus of property searches in Chichester and West Sussex.
When Jennie finds you the perfect property, it’s the difference between getting on with your life or not, having your dream home or not. It’s that simple. A fantastic service and one well worth investing in. After all, what is more important in our lives than hearth and home!
If, like Louise’s brother, you are struggling to find your perfect home in West Sussex, and think you might like to work with a local expert, please call Jennie on 01243 531133 or email her at: firstname.lastname@example.org
How to Choose a Property Search Agent
Having made the decision that you need help with your property search and acquisition, the big question is how to choose your property search and buying agent. As it is one of the biggest investments you will ever make, your selection is critical to achieving your property dream. It is not just about buying into a company’s skill and expertise, it is also about the relationship you will have with your agent. This is not merely a transactional relationship, there has to be trust, good communication and compatibility.
Here is a guide to choosing your property search agent with confidence:
Make a short-list of property search agents in the area you are looking to purchase. Rate them according to the criteria below:
• Does the agent have people on the ground covering your entire search area?
• How long has the buying agent been established in the area? This will be an indication of the extent of their local knowledge and local contacts.
• Ask how many properties they have secured and request references. Do call prior clients and ask whether there was any aspect of the buying service they were unhappy with.
• Ask for proof that they find properties “off market”. Most of the good properties at the top end of the market never see an estate agent’s window or make it onto the property portals.
• Ask for evidence of their relationship with property developers as well as estate agents
• Are they aware of council planning applications and other issues affecting the area?
• Can they recommend local architects, builders, surveyors and conveyancing firms?
Remember that a good buying agent must be able to assess a property’s value, know the seller’s situation, negotiate with minimum stress and also spot the “under the radar” properties whose particulars don’t do them justice.
Clarify the service
• Does the agent visit you in your current home to fine-tune the property brief? This is an important element in their understanding of you and your lifestyle.
• How long is the contract valid? For example, most agents will charge an initial retainer fee for a period of up to 6 months. What happens after this initial period?
• How are the fees structured? For example is the fee calculated according to a percentage of the buying price or is there an option to pay a percentage of the saving on the asking price?
• How many properties does the agent expect to view on your behalf and how many will they shortlist to view with you?
• How will they provide feedback on shortlisted properties?
• Is it a complete end-to-end service? Does the service include the all-important negotiation on price and all elements of the buying process through to completion?
• Are they truly independent? This is essential to be sure they are acting in your best interests.
Is it a good match?
• What type of properties have they secured? Some agents have a particular expertise in city centre town houses while others will specialise in rural properties. If they are specialists at finding retirement cottages in the countryside and you want a family townhouse, clearly this is a mis-match!
• What budget are they used to working with? They need experience in securing properties within your price range.
• Look for evidence of good relationships with previous clients and local agents and developers.
• Is there a conflict of interest – i.e. are they instructed on a similar property brief with another client?
• Will they make the effort to get to know you and go the extra mile to secure your ideal property?
And finally don’t underestimate the importance of this last point:
• Do you like the property search agent? Rapport is essential if they are to fully understand what motivates you as a buyer.
Once you are confident that you have satisfactory answers to the above, congratulations, you are ready to instruct your property search agent!
With confidence levels high you should enjoy a harmonious relationship built on trust, understanding and good communication leading to the successful purchase of your dream property.
For an informal chat about your property search, please contact the author of this article, Jennie Hancock on email@example.com or call her on 01243 531133.
Dwindling numbers of property buying agents? Not in West Sussex!
West Sussex bucks the London trend
Reports by the FT that the number of London buying agents registered with The Property Ombudsman is diminishing comes as no surprise. The ongoing shortage of properties at the top end of the market and a faltering London market sends the search agents, who set up business tempted by TV stories of quick returns, scurrying for easier pickings. They may just be heading to West Sussex, as Jennie Hancock explains:
"Increasing numbers of people are leaving the City to take advantage of a more attractive rural lifestyle which easily outweighs the longer commuting times . New buying agents in West Sussex are essentially driven by the same motivations and view setting up in property acquisitions as a viable career alternative offering a more appealing lifestyle. Buyers would therefore do well to scrutinise the credentials of any search agent."
Homebuyers employing the services of a buying agent do so for 3 principle reasons: firstly they don’t know the market in their target location well enough to secure the best property at the optimum price; secondly they don’t have the time to sort the wheat from the chaff, which even with the tightest of briefs to an estate agent is a time consuming but necessary first stage of the home search process. Lastly and by far the most important reason for engaging a search agent is the golden egg scenario where the buying agent secures them a premium property before it is openly marketed.
Only an experienced buying agent with an encyclopaedic knowledge of the property market in the target area and excellent relationships with both local estate agents and property developers can really deliver all 3.
Experienced Search agents prove their mettle in tough market conditions
The ongoing shortage of good properties particularly at the premium end of the market has highlighted the role of buying agents. Why entrust your search to an estate agent whose business model is based on achieving the highest price for sellers with the minimum effort? Every snippet of information about your budget, motivation and commitment is passed straight back to the seller. It is akin to revealing your hand in a game of high stakes poker. An experienced search agent will move heaven and earth to secure your dream property and often negotiate a saving which more than covers their search fee.
Jennie Hancock explains, “No-one should assume a search is easy money. The most experienced of agents can only work with the current availability and clients’ increasingly narrow specifications can mean months of searching to find the perfect match. Even then there is no guarantee of a fee as buyers are easily spooked and can pull out of a sale at the 11th hour for the most spurious of reasons."
For an informal chat about property purchases in West Sussex please contact Property Acquisitions on firstname.lastname@example.org .
Source: Buying agents dwindle as London’s prime property market cools, FT 4th March 2016
Prospects for the upper end of the West Sussex property market in 2016
With the New Year in full swing and the resolutions being regretted and rapidly forgotten, now is a good time to reassess the impact of the Chancellor’s surprise increase in stamp duty on buy-to-let properties and second homes in the Autumn statement.
Property prices dominated the headlines for much of 2015 and I think that trend is likely to continue this year as the government tries to grapple with the politically sensitive issue of rising prices making it ever more difficult for first time buyers to get onto the property ladder. Whilst the slowdown (and in some cases contraction) of prices in the top end of London property has been well documented, the likely impact of the Chancellor’s hikes in stamp duty announced recently is less clear. In a recent survey conducted by the FT, none of the 88 economists who responded to the question of where they saw property prices going in 2016 foresaw a general fall in prices — indeed 54 said current policies would either have little impact, or would only succeed in increasing demand.
What I think is, without a doubt there will be short-term increase in demand as buyers push to complete ahead of the implementation of the new measures in April. Post April I would expect prices to adjust to reflect this new level of duty, with the additional costs ending up being split between vendors and buyers in the short term. Over the medium to longer term, however, I think that the fundamental imbalance of supply and demand will not be resolved by these new measures and therefore we are likely to see prices continuing to rise, albeit not at the headline grabbing rates we have seen over the last few years.
It has always been a truism that the right properties will command a premium, and the areas around Chichester and further afield in West Sussex and Hampshire certainly have more than their fair share of these. The lure of a coastal life style set against the backdrop of the Downs remains as strong as ever, and changes in the way that we live and work mean that many who wouldn’t have considered a move to West Sussex before retirement, now see it as an increasingly viable move to try and redress the work/life imbalance.
Better access to broadband in rural areas means that working from home becomes an easier option to break up the daily commute and to extend the time spent in the country. Indeed the government recently announced a plan to introduce a “universal service obligation” for broadband, giving the public a legal right to request an affordable high speed connection from their ISP. I suppose it remains to be seen exactly what “affordable” means though!
One thing remains certain, however, and that is the importance of staying close to the market and ahead of the competition. Industry reports are still quoting ten buyers for every property on the market. If you are looking to complete on a home in Chichester or the West Sussex County before the April stamp duty changes, please call me, Jennie Hancock, to discuss your property search on 01243 531133 or email me on email@example.com .
With demand still outstripping supply, the importance of a good buying agent has never been greater
Recently published data indicates that there are 11 buyers out there chasing each property for sale as the pent up demand that built pre the election continues to drive the market. This is especially true at the top end of the market where the “London influence” has seen strong demand from buyers taking advantage of the uplift in the capital’s prices and chasing that rural dream.
Give yourself an edge
With this in mind it is worth looking at the services of a specialist who can find you those all-important “must haves” and put you ahead of the crowd at the same time. Buyers these days are expecting more from their houses and whether it be a man cave, a wine cellar or a swimming pool, excellent local knowledge can make all the difference.
As Jennie Hancock is quick to point out it is not just about maintaining strong relationships with the estate agents that helps her find the right house. Buying agents tend to be more proactive in their searches and it is not unknown for Jennie to write a letter to the owner of a property if she knows it will appeal to her buyers. It might not have occurred to the owner to sell, but creating opportunities is the name of the game.
So what is a man cave then?
Well in the good old days most people’s ideas of a man cave would have been a shed at the bottom of the garden, but now many buyers are looking for a dedicated room for all those boys toys, from the large screen multi media set up, to somewhere to admire those vintage cars they scooped up at Goodwood. The same is true of the wine cellar - no longer a fusty old room where you tuck the wine away, many buyers now look for a bright temperature controlled room where they can bring their friends to show off their collection.
The key for a good buying agent is in getting to know their clients likes and dislikes, even when the clients themselves may not be exactly sure what those preferences are. Frequently the picture builds over a number of viewings and it is down to listening carefully to their reactions and teasing out what they want. The right house is out there, but it may take some expert help to find it for you.
If you are struggling to find your dream home in Sussex, call Jennie on 01243 531133 or email her at firstname.lastname@example.org