An entrepreneur is thinking of starting up a website for estate agents to list their ‘hard to sell’ properties – and is asking for industry feedback.
Linda Spector, who has invested in property in the past and whose business is in putting together websites and creating lead-generating marketing campaigns, says there are many reasons why properties ‘stick’.
She said that they might include the sellers being in negative equity so cannot drop their prices; the owner will not drop the price anyway; or the property is in a poor state.
She said: “The idea is to attract buyers or investors who are willing to buy property in different and creative ways who can get these properties shifted. The listings for the estate agents would either be free or very low cost.
“My reasoning is that there is currently a situation in this country that I think could be alleviated.
“Firstly, people are finding it difficult to sell, but also finding it difficult to buy.
“Meanwhile, estate agents are losing customers to other agents because they can only offer one solution, which is to drop prices. But many owners can’t or won’t drop to the level needed for ordinary buyers to buy. However, the same situation still exists when people move to another agent.”
She claims that there are many ‘creative property consultants’ – she describes them as investors trained in new and creative ways to buy and sell properties – who are doing deals where estate agents cannot.
She said: “My idea is that the creative property specialist comes in as the adviser before the estate agent loses that customer to another agent. My site is just the intermediary putting these people together.”
Spector said: “What I want to know is if there is a level of interest among agents to work with these consultants on an advisory level.”
Any feedback can, of course, be posted below. Bad idea or good idea? Let us have your thoughts.
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Comments
@ Rob .... Who do you think told Linda's neighbour at what price it should be marketed ? for 3 years ? What lemon has spent on advertising her property at the wrong price for 3 years ? Estate Agents that's who.
She should drop her price from what ???? from what an estate agent "valued" it at ?
I guess 'Patent pending' had a point...
Linda,
I would suggest your neighbour drops the price furthur if it hasn't sold after 3 years its still clearly overprice. A house is only worth what someone is prepared to pay for it. Not what you would like it to be worth. Only the foolish are stretching themselves to buy into the ponzi scheme that the current housing market has become, let alone using "creative property consultants".
As for the other houses that just wont sell, they are simply asking too much. No if's, no buts, it really is that simple. The banks know this and now the average man in the street has sussed this out. The game is up.
For you sensible posters, let me just give you an update as to what has been happening behind the scenes while this thread has been going on.
Firstly the idea of a site that lists hard to sell properties.
I ave dumped that idea because of the very issues that came up on this thread, however I have been contacted by estate agents who want me to put them in touch with creative property consultants in their area. I have gone out and tried to find people in their area to put them in touch with.
On a personal note , my next door neighbour has had her house on with three different agents each time dropping the price and is extremely distressed, this has been going on for 2 years, I have said that I will do the research to find a consultant in my area who can help her which is what I am doing. So I think that a website that lists the creative property consultants with their case studies, reviews, testimonials, areas of expertise etc that estate agents can refer to is a stronger idea.
Again any thoughts welcome
AoS - thank heaven for sensible posters like you, HD, Ray Evans and Rob Hailsone - consistent sense-talkers!
What DOESN'T worry me is that your opinions differ vastly! I would expect that - and none or all of you could be right in your opinions. What is without doubt is that this lady is prepared to lift her head above the parapet with an idea expecting shots to be fired
I've kept out of this one so far - although when some joker suggested it was the brainchild of a certain chap hiding/residing in Devon I nearly stepped in... if only to point out that a brain would be missing in the equation if that were the case... ;o)
I actually think that this may have legs. Jelly ones, maybe - but legs nevertheless.
I would have a raft of questions that would need satisfying before loading any of my properties to this proposed site - but if it sold just one, then it would achieve something that couldn't be achieved otherwise. The thought of Agents needing to advertise 'problem' properties on a specific website scares the bejeezus out of me, to be honest - but show me who is offering anything like an alternative other than having these properties sticking out like sore thumbs on RightMove & Zoopla and making the other listings look cheap.
I'm the first to jump on those that think they have the next 'Hovis' - you know that. But like you say, if this lady wants to drive this concept forward, then I'd be interested to see it develop.
I really don't know if this IS the next Hovis - or a pile of mouldy old dough.
But, for those that remember, Mouldy Old Dough was a Number 1 hit - so who knows!
In MY humble opinion, AoS, YOUR opinion and those others I mentioned are worth 20 others, and I would suggest that Ms Spector needs to take notice of those.
Linda, you could have come here with a water powered car; this lot would've found some faults!
No business takes the whole pie. If you feel you can earn a slice to be successful, go for it and good luck.
Re my website, you are right it needs work, I have never had a client from my website which is why I don't bother with it,
I use networking and calling to gather clients and as I work on a pay on performance model they don't give a cxxp what my site looks like as long as I get them business.
My lead generation sites are simple landing pages with a lead capture form, bullet points and sit at the top of google for the keyword phrases that get the phone calls.
They look ugly but they perform well, I use number tracking to monitor calls so I know what results my clients are getting.
Service magic which is the biggest lead provider out there with billions of dollars fo revenue uses a simple form to capture leads and doesnt bother with much else.
Beautiful singin dancing websites for lead generation are a waste of money and don't do the job. The reason I have my sites there is because if anyone types in white daisy marketing the will see my sites and video take over virtually the whole page of search results.
Before I did that there were all sorts of random results
and I wanted to dominate the page.
Plus, looking at your own site, I think you need to brush up on your internet marketing skills, no contact fom above the fold on the first page, no customer testimonials, all the basics of an effective lead generation website, etc etc.
Plus, you claim you're a repuation management provider, and yet when I type "white daisy marketing reviews" into google, there are zero reviews. Not a great advertisement of your own services.
How about sorting your own profession out before you come and try and sort ours out?
Oh dear, another "internet marketer" that thinks they know the property market better than the estate agents that work in it day in day out.
No amount of internet marketing will ever get this idea of the ground, you've been told countless times by people that actually know what they are doing, yet you will still press on and waste time, money and effort on a site which will never work.
Do you realise the spend of your compeitors? Yes, you have a "niche" (see I know internet marketing as well!) but it's a rubbish one.
this is actually the latest brainwave of one P. Hendry.
Yes Hawkeye it looks rather like you sat down on that pointy end a bit too hard. Whilst you are Googling add "fwit" to your list.
@ Hawkeye... was there any need for that ?... really ?
Linda has floated an idea, thats all, an idea. Where is the harm ?
Autotrader carries a section for "salvage" and guess what, all the salvage dealers head for that section. Just like auction houses are known for clearing repos the people seeking that type of deal head there, and sometimes, just sometimes they draw good money.
Yes, its probably not going to set the market on fire but neither are you. Go and Google "manners".
I thought this topic had finished but I find you kind gentlemen have been filling in while I was away.
Thank you hawkeye for bringing me back by telling me to bugger off. I agree I haven't worked in the sharp end of the property business nor have I ever claimed to.
I'm an internet marketer , and build lead generating websites, uum what is rightmove again.
Absolutly this is nothing new, I agree, this should go main stream. How robust the legal framework in this country is I can't say , only that solicitors are doing the contracts for these deals and so far there hasn't been an issue as far as I know.
How will people who are unsophisticated understand this from a website, by the use of case studies from the people who are doing this every day. By using video of the people who have been able to move on with their lives because of these agents. Do people need to understand nuts and bolts , no, social proof is what does it. It's called marketing!
Pull the other one, thanks for your input, ver useful!!
I think we should put all property on a single site as not much sells easily these days by comparison with the heady days gone by.
We should call the site something like say Right Move or something similar. What say you guys??????????
Why would any self respecting agent blab about the ones hard to sell? It is easy all you need to do is de-list and re-list and it comes up as a new listing so the stale ones are eliminated.
Ms S I do believe you should just sit on what you are talking out of and get a proper job as you are making yourself look a damn fool. You have not worked in the property business at the sharp end and I bet your experience is in buying the odd property to live in and you spend your time looking and dreaming of property on the WWW. Get a life and just bugger off.
Guys what this lady is proposing is nothing new.
Just do a web search for lease options or 'rent to buy'. Some agents are already doing similar schemes which used correctly can work quite well. Unfortunately a lot of property investment 'gurus' are dressing it up as a 'pathway to riches' for investors. It works in Australia & the US but the legal framework isn't as robust over her so if things were to go pear-shaped then nobody has a clue what will happen!
This site will fail just like every other new "property portal" who's sole advertising strategy is based on posting pr on EAT.
Yes you have the ability to work magic on sales that people think they might not be able to afford but how are you going to get this thorugh to people. I think you're assuming the general public are a lot cleverer about the finanicial aspect of things than they actually are.
For example, you might be able to arrange a purchase for me on a house at say £200,000 but I don't think I can afford it without having spoken to you or your team. If I don't think I can afford it, how are you going to reach me and let me know that I can?? How are you going to convey all these wonderous ways of house purchasing through a portal. If I don't think I can afford a house, I won't look at it in the first place, which means I don't call/send my information for more details, how do you bridge that gap?
'Information Hungry estate agents' DFO this is where all the Rightmove and DPGzoopla reps hang out to knock chunks out of each other and anyone else who dares to have a not Rightmove or Zoopla story published.
Admittedly there are a few Shizzle Givers but Estate Agents? Nah!
As for this latest entrepreneur, very obviously an HPCer.
Ummm how do we get the bastads out of their homes so me, Rant, Brit and Sibley can have the homes we are entitled to?
I know stitch em up and move em out! the URL is free too but a bit to obvious. How abouts we play the caring helpful card. Goodwillrepos.com? movehomewithmum.com?
It is your money linda, spend it how you will
Come to www.deadwood.com. We have bargains galore, all our stock is massively overpriced, everything must go! Take this. 3 bed we I in acacia avenue, it's surveys at £180,000 but it could be yours for. £230,000'. Sounds like a winner to me linda, go and fill your boots.
Sorry
email is
enquiries@whitedaisymarketing.co.uk
again
Thanks
One and All
Thank you everyone who contributed to this thread, and I include recipe for christmas cake in that (hilarious).
If anyone has any further feedback I would love to hear from you . My email is whitedaisymarketing.co.uk
Thank You All!!
Linda
Once again this year, I’ve had requests for my Vodka Christmas Cake recipe so here goes. Please keep in your files as I am beginning to get tired of typing this up every year! (Made mine this morning!!!!) 1 cup sugar, 1 tsp. baking powder, 1 cup water, 1 tsp. salt , 1 cup brown sugar, Lemon juice, 4 large eggs, Nuts, 2 cups dried fruit and 1 bottle Vodka, Sample a cup of Vodka to check quality. Ta...ke a large bowl, check the Vodka again to be sure it is of the highest quality then Repeat. Turn on the electric mixer. Beat one cup of butter in a large fluffy bowl. Add 1 teaspoon of sugar. Beat again. At this point, it is best to make sure the Vodka is still OK. Try another cup just in case. Turn off the mixerer thingy. Break 2 eegs and add to the bowl and chuck in the cup of dried fruit. Pick the fruit up off the floor, wash it and put it in the bowl a piece at a time trying to count it. Mix on the turner. If the fried druit getas stuck in the beaterers, just pry it loose with a drewscriver Sample the Vodka to test for tonsisticity. Next, sift 2 cups of salt, or something. Check the Vodka. Now shit shift the lemon juice and strain your nuts. Add one table. Add a spoon of sugar, or somefink. Whatever you can find. Greash the oven. Turn the cake tin 360 degrees and try not to fall over. Don't forget to beat off the turner. Finally, throw the bowl through the window. Finish the Vodka and wipe the counterOnce again this year, I’ve had requests for my Vodka Christmas Cake recipe so here goes. Please keep in your files as I am beginning to get tired of typing this up every year! (Made mine this morning!!!!) 1 cup sugar, 1 tsp. baking powder, 1 cup water, 1 tsp. salt , 1 cup brown sugar, Lemon juice, 4 large eggs, Nuts, 2 cups dried fruit and 1 bottle Vodka,
• Sample a cup of Vodka to check quality. Ta...ke a large bowl, check the Vodka again to be sure it is of the highest quality then Repeat. Turn on the electric mixer. Beat one cup of butter in a large fluffy bowl. Add 1 teaspoon of sugar. Beat again. At this point, it is best to make sure the Vodka is still OK. Try another cup just in case. Turn off the mixerer thingy. Break 2 eegs and add to the bowl and chuck in the cup of dried fruit. Pick the fruit up off the floor, wash it and put it in the bowl a piece at a time trying to count it. Mix on the turner. If the fried druit getas stuck in the beaterers, just pry it loose with a drewscriver Sample the Vodka to test for tonsisticity. Next, sift 2 cups of salt, or something. Check the Vodka. Now shit shift the lemon juice and strain your nuts. Add one table. Add a spoon of sugar, or somefink. Whatever you can find. Greash the oven. Turn the cake tin 360 degrees and try not to fall over. Don't forget to beat off the turner. Finally, throw the bowl through the window. Finish the Vodka and wipe the counterOnce again this year, I’ve had requests for my Vodka Christmas Cake recipe so here goes. Please keep in your files as I am beginning to get tired of typing this up every year! (Made mine this morning!!!!) 1 cup sugar, 1 tsp. baking powder, 1 cup water, 1 tsp. salt , 1 cup brown sugar, Lemon juice, 4 large eggs, Nuts, 2 cups dried fruit and 1 bottle Vodka,
Sample a cup of Vodka to check quality. Ta...ke a large bowl, check the Vodka again to be sure it is of the highest quality then Repeat. Turn on the electric mixer. Beat one cup of butter in a large fluffy bowl. Add 1 teaspoon of sugar. Beat again. At this point, it is best to make sure the Vodka is still OK. Try another cup just in case. Turn off the mixerer thingy. Break 2 eegs and add to the bowl and chuck in the cup of dried fruit. Pick the fruit up off the floor, wash it and put it in the bowl a piece at a time trying to count it. Mix on the turner. If the fried druit getas stuck in the beaterers, just pry it loose with a drewscriver Sample the Vodka to test for tonsisticity. Next, sift 2 cups of salt, or something. Check the Vodka. Now shit shift the lemon juice and strain your nuts. Add one table. Add a spoon of sugar, or somefink. Whatever you can find. Greash the oven. Turn the cake tin 360 degrees and try not to fall over. Don't forget to beat off the turner. Finally, throw the bowl through the window. Finish the Vodka and wipe the counter
"He keeps referring to this as a blog site which it simply isn't, it is a forum."
Actually, no it isn't.
"EAT ...is a web site aimed at delivering daily news and supplier / product information to information hungry estate agents."
It just happens to allow those who give a shizzle (...or pretend to be a clever-dick for the Hell of it...) to make comment on some of the stories.
At least you acknowledge I HAVE a neck to be able to wind in.
What's your excuse?
Cheap Shot has made the same comment on 3 occasions in the past 7 days on 3 different stories.
He keeps referring to this as a blog site which it simply isn't, it is a forum.
"I would much rather people like Dan and Charles share their comments as a post within a story than get treated to another Newsvertorial"
Sorry - who is Charles? No-one calling themselves 'Charles' has commented on this story so far.
Or - is it that YOU are more than one poster in this instance?
Think you might have tripped over your own ego this time.
Oh - and by the way - you might THINK that "whosoever can say whatsoever" on here or anywhere else - but that's far from true.
You only get away with it until someone takes it down...
Sadly what you propose is what agents should be doing... finding alternatives and thinking outside the box. They don't.
Just like they should provide decent photos. They don't, and good floorplans, they don't. Tech savvy content, they don't. Negotiating hard instead of just passing on offers, they don't.
Trouble is, even doing a poor job, some houses still sell anyway and the fees cover the costs plus some. Risk averse they will stick to the same old until such a time as something forces them to do otherwise.
A tough nut to crack.
this is a forum, whosoever can say whatsoever and it isn't down you to mind, or have a pop at other posters, leave that for the rightmove and zoopla reps.
I would much rather people like Dan and Charles share their comments as a post within a story than get treated to another Newsvertorial.
So there it is Linda, what you propose is 'what every agent should be doing anyway'. You can't teach an old dog but you've certainly prodded him with a stick to wake him up...
Sorry but we're pre-programmed from manufacturer so our reaction is always the same, rinse and repeat...
Sadly we're hooked on us and withdrawal's a b*tch!
'Patent pending' summed it up nicely but hey if we won't break bread with you then make your own, target the vendor directly?
Me and you against the world...........
refrained from advertising I have no doubt you are wonderful agent who does a bang up job for your clients,
However I have just taken this excerpt from another article on this site
"First-time buyers will make up 25% of prospective buyers next year – well short of the 40% level seen pre-credit crunch.
Rightmove says that 22% of first-time buyers expect to have a deposit of less than 10%.
The site said its research showed a growing list of challenges for first-time buyers trying to get on to the property ladder, with three in ten saying their biggest single concern is finding a suitable property to buy.
Rightmove says the lack of suitable first-time buyer property is caused by the number of ‘second steppers’ who cannot afford to move on. Around one in five (18%) of second-steppers say they are in negative equity and therefore reluctant or unable to come to the market."
If there is anything that can help alleviate this situation then surely it's worth exploring
Patent Pending,
Thank You!!!!!
At last I feel I'm getting somewhere.
More suggestions please!
Sadly Linda your impression of estate agents in the UK seems somewhat restricted. As Ray Evans said: ‘Surely this is one of the main things a good experienced estate agent is employed to do.’
Everyone seems to think that they know how to sell houses better than estate agents when the only thing that most third parties really want is a slice of the action, either by charging agents a fee or by selling products and services to divert income streams away from the agents.
Most third parties need estate agents more than we need them.
We have our own Firm’s commandments:
Thou shall not rely on any third party for anything. [Outsource yes but not solely rely]
Thou shall not have ‘ties’ with or assist financial gain to any organisations that market themselves professional, fine, right or helpful etc.
Our policy is simple: If the seller agrees, the buyer agrees and it’s legal, we’ll do anything.
It’s called experience and using your initiative. You will not receive resistance from good solicitors if the methods truly benefit both seller and buyer.
We have satisfactorily increased our first four months income [current financial year] without one penny being spent on portals and a significantly reduced advertising budget. Our target is no less than 100% increase over the whole year. We admit that the market is difficult and we are working harder and longer, but who isn’t? Who minds if the result is a healthy gain?
Bravo Linda, for having the courage to tackle this area of the market and for directly answering our questions.
We're a cynical bunch and we never play nicely when it comes to our stock. Like wise we see innovation as a smear on our reputation, a kind of ''we should be doing that anyway'' sort of thing. Similarly vendors can be very proud but not so behind closed doors so rather than openly advertise properties why not offer your services on a referral basis?
We supply the property, you find the buyer and together we sell it to the vendor and tie up a deal?
You only need to advertise the service not the property.
First of all lets be clear, I am not suggesting a graveyard portal. In fact I am not suggesting any particular type of website that would be injurious to anyone, there must be a solution that could be on an internet related platform that could solve these issues. Just because other property sites have taken the zoopla model doesnt mean that has to be the model.
If anyone has an idea for a different type of internet model that could work I'm all ears.
Re the negative equity example as I said these sort of deals are done every day, where does the vendor go ? I don't know it depends on their circumstances, they might move in with their mum or girlfriend , the point I'm making is that whatever the transaction is it has to be in the best interests of the vendor and offer them a real alternative, anything else would be unethical. Transparency is everything. Each solution is different there is not one size fits all approach. That's why I say 'Creative property specialist'
Dan, other low life have "advertised" on this blog site for free and failed, get a life fool. Cheap shot.
I am a young entrepreneur and currenly implementing a selection of new innovative ways to increase sales in the property market.
I have considered something very similar to what you are purposing, in fact channel 4 are currenty making a program which does exactly this. I was contacted by them numerous times to give them a project property that is having trouble to sell.
My reason to not go ahead with channel 4 or a website like the one you are purposing is that i personally believe it has a negative effect on the agent. If i had my own branch and i couldnt sell a property i wouldnt want to advertise the fact that i cannot sell a property by listing it on a "Grave yard" portal.
I have many ideas and current projects that can achieve what you are trying to do without the negative effect on an agents brand.
If this is something you would like to discuss then please feel free to email me dan.q.green@gmail.com.
If the vendor is struggling to find £208 to pay their mortgage where do they go to live once they have sols?
You have stated that their property would cost an extra £292 to rent each month so I am a bit lost what you are going to do with all the vendors.
It might be a really terrible idea, but at least it is an idea. Which is more than most of you have.
You might want to think of another one though.
Mr, Baracus
re the legal side of this, there are quite a few solicitors who specialise in drawing up contracts for these type of deals and more solicitors are coming on board.
Commercial property solicitors are pretty used to drawing up contracts based on individual terms of agreement and would have no problem with this
Hello Anonymous Coward (love that name )
Let me just say this , this is not hypothetical, these type of transactions including with negative equity are taking place every day.
Let me give you an example of how a negative equity deal could work.
house originally purchased by vendor for 100 k with 100% mortgage
price of house has reduced 15% so value is 85, k
the mortgage was originally fixed but has reverted to variable and is now at 2.5% so repayments are £208
market rents in the area £500 per month for similar houses.
A buyer is found who doesnt qualify for a mortgage, , they have an option to buy the property for 110,000 in 5 years time. It is an option so if prices haven't risen substantailly in that time they can either renew the option or renogotiate or walk away in which case a new buyer can be found.
they pay getting started money of £6000 which goes to pay the estate agent, the property specialist and the vendor who just wants to get out from under the property is delighted to have some money in their pocket to go and start again. The buyer already has a home and decides to rent out the property for the current market rent of £500 making a monthly gross of £220
so
the buyer has gained because they were able to buy a property worth 85 k without having to qualify for a mortgage , they have agreed to pay 110k in five years time but they have the option so are not committed.
their deposit has only been 6k instead of 17k and they are making a monthly profit.
the seller thought they were going to be in debt to the bank for 15 k and would have lost a further 3 k at least in selling expenses now they are free and clear with 2k in their pocket, the agent thought they could never sell this property and it was costing them money to keep on their books and the agent was avoiding calls from th anxious seller, the agent has got his fee, and his reputation is enhanced the creative property specialist has got their fee. happy days!!
Different schemes have been and gone over the years, the sort of schemes that are being proposed here may hook some people in in desperate/vunerable positions, but the reasons why call the property market a 'market' is just that.
In our area of practice, a slight correction in prices would help, but we are finding a lack of confidence in buyers and also finding from vendors that we speak to worryingly that they think house prices will actually rise next year.
Still nice to see BTL investors coming back to market.
Interesting. So the 'creative property consultant' is focusing on the financial side of the deal. Though I do foresee a few problems with tenancy agreements, first charges, and the legal contract if one of the parties suddenly decides that they want out of the deal a few months or years into it? Sounds like it would be difficult to button down all the legal permutations under the current Housing Act 1996 and under the current conveyancing procedures as regulated by the law society or the council for licensed conveyancers.
Linda, you wrote the retiring specific example while I was writing my entry.
The question in the end would still be why would the vendor want to expose themselves to such a risk given the current state of the economy?
Whilst I can see that your example works, it is just an example (on a small scale) of a CDO or Collateralized Debt Obligations. These are the things that got us into the mess we are in at the moment.
Whilst I would love to be back to business as usual, the basic simple truth is that we must return equity to the market and drop LTVs and income multiples back to sensible levels.
The only way to achieve that given the static nature of property values is to wait until everyone has paid sufficient amounts of money into their mortgage accounts.
It is going to be a very long 10 years...
I'm interested, I'll admit, but then I am also very sceptical.
I would love to be able to wave a magic wand and make each property transaction just happen, but...
Rightmove/ Zoopla let buyers who are interested see properties they would like to buy.
They are already doing that - right now - you can see it in the client report search stats from RM.
The only thing that I think could help is that the website would be massively targeted on Financial Services to "sort out" the problems.
But we already know that both buyers and sellers absolutely hate being sold a mortgage and/ or FS and rapidly disengage.
But, regardless, someone in negative equity BY DEFINITION cannot pay off their mortgage by selling the property - so what magic wand could you wave to make that happen?
If they are paying their mortgage each month, the lender just leaves them alone, trapped in their property. They will not offer a reduction out of the goodness of their hearts now will they.
I wish you good luck, but just can't see how it will work, but then if you are truly innovating, then the products you offer by definition are things I can't see or have never thought of.
Mr' Baracus here is a hypothetical example
Lets say the vendor is retiring and wants to downsize but doesn't actually need the money from the sale of the property ( the plan may simply be to put the money in the bank where their interest rates would be dismal) They have paid off their mortgage over the years, a buyer with a small deposit comes along who is able to a higher rent.
An arrangement could be made between the vendor for 'seller financing' the vendor gets a nice return every month that they would have never got through the bank, their money is safe because they still own the property or have first charge over the property. The agent and creative specialist take their fee from the deposit and the buyer gets a a great house .
As you can see this is a very specific example, every situation is different and requires a different tailormade solution which requires great rapport with the seller and the ability to ask the right questions to know what strategies are available to sell the house.
A genuine question - if someone wanted to buy one of these houses on the site but had a limited deposit then how could the 'creative property consultant' help? I don't understand their role or input - are they property staging experts (like Kirsty/Phil) or are they financial experts?
Please explain...
Advertising on such a website will not make a property appear desirable.
Save your money.
Linda....Instant perception of a buyer when looking at your site will be: I will offer a low low price, the sellers are desperate.
The job of an agent is to market your property as best as possible, when on an instruction I find it difficult to believe that an agent will admit to being on such a website.
Sorry.
Sounds like good advice
Waste of time. Another new website ... one of these a week coming out at the moment. Don't bother Linda.
Yes and today Monday 12th November on a glorious winter morning !!!!!!!! oh and by the way I won the lottery at the weekend !!
Sorry Linda - I realised it was an example. You "got me started" on my soap box when you mentioned CCJ's having sued 3 people in the past 4 years for money owed - people who really couldn't give a hoot, and I still haven't seen any of my £9,000 owed!
What exactly is a creative property consultant?
Are you talking about doing a 'Phill and Kirsty' on them or something a little more sinister?
It almost looks like you know a few investors looking for distressed sales Linda?
Tomorrow's Euromillions Jackpot numbers are:
05 18 22 34 41 Lucky Stars 01 11
Boring I am out of here this seems to be going round in circles !!!!!
I get the concept, but I don’t quite understand who this would attract? Who will visit a website to see houses that are struggling to sell, or overpriced because they’re in negative equity?
Will it not just act as a site for general buyers to visit to basically tell them what NOT to buy? Thus rendering them even more unsaleable by eliminating the mass market demand?
bollinger
that was an example
how about
foreign workers
first time buyers
families with small deposits
self employed free lancers
"may have a ccj in the past due to the normal rise and fall of business."
Is having a CCJ a result of such normality?
..interesting example. I would suggest that anyone looking to buy a house who has a CCJ, should satisfy the CCJ first.
"...“My idea is that the creative property specialist comes in as the adviser before the estate agent loses that customer to another agent. My site is just the intermediary putting these people together.”
(At no cost?)
Surely this is one of the main things a good experienced estate agent is employed to do?
To be blunt, I do not think it will be successful and as they say "I'm out".
re ridiculous idea, (thanks for that comment) you raise some good points. What would separate this site from all the others out there that list properties. Why would people buy from a site that lists hard to sell properties.?
Let me answer those points.
Firstly the problem is not limited to people finding it hard to sell in this country it equally applies to people wanting to buy. Banks have a stranglehold on mortgages and unless you have at least 20% deposit then it's hard to find a mortgage. If a buyer is looking for a 400k house ( we are not just talking low end properties here) then they have to come up with 80-100 grand. Now how many people have that money sitting around in the bank, and even if they do they may not want to put it all into a property. Now lets take a self employed business owner who's making good dosh but may have a ccj in the past due to the normal rise and fall of business. He may well want to upgrade from a present home and has the income to pay the mortgage and more . It is at this point that the creative property specialist can step in and create a solution that can suit all concerned. A vendor wanting to downsize from a large home, the business owner and the agent who shifts the large home that may be sticking due to a small pool of buyers who can get a mortgage.
This is the type of deal that routinely takes place and would be of great benefit to all parties (IMHO)
Sounds an interesting idea but will the flip side be that the vultures will circle and will prey on those who, over time, become more and more desperate to sell under any circumstances?
Great idea - anything to get the housing market moving is good by me!!
This seems a ridiuclous idea. What would your site offer that no other portal does?
If they're not selling on Rightmove, how are they going to sell on your website at the same price, same photos, same property description. it's another waste of time portal that will be nowhere in 6 months.
Who would want to buy property from a website which only lists properties that won't sell. And what vendors are going to want to give the perception that their property won't sell by having it on the site? All it would mean is massviely redcued offers from investors.
Give up.
Banks giving away 110% mortgages is what has got us into this mess in the first place !!!
Great Idea if you want to send your number and details to my email address and your area I'll try and put you in touch with some people who can come up with some solutions for you.
No guarantees, it depends on what your own individual situation is!
Thanks for your comments Bollinger (all feedback gratefully appreciated folks!)
Re the comment on the graveyard aspect thanks for that, it is all about perception. I would position the site as offering increased choice. Re monetising the site I understand that Estate Agents are suffering with Right moves fees as the moment (which must be all the more galling since it was they sending their customers there that got Rightmove successful. I'm thinking if it would be possible to offer free lisitngs to everybody.
I completed in July 2008 with a 110% mortgage and so can not afford to drop to a 'realistic' asking price. What cunning plan (creative way) will help me out of 35% negative equity and get my house sold?
...the fact that entrepreneurs and agents are coming up with solutions demonstrates that there is quite a lot of stock which is hard to shift. I am afraid to say that many pundits, commentators and indeed those in the industry (see Knight Franks report last week) may well be right: that a correction in the market is still overdue.
Good idea - to have a site which has such a listing. But won't it become the "graveyard" property portal? (note to self: check availability of GraveyardHomes.co.uk) If a house doesn't sell after a "reasonable" period, then such a site could become the "last resort", which in itself will have a negative effect on value. It could be perceived as the site with homes which are simply awful, badly presented, on busy roads, next to Power stations, in Hounslow, or simply massively overpriced. If it is FREE, then agents should list all their properties on there anyway. Then you can start charging once it has critical mass! Where do I invest?
Property marketing in the UK has always seen new initiatives when the market is bad. Think back to agents offering No Sale, No Fee, 7 day a week opening, offering financial advice and the advent of property portals. All these tactics were revolutionary at the time they were introduced.
I can see a rise in different offers to vendors to try and promote their properties differently.
Price will ALWAYS be the primary factor in selling a property but I would suggest that traditional agents look to offer extra 'value added' services to vendors which can support the vendors price and get deals agreed STC and then the agents shows their real value in their skill in navigating the sale to completion.
Their is a site which does offer something similar called "unmodernised" not sure if that is a competitor?
Very best of luck with this venture. I hope it suceeds.
Thats true Price is Key
But what happens if the owner is not in a position to drop the price. My point is agents need more tools in their toolbox and I'm not talking about home staging although that can shift houses I'm talking about using creative terms such as are commonly used in the USA, and Australia
Sellers need to get real on their pricing to sell their houses. It's as simple as that.
I am a high-end agent and we had a client who was on with another (much more well known) high-end agent at £1.4m. The customer took the advice of the other high end agent and spent circa £20k on 'dressing' the property and Feng Shui or whatever other crap they could think of. They still couldn't sell it.
He put it on with me, but at £1.2m, and guess what? We sold it. It had nothing to do with the home staging person, it was to do with getting the price right.
I am sure there are other 'ideas' that you have, but it is simply down to price.
For the properties that are run down, they should try Auctions.
My email is enquiries@whitedaisymarketing.co.uk if you need to contact me.
Linda what's the best way to contact you
We have various ideas needs discussion
Good luck seems a good idea
Why wouldn't any agent be interested if it helps them to sell more properties?
Linda, you will need to make it free for agents to list or better still pay them to list.
Whatever you do though, don't be successful and make a profit, agents don't like that.