Market Comment 12/10/17

With so many articles being produced week on week on the housing market, a topic that fluctuates so regularly, it is quite difficult to put together a comment that could fairly represent every agents situation, as we all cover different parts of the market field.

From our experience at Jackson Property, we are finding that fairly priced properties have sold and continue to sell successfully, in what is proving to be a very competitive marketplace, as we fast approach the winter season. A lack of good quality available properties is making for highly competitive approaches by agents competing for business, especially on commission fees charged, but not necessarily highly competitive service provided! Some of these instructions include a plethora of new development houses, which can be seen certainly be seen North of the county, providing new quality homes for the Hereford Home Buyer.

With a young, qualified team in our Hereford Branch, we have incorporated modern technology into our business model in many ways. The older generation of agents bring the experience in negotiation and liaison between buyers and sellers, which helps draw property transactions to fruition. We are proud to say that currently, our fall through rate stands at approximately 10% (1 in 10 sales) where in comparison, the National average for estate agents is around 25% (1 in 4 sales) the average for online agents stands at approximately 45% of sales falling through (almost 1 in every 2 sales). The younger staff collaborate this experience passed down with the many modern marketing methods such as online platforms like Facebook, as well as producing high quality digital photography and live video streams, techniques that would not have been considered 4 years ago.

Clients demand more and more from their agent each year in regards to service, and they want to be able to see what they get for their buck. Online media is the quickest way to get a property seen by a large demographic, and the information is easily obtained to show a client how a property is being received in that marketplace. Traditional agents are fast becoming hybrid agencies without direct intention, which in my opinion, will become almost a necessity should they want to be seen by the largest amount of possible clientele, both buyers and sellers.

The power of smart technology can be seen in everyday life. All you have to do is look down the high street and see several people glued to their smart phones and devises. People want the information they require quicker and more efficiently as technology improves, and it should be for agents like us to recognise this and provide it them. This is why we have almost finished the design on our new, smart devise friendly website.

Bruce Thomas BA (Hons) MNAEA

 
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