You would be forgiven for thinking that the annual Estate Agency of the Year Awards ceremony would be, well, a tad short on the ceremonial. Indeed, you might think that it would be a decidedly sombre affair – if, that is, it was even held.
But the truth is stranger than the housing market. Not only were the Awards held, they also gave the lie to the received wisdom that all is doom and gloom. As Jill Parsons, property writer and one of the judges, explains, a bit of positive thinking can go a long way.
The mood at last Friday’s Estate Agency of the Year Awards was, despite the chinking of champagne glasses, not quite as upbeat as in previous years. No surprise there, given that many of the larger chains, including the biggest, Countrywide, have been closing offices and shedding staff. Even the cream of the crop, present at the industry Oscars, were weighing up how exactly to cut their cloth in a world where even those at the top do not seem entirely sure which pattern to follow. Or, indeed, whether there is one.
But amid so fraught a market one thing was clear. Those who picked up the awards – backed by the National Association of Estate Agents and ARLA, the governing body for lettings – are those who understand that a bit of positive, and lateral, thinking goes a long way.
Take the overall winner, Karl Tatler Estate Agents, a three-branch agency based on the Wirral. Leading by example, the eponymous boss managed to build a chain consisting of a number of properties on his books by persuading clients not only to look at potential homes they might have dismissed, but also to realise that by each making incremental discounts on the price, they could all have the homes they wanted. His determination and old-fashioned grind helped him triumph over much larger rivals.
Others came up with fresh ideas, such as Try Before You Buy (rent for six months then buy if it suits) and Make Me An Offer (harder than it sounds, as vendors are only now realising that only deep discounts are likely to bring about a sale). Attendees were also reminded how the Australian real estate supremo John McGrath, last year’s recipient of the Excellence and Achievement Award and this year’s presenter of the same, makes sure his staff spend three to four hours a day chasing prospects, chief among them former (or rather, as he would see it, existing) clients. For McGrath, it seems that an estate agent should be for life, not just for Christmas; an unfamiliar concept in the UK, perhaps, but one that many would argue should be embraced in an industry where strong customer relationships and trust can be as hard to come by as reasonably priced mortgages.
McGrath passed on the Achievement baton to Nick Leeming, the founder of the first property portal, www.propertyfinder.com. Here was another reminder of a changing environment in which many would-be vendors never set foot in the agents’ office. The winning agents were those who flagged up their technology tools and refined their websites, rather than wallowing in the gloom of lost offices and staff.
Those of us who sought out the winners had a lively debate about why negative sentiment so often suffuses any story about the property industry. Perhaps this a peculiarly British problem – certainly it is endemic in the media – but the winners exemplified how positivity is king. Good agents are working three times as hard for the same business, but many have increased both market share and fees. One told me quietly that he expected to do as well, if not better than last year, by cutting his cloth, yes, but also by getting out there, cultivating clients and offering the best service. It’s rough, but defeatism is, well, self-defeating.
And while the Nationwide’s Chief Economist, Fionnuala Earley, recently warned that November’s figures on house price falls suggested no quick recovery for the UK housing market, what should also be noted is that the rate has perceptibly slowed. Interest rates have also come down, meaning most monthly mortgage payments have shrunk too. I’m no economist but, not withstanding the threat of job losses, it could mean that fewer people are forced into fire sales, allowing some much needed stability.
The party might be over for the country’s estate agents, but the winners will be the ones whipping up a feast with the leftovers.
With thanks to Jill Parsons for the text and Flickr for the image.
