Property search company Stacks has noted the rise of the smaller estate agent as a marked trend.
The firm says that even wealthy buyers are no longer dazzled by the top-end names – and that smaller, local ones are doing a better job.
Amanda Ake of Stacks Property Search said: “Big agents are having to work harder to compete with their local rivals who are more agile and able to offer lower fees.
“Their personal local service appeals to vendors, and there is a decreasing benefit to a national agent who focuses on its ability to reach a wide audience, and have to work hard to provide a personal and competitive service.
“This is because the dominance of property portals allows small agents to reach the same potential buyers. Gone are the days when the larger agents were the only ones approached by top-end buyers and those from out-of-area.”
Other trends Stacks have noticed include a loss of buyer appetite for ‘wrecks’. The firm says most of their clients want a property in perfect condition, which they can move straight into without having to worry about raising finance for both the purchase and its renovation.
Bill Spreckley of Stacks said: “The market has reversed. Ten years ago, wrecks would go for barmy prices at auction as developers, builders and renovate-to-live buyers competed with each other. Today the auction rooms are a much quieter place.”
The firm says that buyers who once would only have considered a period property are now being seduced by newer homes, for similar reasons.
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Comments
Santo, there is no way you would sell any property at an auction if you were selling your own, you maybe ignorant but I don't think thick, in 99% of cases they will never achieve the best price, thats why they are full of Repos.
Always deal with the names above the door not a dopey staff member who never has the same enthusiasm
The owner will care more about the long term plan of service the staff member wants a quick sale with no work
@ Santo - you seem to forget the fact that vendors dictate the price they accept and there aren't many who would be prepared to "flog" their house at an auction.
I agree that auction rooms are far from empty though.
"Today the auction rooms are a much quieter place."
I take it this chap hasn't been to any London auctions over the last year or so. They're brimming at the edges and the prices that some of these properties are going for is phenomenal.
What agents should be doing is flogging their stock at auctions!
I saw a corporate agent's leaflet the other day mentioning the branch manager, his partner & daughter in the leaflet. To my horror using a picture of his 5 yr old daughter leafleting and trying to portray him as a caring, family man. The leaflet was poorly produced and simply sickly. Why would you put your daughter's image through hundreds, if not thousands of people's doors? Mindless!
Couldn't agree more. The whole concept of a "corporate" business is now out of date in all industries as web and cloud technology levels the playing field for small businesses, giving them access to worldwide marketing exposure and industry specific apps, allowing the small business to focus on customer service as its top priorities. Watch the mediocre corporates struggle in coming years. I've just posted a short blog on why independents can give better service than corporates too. http://www.thebu2iness.co.uk/?p=3545
What I've always maintained. At Remax we are the perfect blend of independent local agents who offer the better personal service combined with the knowledge base and brand power of the top world wide network in the business. its win- win for our clients
Its good to see the above in print, all of which aligns with my own experience .... as a one branch business staffed entirely by family at present (fully licensed & compliant). Word of mouth has spread, and we get more than our fair share of business, thankfully. We are still a very long way from having Ferraris though ..............