The predictions in the Property Post last Saturday summarised the views of many, namely that the spring selling season has arrived with gusto, inflation is dropping, and hopefully mortgage rates will do likewise.
So many feel we are back to normal, especially given the market roller coaster since this time four years ago when we were all in the midst of the first Covid lockdown.
I was therefore taken off guard recently when asked by a potential client if I thought AI would affect the residential property world and might it ultimately lead to the demise of the estate agency industry.
Not the normal question an agent expects to be asked when pitching for a lovely country house in North Yorkshire which might be best described as elegantly tired.
Having noticed his question had come as a surprise, he did at least give me chance to consider my response whilst explaining the benefits of having recently sold a substantial interest in an IT business, and how he expected AI would impact on everyone’s lives as much as, if not more, than Messrs Gates and Jobs.
We both agreed the internet has created significant change to the point where many sellers consider it is the only route to market.
Rightmove is widely seen as the current king, but with other options available, to quote well used BBC terminology.
However, there are some property owners who prefer the other end of the spectrum, where discretion is the watchword being classic estate agency.
Buyers are matched with sellers by an agent who charges a percentage of the agreed price, without the attendant cost and publicity associated with formal marketing.
I then explained the merits of both approaches to my potential client who felt, due to his recent business sale, that he preferred the latter approach, at least in the first instance.
His house has not been for sale for many years, in fact it’s been in the family for decides, but he fancies a new challenge. He tells me about a friend having significant problems selling, not because of survey but being stuck in a chain of related sales.
He wants to avoid similar and asks how I might minimise his exposure to the inevitable hassle. We then discuss what he might buy. He has the money but it soon becomes clear the family collectively has different criteria.
We start with location, within ten miles, and bedrooms, at least four.
They want to stamp their own personality on their new dream home, not what they were lucky enough to inherit.
The latter is Victorian, impressive but rambling. So now they are thinking of something more modern, easier to manage, perhaps with green credentials.
It was a wide-ranging conversation and one thing we agreed on was: how can any computer system accommodate the uncertainties of human nature when it comes to buying and selling houses?
I suspect us estate agents will be around for many years to come, whatever the growth of AI.
Tim Waring FRICS. Prime Residential, GSC Grays 01423 590500
Harris Shields Collection are members of The Guild, which is a national network of nearly 800 carefully selected independent estate agents, working together to consistently raise standards of excellence and professionalism in the industry.
The special awards ceremony was held this month at the QEII Centre in Westminster, London.
Mark Shields, Director of Harris Shields Collection, said: “This is the sixth award in three years and I couldn’t be prouder of the amazing team we have at Scarborough. They go above and beyond on so many occasions.
“The Guild Awards honour agents who epitomise professionalism and service excellence- congratulations to all awardees, and best wishes for continued success in 2024.”
Kris McLean, Managing Director of The Guild, said: “Despite market headwinds, many Guild Members have delivered remarkable results, a testament to the calibre of agents within our network.
“The Guild Awards allow us to honour agents who have demonstrated outstanding
commitment to their clients and the industry throughout 2023.”
“This year, Bronze, Silver, Gold, and Special Awards were presented to Guild Members in recognition of their exceptional customer service and outstanding results.”
One of Yorkshire’s largest independent estate agents is returning to the lettings and property management market after a three-year absence.
Dacre, Son & Hartley will now be offering lettings services in its catchment area of York, Harrogate and Ilkley.
New recruits
The new division will be headed up by Sophie Tillisch (main picture) at the firm’s Harrogate office and several new recruits will be announced soon to support its growth.
Tillisch has worked at Dacres for nine years, and has more than 15 years’ experience working in both property rentals and sales.
The lettings division will initially specialise in high quality and premium rental property in towns and villages surrounding Harrogate, Ilkley and York.
Demand for quality rental property is soaring.”
Tillisch says: “We’re thrilled to be returning to the lettings market at a time when demand for quality rental property is soaring.
“We know from our sales experience that investors are beginning to return to the market, as competition amongst mortgage lenders intensifies, which is further good news for the market as it should help to alleviate the lack of rental stock that has caused rents to significantly increase in recent years.”
Wide-reaching
Patrick McCutcheon, Head of Residential at Dacres, says: “It’s more than three years since we agreed the sale of our lettings division, which managed more than 600 homes, but we still regularly receive enquiries from landlords looking for an agent with a wide-reaching branch network to manage their investments.
“During our break from the sector there has been a lot of legislative change, which makes it increasingly difficult for landlords to manage rental property themselves, and this is where Sophie and her team, with their significant lettings experience, can add genuine value.”
Dacre, Son & Hartley was founded more than 200 years ago, and claims to be Yorkshire’s largest independent estate agent with 20 offices across North and West Yorkshire.