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Property Insights: How to sell your property faster in 2024

Posted on by prateek

One of the most crucial indicators of the health of a property market is the length of time it takes to sell a property. The metric provides insight into supply and demand dynamics, and the market confidence that people have, and also is a market of the efficiency of estate agents in an area.

For homeowners in Bath and investors alike, a better understanding of these trends can help with decision-making. When properties sell quickly, it is indicative of a strong market and reflects a high demand. However, a long sale time often reflects either a surplus of properties on the market or decreased buyer interest.

So, in summary, monitoring the performance of the market is helpful when wanting to make informed decisions about buying or selling.

AVERAGE TIME TO SELL A PROPERTY IN BATH:

Whether you are a Bath Landlord looking to liquidate your buy-to-let investment or a Bath homeowner contemplating selling your home, understanding the latest market trends is crucial. Recent data from Q2 of 2024 provides us with valuable insight into how the local property market has been performing.

Recent independent research indicates that of the 624 Bath homes sold in Q2 of 2024, it has taken an average of 41 days to agree on a sale (Sold STC). This is a notable improvement on Q1 of 2024 where we saw an average time to sell STC of 56 days.

However, this is an average so not all properties sell in this time frame. It is important that we break down the time to sell STC into separate price brackets so we can see what types of properties might sell quicker than others.

PERFORMANCE BY PRICE BRACKET:

The time it took to find a buyer in Bath in Q2 of 2024 by price bracket:

  • Under £100k: 25 days
  • £100k-£200k: 41 days
  • £200k-£300k: 36 days
  • £300k-£400k: 34 days
  • £400k-£500k: 40 days
  • £500k-£1m: 54 days
  • £1m+: 44 days

The time it took to find a buyer on average across the UK in Q2 of 2024:

  • Under £100k: 69 days
  • £100k-£200k: 63 days
  • £200k-£300k: 69 days
  • £300k-£400k: 62 days
  • £400k-£500k: 64 days
  • £500k-£1m: 81 days
  • £1m+: 92 days

TIPS FOR BATH HOMEOWNERS TO EXPEDITE THE PROPERTY SALE:

If you are a Bath homeowner looking to sell quickly, then there are a handful of strategies you can employ to speed up the process.

  1. CHOOSE THE BEST BATH ESTATE AGENT: Selecting a reputable Bath estate agent with a proven track record for providing the best service possible is crucial. Ask all the agents you approach their average time to find a buyer. An experienced agent will be able to provide detailed information that can be tailored to your specific inspiration.
  2. Ensure your Bath Home is a high-quality listing: Make sure your property is listed on all the major property portals. Make sure any agent you use is getting professional photography as a standard as the first impression is crucial. Alongside this make sure that your property has a well-crafted description, allowing readers to better assess if the property is of any interest to them. All of these aspects allow a home to stand out and are vital when coming to a competitive market.  
  3. Effective Marketing: Given the increased number of listings coming to market in recent times (Over 200,000 more homes listed nationally now versus two years ago), additional marketing efforts can go a long way. When listing your property, consider additional marketing efforts that agents may offer such as premium listings, video tours/virtual tours, and social media promotional videos.
  4. Competitive Pricing: Price your property competitively. Overpricing can lead to longer times on the market, while a well-priced property can attract more immediate interest.
  5. Flexibility and Presentation: Be flexible with viewing times. Always make sure that your property is clean and presentable at any time when on the market. For potential buyers, first-time impressions are crucial and a well-maintained and presented property will impress buyers and can potentially expedite the sales process.

TIPS FOR LANDLORDS LOOKING TO SELL:

If you are a landlord looking to sell your rental property, then it is important to weigh up the pros and cons of keeping your tenants during the sales process.

PROS:

If your property is likely to attract another potential investor rather than a homeowner, then having a tenant in place can be advantageous as it can attract another potential landlord due to the appeal of having rental income from day one. Alongside this, tenants who have kept the property well maintained can showcase the value of the property well.

CONS:

On the other hand, if you have tenants in a property who may not cooperate with viewings and do not maintain the property to a high standard then this can deter potential buyers.

Overall, it is crucial to determine the approach that is best for your specific situation. It is crucial to consider factors such as current market conditions, and the type of buyers you are trying to attract. For example, if the property is in a high-demand area with a robust rental market then keeping tenants in may present itself as an attractive quality. However, if your target market is owner occupiers then keeping tenants is going to deter buyers and vacant possession might make the property more appealing.

PROPERTY MARKET CONTEXT:

It is important to note that these statistics only relate to the properties that have successfully sold. Nationally, only about 53% of properties that have been listed have ended up selling through to completion. This means nearly half the properties that come to market don’t achieve a sale. This is often due to poor marketing and agents overpricing the property. As committed property agents in Bath, we are here to help give you the best advice when it comes to either listing your property for rental or for sale and would be happy to help any time.

So, what did the King’s Speech tell us about the housing market?

Posted on by prateek

The state opening of parliament saw the king’s speech set the agenda and main priorities for Kier Starmer’s governments. This year’s speech, delivered by King Charles, is the first for a Labour Government since 2010, following the recent general election. With 30+ bills highlighted by the king, there was nothing seismic for tenants or landlords. However, it is still important to look over what was announced for the property industry. 

  • THE RENTERS RIGHTS BILL

A major focus is the renters’ rights bill. This is labours version of the renters’ reform bill. However, this intended overhaul to the private rental sector in England is set to end the mistreatment of tenants and provide a secure step up for first-time buyers.

Key Proposals Include:

  • Abolishing Section 21 with clear grounds for possession
  • Introducing ‘Awaab’s Law’ with clear legal expectations for landlords
  • Strengthening tenant rights, allowing challenges to rent increases and preventing rental bidding wars.
  • Creating a digital private rented sector database for landlords, tenants and councils.
  • Requiring landlords to consider tenants’ requests to keep pets, with the option for insurance against pet damage.
  • Implementing a ‘Decent Homes Standard’ for the private rental sector.
  • Enhancing local councils’ enforcement powers to target rogue landlords.
  • Establishing a new ombudsmen service for dispute resolution.
  • Making it illegal to discriminate against tenants on benefits or with children.

Most of these points were in the Conservative Renters’ Reform Bill – so there is nothing new here or scary for landlords out there as this has all been in the pipeline for a while.

  • Planning and Infrastructure Bill:

Labour is aiming to accelerate and modernise housebuilding and infrastructure planning laws. This bill focuses on:

  • Increasing the capacity of local planning authorities
  • Modernising local planning committees
  • Rationalisation of the planning system to deliver critical infrastructure
  • Leasehold and Commonhold Reform Bill:

Labour plans to publish draft legislation to extend the Leasehold and Commonhold Reform Act 2024. The main goal this bill is out to achieve is to enhance the rights owners have over their properties. This includes:

  • Addressing ground rent issues
  • Reinvigorating commonholds
  • Putting into action the remaining law commission recommendations

In summary, it is to be noted that these are not laws yet and all these above matters have to pass through a lot of hurdles to come into practice. Still, Kier Starmer’s invigorated government is planning to make sure that these matters are put through and at the top of the agenda.

BATH AND UK PROPERTY MARKET OVERVIEW FOR Q2 2024

Posted on by prateek

As property agents working in the wonderful historic city of Bath, we feel we must provide a comprehensive and realistic perspective on the market. Despite reports at the back end of 2022  that the market was expected to crash, the actual data reveals that the national and local markets are holding steady and have even continued to see substantial growth.

NATIONAL HOMES FOR SALE:

To better understand the current state of the market, we must look at the influx of new properties coming to the market. In the second quarter of 2024, 450,486 properties were listed for sale across the UK. This figure is higher than the 411,927 properties listed in Q2 of 2023, and the Q2 average of the last 7 years prior.

The average price of a UK property coming to market in Q2 of 2024 was £454,223. For comparison, the average price in Q2 of 2023 was £438,551.

NATIONAL SALES AND PRICE BANDS:

In Q2 of 2024, 308,969 properties were sold subject to contract (STC) in the UK. Much higher than the 269,989 properties sold STC in Q2 2023. This figure too is above the 7-year average of 299,324.

The average price of a UK property sold STC in Q2 204 was £369,373 compared to £367,030 in Q2 of 2023. Examining listings by band price also provides us further insight into the market:

  • 33.9% of new listings were priced up to £250,000, yet this segment accounted for 40.4% of sales.
  • 40.3% of new listings were in the £250,000 to £500,000 range, and 40.3% of sales were also in this price range.
  • 13.8% of listings were priced between £500,000 and £750,000, yet only 11.6% of sales occurred in this band.
  • 5.7% of listings were priced between £750,000 and £1m, yet only 4.2% of sales occurred in this band.
  • 6.2% of listings were priced £1m +, yet only 3.6% of home sales occurred in this band.

The data highlights that there is stronger performance among the lower-priced properties, indicating that affordability is driving the market.

MARKET DYNAMICS AND PRICING STRATEGY:

Pricing realistically from the outset is essential in the current market. In Q2 2024, there were 225,745 price reductions on the 673,973 properties on the market. This indicates that initial realistic pricing needs to take place to avoid subsequent price cuts. Price cuts can sometimes be necessary, however, it is advisable to avoid these price cuts as they often indicate that there is an underlying issue with the property and can deter potential buyers.

Overall, despite the continued higher mortgage rates and economic uncertainties, the Bath property market has now surpassed the sales levels pre-pandemic. Despite this good news, sellers should still aim to price their properties competitively to attract buyers where there are more homes for sale.

BATH PROPERTY MARKET SPECIFICS:

Locally, in Bath (BA1/BA2), 995 properties were listed in Q2 2024 with an average asking price of £694,857. In this local market, the most active price bracket was the £400,000-£500,000 range with the highest number of new listings at 151 properties coming to the market.

Sales in Bath during the same period totalled 720 properties, with an average purchase price of £599,053. As expected, the same price bracket of £400,000-£500,000 was the most active with 122 sales agreed.

CONCLUSION:

Ultimately, any house move is and should be primarily based on personal circumstances rather than just purely market conditions alone. So, if you are contemplating a move, then be sure to get in touch with the team here!

LABOUR’S HOUSING AND PROPERTY MARKET MANIFESTO: What Bath homeowners & Landlords should know:

Posted on by prateek

Now we know Labour will be taking the political reigns over government and hailing in a new era of policies and promises, particularly in the housing and property markets, what does this manifesto outline in their plans to address the chronic issues of housing affordability, renters’ rights and homelessness?

IMPACT OF THE GENERAL ELECTION ON THE UK PROPERTY MARKET:

Despite the anticipation and uncertainty of the general election, the UK property market has shown resilience and strength. For June, UK house prices for homes sold subject to contract (SSTC) remained sturdy at £348/sq.ft, a 5.1% increase compared to December of 2023. So, from the outset, the UK housing market is still showing growth even with political change.

The volume of property listings has also seen a notable rise, with 7.5% more homes on the market compared to the same period between 2017-2020. This suggests homeowners are remaining confident in the market, despite the recent election.  

To summarise, the general election has not significantly impacted the UK property market. With house prices continuing to rise, and listings and sales still increasing, the market remains strong and provides a positive outlook for the future.

ADDRESSING THE HOUSING SHORTAGE:

Labour has set an ambitious target of building at least 150,000 council and social homes each year. This move aims to tackle the severe shortage of affordable homes in the UK property market. Many of these new homes will be council homes, providing an affordable option for families and individuals. However, there is a severe lack of clarity on where the finances to fund these extensive development projects will come from. The lack of any idea where this £18bn a year will come from is casting doubt on the ability to achieve such an ambitious goal.

ENHANCING RENTERS’ RIGHTS:

With Labour’s plan to abolish Section 21 evictions, which currently allows landlords to evict tenants without a reason, renters can expect more stability. However, this change will only be implemented once the government has reformed the courts, aiming to provide more security for renters. This legal proceeding could take years. Additionally, Labour is seeking to introduce rent control caps to eliminate excessive rent hikes, which has proven contentious in other markets. Historical data from Scotland and worldwide indicate that rent controls often lead to decreased investment in rental properties and a reduction in the overall quality of available housing, causing more harm than good.

Another significant change for the rental sector is the creation of a national landlord register. An initiative aiming to improve the standards and accountability in the private rental sector, ensuring landlords maintain their property to a decent standard.

SUPPORTING FIRST TIME BUYERS (FTB):

Labour’s manifesto also promises to support first-time buyers by reducing the barriers to homeownership. This includes increasing the availability of affordable housing and offering financial incentives. Such measures could stimulate market activity and make it easier for FTB’s to get their first home, although the specifics of these policies remain vague.

PROMOTING HOUSING STANDARDS AND SUSTAINABILITY:

To ensure that homes provide a safe and decent living environment, Labour plans to enforce a Decent Homes Standard.

This standard will focus on improving safety, decency and energy efficiency, setting clear criteria for what constitutes a ‘decent’ home. Additionally, millions of homes will be retrofitted with measures designed to enhance energy efficiency, reduce CO2 emissions and lower energy bills. The initiative reflects and strong commitment to sustainability, which could also create new opportunities and challenges for the property market in Bath.

REGULATING THE HOUSING MARKET:

Labour also intends to reform land and property taxes to ensure fairness and efficiency in the housing markets. Additionally, they aim to curb property speculation and reduce the number of vacant homes by imposing higher taxes on empty properties. These measures could stabilise the market and make housing accessible to more people.

IMPLICATIONS FOR BATH LANDLORDS AND HOMEOWNERS:

These policies will bring changes in the market, especially for landlords. Increased regulation, particularly in the rental sector, will require landlords to ensure they are extracting the maximum value of their investment. With many of these changes on the horizon, Bath landlords should seriously consider making those changes in the coming months.

The push for affordable housing and support for first-time buyers might alter market dynamics in the rental and lower-priced starter home markets. Furthermore, shifting the focus on sustainability in homes will present new and interesting challenges in property development and management, especially in areas with a high level of listed buildings such as here in Bath.

Post-election and beyond, the changes for homeowners will be minimal. The proposed development of new houses across the country will see a slowdown in house price growth, yet this is not always a bad thing. People tend to move when they deem it a necessary change and not based on the price of housing. So, over the next 5 years, it is unlikely that we will see a huge change for homeowners.

Historically, not all manifesto promises come to fruition. So overall for all property owners, it is essential to remain realistic about the changes that may occur over the next five years and potentially beyond.

In conclusion, while Labour’s manifesto presents a comprehensive plan to address the housing issues this nation faces, it will likely take a lot of time until changes are felt in Bath and beyond. Landlords should prepare for a slightly more regulated environment. Yet, we have seen increased regulation over the last decade, so the immediate impacts may be limited for some time as the new government navigates the vast complexities of implementing these ambitious policies into practice.

How to Navigate the Property Market after the election and what could be a ‘Starmer Surge’

Posted on by prateek

How do we navigate, what some people are calling, a potential ‘Starmer Surge’ following the general election?

Despite the anticipation and the ever-continuing speculations around this year’s election, the impact on the property market has been negligible.

Trends in the market, buyer interest, and property values have remained steady, showing no significant fluctuations. So given the political uncertainty, it suggests that factors that affect the property landscape are more economical than political, such as interest rates, demand and supply.

Homeowners in Bath and beyond have maintained their focus on these core elements and have demonstrated resilience to such economic turmoil. So, as political commentators predict a Starmer-led Labour ‘super majority’, could we see another ‘Boris bounce’ in the post-election months like we saw in early 2020?

IF WE DO…WHAT DO WE CALL IT? A ‘STARMER SURGE’?

Before we jump the gun, let’s look at why there are bigger fish to fry irrespective of who wins the election:

Homeowners looking to sell their properties will encounter increased competition. Starmer surge or not, as more homes continue to be listed for sale, the significant rise in mortgage rates has significantly impacted buyers’ incomes and their affordability to buy homes. This has led to a shift in demand. It has also caused price corrections in buoyant regions, especially in the south.

AVOIDING THE OVERPRICING TRAP:

In the initial wake of any election outcome, we will likely see larger estate agents offering overinflated valuations to homeowners, only to suggest a price reduction months later. Larger agencies can afford to do this, but small agencies rely on consistent sales and thus tend to offer more realistic prices the first time of offering.

We have played witness to numerous Bath homeowners being advised to place their properties on the market at elevated prices after significant economic and political shifts. Over time, with few viewings and no genuine offers, they are reducing the asking price. Many homeowners, led with the prospect of achieving more for their property, end up missing out on desired homes. Many may think they are immune to such tactics, but the higher valuation is often very tempting.

It is natural to want to price your home ambitiously. While pricing your property with a high price tag is totally understandable, refusing to adjust the asking price after a few weeks of little to no interest can be a costly error. An overpriced home can stagnate, leading to potential buyers suspecting something is wrong with the property.

A lack of early interest and viewings should be seen as a clear sign that you need to reconsider the asking price. Being responsive and proactive is crucial if there are no serious inquiries or offers within the first few weeks. By doing so, Bath homeowners can avoid the traps of a stale listing and increase their chances of a successful sale and move.

THE CURRENT UK AND BATH PROPERTYMARKET LANDSCAPE:

If one compares the number of UK homes sold year to date (YTD) in 2024 (459,682), we can see it is 11.3% higher than the net sales of 2023, yet we are 22.9% lower than the YTD figure in 2021. However, if we look at the number of UK homes for sale today then there are around 694,000 homes for sale compared to 481,000 homes for sale in May 2021. Now, let’s delve deeper into the stats for specifically the Bath region.

So, linking back to what we have said previously, why is pricing your home right the first time so important? Well, only 51.9% of properties that have left the market since the start of the year have sold to completion. The other 48.1% of properties left the market unsold. So, you can see that by having an almost 50-50 chance of selling, you need to make sure your prices are realistic and that you are getting a great agent to market.

RE-THINKING THE SELLING STRATEGY:

The Bath property market tends to shift collectively. The market remains manageable as long as the homeowners aren’t facing financial losses and can manage an upgrade. Many assume continuous gains when selling their home, but real profit only materializes when one parts with your final property. Once a property is put on the market it is crucial to focus on the online and offline marketing journey. The initial four weeks provide insights into whether the property is priced correctly, gauged by the number of web views on portals, actual viewings and offers received. One strategy employed by some Bath homeowners is to price their home at a slightly lower price to spark more interest and drive up offers.

Boutique agents, such as ours, can offer you a more authentic experience and a realistic valuation in a challenging and ever-fluctuating market.

SWITCHING AGENTS OR GOING ONLINE?

In a slow property market, patience can wear thin. If considering switching agents, sellers should evaluate the current agents’ efforts and communication frequency. Multi-agency agreements can be another option, although these are becoming less popular due to the higher fees often associated.

Online agencies could be another option. However, their one-size-fits-all approach can fail to capture the nuances of individual properties, making them a less effective option in slower markets.

FINAL THOUGHTS:

The current property market is a complex beast. ‘Surge or no surge’ it is all about maintaining a realistic asking price. The freeze on the BoE base rates is a welcome pause. While it won’t create a frenzy like the stamp-duty holiday of 2020, any possible drop in the summer or early autumn will be a welcome respite. With the right strategies and awareness, Bath home sellers can effectively navigate these waters and ensure their property finds the right buyer at the right price.

If you are interested in selling or buying a property, then don’t hesitate to get in touch with the team. Contact information can be found at the top of the page.

Bath Landlord Conference: This is your invitation

Posted on by prateek

Well, with the election just on the horizon, understanding the impact of the outcome will be crucial for any landlord and property owner.

This month’s event will take place on the 17th of July, starting at 6:30 and hoping to wrap up by 8pm.

At this conference, we have three incredible speakers lined up for the evening.

Tim Thomas – Propertymark’s Policy & Campaigns Officer, a role in which he regularly digests new legislation, liaises with government departments and attends government and industry working groups. Tim will share his insights into what the newly elected government has in store for the housing sector.

Jacqui Swann & Shaz Sarfraz – Is your tenancy watertight? Do you have every safety certificate? Have you served every mandatory document? If you’re not sure, you could have missed something important that will pose problems further down the line. In this session, Shaz Sarfraz and Jacqui Swann from Battens Solicitors will explain how to ensure you are not at risk of fines or failed notices.

Toby Martin – our very own Bath lettings expert will be presenting an up-to-the-minute summary of the local lettings market, along with some simple tips for landlords to ensure a successful tenancy

So, what are you waiting for? If you are interested in coming to hear what these incredible industry professionals have to say about the local market at beyond, then do order your tickets here: Bath Landlord Conference Tickets, Wed, Jul 17, 2024 at 6:30 PM | Eventbrite

Understanding the Property Market: Analysis of the £/sq.ft trends in the UK, southwest and Bath

Posted on by prateek

Trying to understand the complexities of the UK property market can bring about a headache to even the most educated of professionals. The property market in this country is characterized by a complex myriad of factors. One of these most crucial factors is the measure of price per square foot (£/sq.ft) This allows us to have a standardized level of measure and enables us to compare across different regions.

NATIONAL TRENDS:

Across the UK, property prices have been seeing vast fluctuations over the last three decades. Rather than comparing nominal headline price, the £/sq.ft measure is a valuable alternate indicator to measure these changes. On average in the UK, Q2 of 2024 saw properties have a value of £343/sq.ft. This is up from Q1 of 2023 where the avg. price was at £328/sq.ft. A rise of 4.61%.

As expected, the area with the highest £/sq.ft was the W1 area of London (Mayfair, Marylebone, Fitzrovia and Soho), which sat in the lofty heights of £1,187/sq.ft. Conversely, the rural north saw the lowest figure. Shildon in country Durham (DL4) was £77/sq.ft, a world away from that of W1.

The variable dynamics of the UK market are reflected in these figures. Economic conditions, governmental policies, demographic shifts, and supply and demand levels have all contributed to these varying figures.

THE SOUTH-WEST:

Moving focus closer to home for us here in the southwest of the country. On average the South West homes sold in Q2 of 2024 saw a £/sq.ft of £357/sq.ft. This is up 1.13% when compared to Q1 of 2023 (£353/sq.ft).

So, increasing at a more moderate pace compared to the rest of the country. Here in the SW we have seen significant investment in infrastructure and development projects. This has been bolstering its property market prospects. This side of the country also benefits from enhanced appeal due to strong transportation links to major cities, via major motorways, rail connections and bus routes.

BATH:

Now we are really close to home. The average £/sq.ft in homes sold in the BA1/2 area in the second quarter of 2024 was £480/sq.ft.

This is up from £472/sq.ft in Q1 of 2023. A slight rise of 1.69%.

The presence of reputable schools, a vibrant community, a balance of urban amenities and a suburban lifestyle along with the beauty this city holds, are playing a significant role in this figure and enhance its appeal to homeowners and landlords alike.  

THE IMPORTANCE OF THE £/sq.ft FIGURE:

The £/sq.ft figure is not just a statistic; it is a crucial indicator of the property market’s health and trends. In a previous analysis, it was highlighted that this metric offers a more immediate reflection of the market compared to traditional indices such as the Land Registry or Nationwide House Price Index. These traditional indices lag six to nine months behind due to the time it takes to complete sales and register transactions.

This lag time from other measures allows us to see real-time tracking and gain insight several months ahead of other reports. Therefore, by following the trends of this figure in particular, we can judge the initial trends of the property market and gives an advantage when looking into the property market here in Bath.

If you would like more information about the Bath property market and where it sits both regionally and nationally, then please do follow us on social media, where we post lots of information which will help and guide you on your property journey in the city, along with all our listings and housing updates.

So, what did we learn at Propertymark One?

Posted on by prateek

If you are involved any way in the property landscape in the UK and beyond, then your social media will likely have shown you that this year’s Propertymark One took place a week ago. If you missed that news then yes, the annual conference led by the property sectors professional body, Propertymark, was held on the 14th of June at the London ExCeL and gave us industry professionals a days insight into the changes the property world may see in the next 12 months. Alongside this we also got presented with new ideas around how we as professionals should be utilising our social platforms. This blog will give you a look into the day we had and our key takeaways from this event going forward.

election year graphic with ballot paper and date

The General Election –

Well it’s nearly here, you can almost touch those 2024 general election ballot papers. Last month, Rishi Sunak called a sudden general election following a positive start to the year for his party. In his announcement speech, he said the economy was growing faster than any other country in the G7, and his government had begun to reduce inflation in the country. However, as is customary, the opposition is keen to point out that it is more likely he called the election as the economy is stalling.

Either way, the general election is nearly upon us and the country is more than likely to see a new party come into power, most likely Labour if recent polls are to be believed. So what did the experts at this year’s Propertymark One have to say following the sudden news?

Well, the overarching opinion is that in the next couple of weeks, we are likely to see a slowdown in the property market’s cogs, a property pause if you will. People are most likely to stay put and wait to find out what the new leadership party may do to affect parts of our income streams, such as stamp duty, and other taxes before they make a move toward moving home. If stamp duty is reduced, or even as some manifestos are suggesting, get abolished entirely for young people and first-time buyers, then we may see a sudden influx of house buying. Either way, the election will bring about change and it is also more than likely that we will see a spike in the housing market (potentially an 18% increase in the first 4 weeks after the election based on past data) after the election if past trends are to continue, and inflation continues to fall.

Propertymark membership

The Importance of being a Propertymark Member –

Propertymark is the professional body for the property sector and continues to equip member businesses and individuals with all the necessary tools, training and qualifications for all sectors and staff. Nationally recognised, Propertymark allows agents to display their level of CPD (continued professional development) and the professional standards they adhere to.

This year’s PMOne continued to reiterate that being a PM (Propertymark) member is not only important for showcasing your level of professionalism in the industry but also the benefits of being a PM member. With a new level of qualifications, new benefits for members and the introduction of the company membership, it is an exciting time to be a member. So, as the market and the industry is due to see significant changes in the coming months, it is reassuring for our clients to know that we are Propertymark protected and are keeping up with the latest industry changes.

social media AI generated background

Marketing as an Agency –

In the past marketing as an agency involved just creating some form of content showcasing your listings and maybe a new team member if you were so lucky and creative. However, in recent times this has changed. People are more interested than ever in doing business with people they feel they already know when they want to bring their house to market or find a place to rent.

There was a big emphasis this year on agencies marketing themselves differently. Instead of just showing off the latest and greatest home you may have coming to market and boasting the price it is on the market for, we should be getting our faces in front of the camera, giving people a voice and person to engage with and then do more than just show off the property. People want to hear about the story behind the house and the rooms inside, the land surrounding, and all that good house stuff.

Most importantly, it was advised that agencies should be doing more than a whistle-stop tour of a home on their social platforms. They should be advertising their expertise and knowledge of the local area they cover, showing the latest news in the property landscape, going out locally and showing off the people in their company, going out and about in the neighbourhoods, showcasing local places people may want to visit or be interested in if they are re-locating and are new to town. The idea is that agencies should not only be a place people come to for their home, but for advice about the place they call home.

All of this effort is in the pursuit of making your agency stand out from the crowd, while at the event we were asked to sit down if we didn’t post certain things on social media, and by the end, in a room full of around 50 people, just 3 were left standing. Again, agencies need to become a place people can go to not only for a home but for advice on the local area or an issue they’re having in their property and know your agency is a place where they can step into for the first time, but feel like they are already friendly with you and have made a connection.

This effort is also made to create a trail of breadcrumbs that may lead to future business. For example, if someone is looking to relocate to the city and previously saw a video of your agencies showcasing the beauty of the city you are in, then they may be enticed to get in contact with you first over the other competing agents in town. Alongside this, they may also see some content of yours regarding the local amenities in the city and then trust that you know the city well, leading to a sense of trust, and then contact you regarding a sale of a house. The more listings and people you make an impression on, the more people are likely to recommend you and word of mouth will spread. Leaving these breadcrumb trails back to your agency across various channels is crucial to success in the digital age.

Rounding-Off –

Overall then, the key takeaways from this article are:

  1. Be prepared: There is more than likely to be a flurry of activity after the election. Be prepared for any outcome. Make sure your team know and is made aware of any legislative changes that may be put into effect over the coming months.
  2. Propertymark Membership: This is continuing to be an amazing asset to any team of any size. Individual or Company membership is available and will not only boost credibility as an agent but come with some amazing perks too.
  3. Social Media is Power: The modern era of property agency is upon us. AI assistance will be here before we know it and social media will likely become the leading influence in the next generation choosing an agency when renting or buying a home, based on their connection with the people in the company and the brand they are presented with online. An online presence is so important and you must take the steps now to cement yourself in your local area and get that extra yard on the competition.

So, if you want to get connected with us and see what we are doing on social media, then please go and follow us on all platforms, and as ever, if you want to come and say hi you can find our contact details at the top right of the page.

Propertymark One 2024

Posted on by prateek

Well, what an insightful day the team here at RESIDE had during the trip to London to attend this year’s Propertymark One.

For those who do not know, Propertymark is the leading membership body in the UK for all property agents, big or small, sales or lettings. They provide us with professional credibility and help businesses in the sector be equipped with the tools and training needed to tackle all the hurdles we face and provide us with the ability to grow our professional knowledge, allowing us to gain valuable and nationally recognised qualifications within the industry so you can trust us with your homes.

Since its inception last year, Propertymark One was back again to gather many familiar and influential speakers within the industry to provide us all with their valuable insight into the market over the coming months. With an election on the horizon, we were told all about how this is looking to shape the market over the next 6 months and what this means for us all.

Alongside some incredible talks on the main stage, there were also a host of ‘breakout’ rooms throughout the day which delved further into the nuances of the industry, and focussed on topics the speakers specialised in. Talks here included the way that AI may be changing the way we in the property landscape do business in the future, the benefits of marketing not only our properties but our personalities and knowledge of the market and showcasing industry insights, and the way we brand our business to stand out and be ahead of competitors.

One of these sessions was co-hosted by our very own GM, Toby Martin. Toby and his band of property marketing pros gave us all a valuable look at what it takes to become a ‘marketing superhero’, and gave an amazing insight into the reasons why we as property experts, shouldn’t be all sell sell sell when it comes to social media and our online presence, but become more tell tell tell. Tell the potential landlord or home buyer why we should be the ones they chose to come to through telling our audience about the trends in the market and becoming a place people come to for knowledge within the market. Tell everyone who we are as individuals. People buy from people and we want people to feel they can approach us, know us and trust us before they’ve even stepped foot into our office.

The whole team here are bursting with excitement at being within this market over the coming months. This year’s Propertymark One was a great day, and we can’t wait to be back next year. With the general election brewing and almost upon us, with potentially a new party coming in for the first time in 14 years, the market is due to see some new, and hopefully welcome, changes. We look forward to sharing all this with you as we find out more.

(p.s. We got to see location, location, locations’ one and only Phil Spencer in person!)

If you want to list your rental property with us, find a new place to rent, or begin searching for your new home to buy, then get in touch with our team. All details can be found in the ‘contact’ tab above. We can’t wait to hear from you.