Our Estate Agents Archives | Property Market News

Popular Estate Agents team up in local Coventry Partnership

Elizabeth Davenport, the Warwickshire Estate & Letting Agents & Yeoman & Owen Estate Agents based in Coundon, have announced an acquisition of stock.

Davenports have taken on the majority of sale stock of Yeoman & Owen, who are going to be specialising in the mortgages and financial services area of their business. The deal allows both parties to advance in their favoured sectors whilst keeping all of their clients happy.

Matt Owen of Yeoman & Owen was pleased to announce “This focus will allow us to grow our mortgage and financial services business, whilst continuing to offer the personal and tailored service that our existing clients are accustomed to. At the same time, we are delighted to be working closely with Elizabeth Davenport who will take on the majority of our sales properties.”

Yeoman & Owen, established back in 2004, have been a respected and well known name in the west of the city and have built a solid reputation based on excellent customer service. Matthew has been a financial adviser for 30 years and set up Yeoman&Owen Financial Services in 2015 offering independent mortgage and protection advice.

Elizabeth Davenport Director Nick Luntley said “There are only a few other agents we could work with and we didn’t hesitate at the chance to work closely with Matt and his team at Yeoman and Owen.”

“We are pleased to be increasing our market share on the west side of Coventry. Affluent districts such as Coundon, Allesley and the Broad Lane area align directly with our business strategy. This is quite a coup for us to be able to increase our portfolio of stock. Thanks must go to Matt and his team for helping to make the transition a very smooth one.”

Davenports, who have branches in Coventry, Kenilworth & Stratford upon Avon, were established in 2009 and operate sales and lettings departments throughout the region.

The deal has been struck at a challenging time for the property and mortgage markets. However, both companies firmly believe the future is bright for the Coventry housing market with long term demand still outstripping supply.

Matt Owen commented “We believe 2024 will bring renewed activity in the property sector. Many people need to move home or sell for a variety of reasons, at the same time needing finance to facilitate the purchase of their next property. Being an independent mortgage adviser means we can source and advise the right financial solution. Coventry has seen a lot of investment over recent years and is attracting buyers from out of the area, so the future looks bright.”

What We All Thought We Knew, We Do Now!

In many sales and service industries a common question that always justifies both asking and answering is, “Why should we choose you?“.

Whether you are an Indian Restaurant, an independent Butcher or simply a Charity shop on the local high street , the question and the answers should be the same.

Every business needs to show it’s customer’s the difference. And that difference needs to be worth it.

A fascinating study undertaken by the home service group The Advisory, has presented some fascinating figures that go somewhere close to revealing what we thought, but couldn’t be certain of.

If higher fees are charged by a local “high street” Estate Agent, then why are they charged and what does the client receive “that is worth it”? If you order a Chicken Saagwala why is it better in one restaurant than another? Is it just the taste or could it be the taste, the ambience of the restaurant and the service you receive? If the price is £5.00 more in the preferred restaurant, this could be as much as 35% or even 50% more than the competition, but you judge that it’s worth it.

The average fee in the UK sits currently at 1.18% with the highest found in London, Sunderland, Manchester and Birmingham all surpassing this average. The lowest average fees the UK sit currently in both Edinburgh and Hull at just under 0.9%.

In Kenilworth as an example, the fees, with competition being so strong, still have to remain immensely competitive. So whatever the fee, stop and look at it closely. Look not just at the fee itself but what you actually receive for that fee. 1% from one agent can be very different in the quality received to 1% from another.

Judge these fees (only payable when results are achieved and therefore forcing the agent to prove their worth!), against paying in advance for lesser “service” and the online threat is purely a perception. The same report states that 95.3% of sellers make the decision to use a high street agent and Rightmove and Zoopla both support this.

What the online “threat” has done, rather than actually sell houses, is bolster the service delivery of the good agents whilst the ones with nothing to offer simply continue to reduce and reduce.

In short, during the last 3 years and as a national statistic, estate agents fees have reduced by 34% but the quality of the professional high street agent has improved. That’s what “Online and In Advance Payments For Nothing” have done to the industry. That’s what we thought we knew and thanks to this independent research, we do now.

Mark Walmsley, Director, Elizabeth Davenport

Brexit, Timing & Remaining Calm & Carrying On

Since the last issue the volume of both buyers and sellers discussing Brexit and the effect thereof hasn’t as much doubled as become almost the norm. To say there will be no effect is proven already to be nonsense. To say with authority though how positive or negative Brexit will have on the future is as pointless and subjective a question as “what will happen to my day if I turn left instead of right”. It seems that no one has a clue. Not even those who should.

At least the property industry is revealing some interesting yet not adverse findings. The last few weeks have seen two local properties sold for in excess of £935,000. Hardly a signal of panic.

What is statistically evident though is absolutely fascinating and backed up with fact, something sadly lacking in the bigger picture.

Cautiousness has trumped intuition and rashness. Patience has seen the Tortoise overtake the Hare.

Emoov, often the first to provide analytics and statistics relating to our business has shown that both the volume and duration of viewings have increased in recent months. This proves that “instinct” has truly been left dazzled by the headlights of “diligence”. 7% of buyers are regionally offering after one viewing. 56% require just two. 27% of those surveyed required a third before placing an offer.

For ourselves we have also observed that the duration of viewing appointments also needs a shift. The “sweet spot” sits between 21 – 30 minutes with 39% of buyers taking this long before offering.

Understanding the necessity of time and consideration we have recently employed further viewing representatives. This will enable all of our buyers to spend the time they need in a property rather than the time that the other agent will only allow.

If Brexit has created cautiousness then now we have the capacity to support it. It’s all about support after all isn’t it.

Flocking Out Of London For A New Nest Here!

Well we’ve seen it with our own eyes. We’ve opened the doors and we’ve shook the hands. We’ve passed the keys into the palms of many 30 and 40 somethings excited to be leaving the capital for the size, space and peace offered here on our own doorsteps. Now both Nationwide and the Resolution Foundation thinktank have statistically proven the exodus from London northward. With property prices down 5% year on year and with over 330,000 leaving the city last year (ONS statistics, year ending June 2017), London is the only region in the country with falling prices with the average increase nationally being 2.2%.

The Midlands, most specifically Birmingham, but now Coventry and the surrounding towns of Kenilworth, Leamington Spa and Warwick have seen the highest property price increases over the last year with a regional average of 4.5%.

Infrastructure is vital. Investment in the city and the towns will reap rewards for all and the Rail network’s part in this cannot be understated. Whether people live in or out of London they’ve still got to get there after all.

Closer to home though and on an emotional level, the appeal of a commute no longer than many travelling from Wimbledon to Wembley means that living in Kenilworth or Earlsdon or Styvechale or Leamington Spa will offer substantially more living space for the pound. It will also offer a community that can see children raised in outstanding schools without a forty five minute traffic jam and a bill for £100 a day childcare.

The distance between us and London seems to be getting smaller every year. Whether or not Mash and Liquor will be sold at The Almanack or Millsys though could be a step too far….

London Marathon 2018!

Elizabeth Davenport Director Nick Luntley is running the London Marathon later this year in order to raise money for the very well known national charity Scope. Nick who is a keen runner has never ran a marathon before but is looking forward to the challenge of distance runnings greatest test!

Nick who runs for Massey Furgusson Running Club, is looking to raise £2,000 and his efforts were given a massive boost with the very generous donation made by Band Hatton Button Solicitors who have put forward £1,000.

Nick Button who is a partner at Band Hatton Button said “we are absolutely delighted to support Nick in his marathon effort for such a worthy charity in Scope. All I can say to Nick in regard to the marathon itself is, rather you than me!” Nick who works out of both the Kenilworth and Coventry branches at Elizabeth Davenport said “I’m absolutely delighted with the support shown from Band Hatton Button when I approached them for some support I was absolutely delighted they said yes without a moments hesitation. Scope is a fantastic charity that I’m proud to support. I know once this is all over I will be able to look back with great pride about the amount of money raised and the lives we will have been able to improve.”

The annual capital marathon event is ran from Greenwich in south London and finishes in on The Mall right outside Buckingham Palace. This year there is a fantastic field of elite athletes including the famous Kenyan athlete Eliud Kipchoge and Great Britain’s Olympic hero Sir Mo Farah.

The London Marathon is on Sunday 22nd April and there is still time to support Nick by making a donation to his just giving page https://www.justgiving.com/fundraising/nick-luntley

Merry Christmas, Reflections and What To Do Next!

Despite being open between Christmas and New Year I think it’s only fair to say the end of the year feels nigh. There’s a great deal of properties for sale due onto the market in the New Year with a real split as to whether some sellers want their homes marketed over Christmas or waiting until afterward.

Well, matter of fact, Rightmove is busier over the festive period than at any other time of the year. If your house is on the market over Christmas it will get more online views. It could inspire a buyer to view in the New Year and it may inspire a buyer to get their own property marketed in order to potentially offer on yours! Thankfully though, what it won’t do, is lead to buyers wanting to view your home on Boxing Day and instruct Solicitors the day after.

So honestly don’t be scared if you feel the time is right to launch onto market or you’re already on it. You will not be having (anymore unwelcome!) visitors over Christmas!

Wearing Dr Suess’s Grinch head and on a more subjective, controversial and slightly sarcastic note I wanted to throw down the gauntlet to any and all of our erstwhile competition!

In 2018 I would love the opportunity to sit down with George and Nick and talk about the virtues of another agents marketing and how we should copy it identically. In no particular order of irritation we have seen our competition adopt our style of Gallows boards, the introduction of floor plans into the main details, the use of copy written stamped photographs and the attempted duplication of night shots.

In 2018 I’m thinking about how funny it will be to launch a ridiculous new marketing campaign with the comedic effect of seeing how many other agents copy it identically. Maybe valuation appointments dressed as a seasonal character? This Winter we’ll attend all appointments dressed as a Snowman or an Elf (in the Spring a Rabbit or an Egg could be a cracking idea!).

If imitation is the highest form of flattery then a big thank you from ourselves is certainly due.

Alternatively and quite topically we could be simply discussing the case of the unknowing Shepherd leading someone else’s Sheep!

Grinch head removed (and put back in the loft for next year?).

Thank you to everyone we’ve worked with this year, Buyers and Sellers, Solicitors and IFA’s, Surveyors (well actually?…….Sorry, I’m only kidding!) and prospective Clients alike.

Have a happy, healthy and restful break. Merry Christmas to One and All!

Autumn Sales & Dangling Christmas Baubles!

Firstly, apologies for the word “Christmas” being used before Mid November. Within this industry though the “Christmas Effect” often generates the same response as the “Autumn Sale”. And it does happen early.

There are a multitude of reasons why people want to sell. For those who genuinely want, or need, to sell (not because they “may” want a change or they have seen only one unique property they want) then having a sale agreed before the next calendar “milestone” seems to be a much needed psychological box ticked.

With over 37% of properties (nationwide) being reduced from the initial listing (our average sits currently at 8.8%) this Autumn Sale has hit a 5 year high. Why?

Once again, over eager pricing to win the instruction or the clients desire to ride the high price wave experienced by neighbours in the Spring could be the most obvious motivations.

The simplest explanation to the dangers of over valuing are easily explained . If I value your home at £400,000 and you want the house marketed at £425,000 (and we both agree the launch marketing is perfect!) then if no one comes, we know the launch price was wrong.

It is, honestly, as simple as that.

At £400,000 (if my appraisal was correct) more than one buyer may well be interested and we secure £410,000. At £425,000 if we then have to reduce, the buying public are aware of the reduction and what comes next are even lower offers than the reduced figure.

So with Christmas around the calendar corner, now must surely be the time to consolidate. A rebrand and a sensible asking price will surely be recipe needed to generate the sale price you need.

Leaving you free to think about what to buy your Children and your Aunts, what food you’re preparing, whose house you are going to on Boxing Day, whether Mable prefers Sherry or Port and whether Santa is actually a good or bad influence etc etc……………..

Why Over Inflated House Pricing Sells Your Neighbours House and Not Yours!

Welcome back! That was as long a Summer as I’ve enjoyed without Sun as far as I can even remember!

Business however was brighter. There was none of the traditional slow down over the months of July and August whatsoever. Instruction levels were high and the interest accordingly. The buyers we needed to attract had obviously decided to not take gloriously long overseas holidays and instead concentrate on securing new home’s for themselves!

Such a successful Summer led me to review the market in general and a couple of valuations I was involved with.

Now, more than ever, the asking price for a home is so crucial that an overvaluation will have such negative effect it will simply show buyers what good value neighbouring homes are instead of your own. I am not saying undervaluing is the solution but, put simply, it bears no risk in comparison to its capitalist and heinous cousin, the greedy valuation.

If a house is truly “undervalued” whether purposefully or accidentally then the worst that will happen is the public will agree it’s exceptional value and numerous offers will then be received. Through negotiation the price then reaches the correct (and increased value!). Although as a buyer this can be an unpleasant experience, a good agent, if they handle it correctly and honestly, will offer advice and build relationships that will help those unlucky first time round (or third if you are like myself!) that will come good in the end.

I looked at the Purple Bricks very carefully. I saw more local instructions with Purple Bricks than any other agent. With false promises (semantics if you will) of no commission (fee’s instead) and a NO SALE BUT STILL PAY OUR FEE philosophy, there is no surprise to see that their “Price Reductions” are also the highest in the local area.

Without being too simplistic about it, the easiest way to achieve an instruction is to tell a client that there property is worth more than it is. Add that to “pay me whether it sells or not” and you have an agent whose ethos is for “being paid for instructions to sell houses for less than the listed price”. If you want annual statistics to prove this point in Black and White (not Purple) then contact me and I’ll be happy to explain that all that glitters isn’t Gold (but it is possibly Purple!).

National Statistics Are Blown Away By Elizabeth Davenport Sales Figures!

Here’s some fantastic news that both we and the NAEA have compiled over the last few months! This is fantastic, not simply for the reason that myself and my colleagues have seen success, but fantastic because as a seller, the results we are achieving are better than any national average available!

The latest data and analysis from NAEA Propertymark has revealed that only 3% of properties sold for more than the asking price in May – a drop of 4% from April and the lowest level since October 2016.

According to the report, the number of homes which sold for less than asking price rose to 77% last month – up 5% from April.

Woah! Let’s slow down a moment. Less than asking price sales agreed means one of normally two things (or maybe, if you’ve genuinely chosen the wrong agent, both).

One: The property has been overpriced to win the instruction.

Two: The agent’s marketing has not been good enough to attract enough buyers to create the interest and drive the price upwards.

(Three): Both

In contrary to these figures, we in May alone saw 70% percent of our sold properties sell for over the asking price and 15% for asking price. That leaves only 15% that sold for below asking price.

This tells me that we can still improve but it also tells me that we are working with the clients best interest at the forefront of our business. We are not simply looking to sell your home, we are looking to absolutely achieve the very best results possible!

‘Just whack it on Rightmove’ not at Elizabeth Davenport!

Almost all online and an increasing number of High Street Estate Agents attribute far too much importance on getting properties on websites like Rightmove as soon as possible. I see so many properties where the agents have simply just hurriedly taken a few snaps with a point and shoot camera and thrown them on to the web with little care or thought. Floor plans missing, generic descriptions and poor photography are becoming more and more prevalent. There is a view held by some that all you need to do is get the property on Rightmove and the enquires will flood in and a sale will follow! If only it were that simple!

At Elizabeth Davenport we have a specific plan and strategy for every home that we market and we not only put a lot of thought and time into the marketing, we also follow a general three step process that allows us to market your home to its full potential.

Step 1

On the fist day we introduce your property to the market we contact all of our qualified registered buyers that on our database. These are people that we have spoken to and know their buying criteria, often these people are what we class as ‘motivated buyers’. This is because these people are proactive in their search and are often in proceedable buying positions (if this is you please call and register with us if you haven’t already). Your property will then be featured on the homepage of our website so in effect most visitors to our site will see your property straight away.

Step 2

After this we enter the second stage of the process. We upload your property to the ‘New and Exclusive Homes’ section of the OnTheMarket.com website. This is a really good feature as we register all of our prequalified buyers here as do all of the other member agents.

Step 3

Usually 24-48 hours after the initial launch we then release the property to our other property portals including Rightmove where there are larger numbers of buyers but a lower concentration are proceedable. Any leads from this the final stage of introducing your property to the market will be qualified by our negotiators before viewings are arranged.

After all this has taken place advertisements appear in print productions like the Coventry Observer and our own seasonal newsletter.

In summary we believe that the quality of the viewings is more important than the quantity. Of course many of our properties have both a high quantity of quality viewings which is always our goal! We genuinely take time to think about how best to market your property and provide quality marketing materials to get you the best results possible. This is why we will always provide an alternative from the lazy ‘just whack it online and see what happens’ approach seemingly adopted by so many