I’m not suggesting you play down or trivialise real problems, nor make up ‘fake good news’ but there are nuggets of genuine optimism around. And since Covid, there’s become a real pride in neighbourhood activity which is perfect for local estate agents to emphasise.
Pick out the good news
For example, the UK’s inflation figure has dropped slightly for two months in a row and there is general agreement that inflation has peaked. It’s still hugely high, of course, but the government target is to halve the current 10.2 per cent inflation by the end of 2023.
And it’s worth reminding consumers that we’re in a very different and more financially secure time than in the late 2000s when the banking crisis hit.
For example, half the buyers of homes in 2021 paid either 100 per cent cash or had mortgages for less than half the property value. And those with mortgages usually had to pass more stringent finance requirements to get one in the first place. This is a far cry from the late 2000s when banks had more relaxed lending rules and consequently the threat of negative equity loomed large.
Meanwhile, there’s a morsel of good news about mortgages too. Independent mortgage monitoring service Moneyfacts says the average cost of fixed rate deals across all deposit levels at the end of January stood between 4.63 and 5.03 per cent depending on how long the rate is ‘fixed’ - that contrast with highs of over 6.5 per cent in October.
Energy prices are less bad than expected. Analysis by Investec, a business consultancy, suggests the cap on annual energy bills will fall to £2,478 in the summer, down from some other estimates of £2,800 or more. Wholesale gas prices have fallen as mild weather and high levels of gas storage in winter have offset potential shortages of Russian gas.
There’s even some good news for some would-be first time buyers currently paying high rents. If they’re in lower cost areas outside Southern England. It’s likely that their monthly mortgage repayments on a similar property to the one they rent may be less than their monthly rent and associated costs - and that’s even at five per cent interest rates.
Don’t forget the neighbourhood
While individuals, groups and local authorities are all feeling the effects of an economic slowdown there’s likely to still be plenty to cheer about.
If your agency is sponsoring a school or community event, contributing to a charity or local fund-raising, then use your newsletters and publicity machine to let people know in an appropriate way.
Many communities are currently planning their May Coronation activities, including how to fulfil King Charles’ desire to emphasise volunteering. How better to do this than for a local agency to appoint a day when staff can help local good causes?
Your own sales and lettings successes
You are bound to have your own good news stories, ones which you can quite reasonably publicise to show that the property market is not gloomy everywhere.
If you’ve had a long-stalled property that’s finally sold, or a family that’s delighted at finding their ideal home after an ‘in between’ period renting, then let people know about it.
With all of these, the key is subtle and discreet publicity - not shouting from the hilltops but helping to create some feelgood mood music about your locality, your company, and your successes.
And more generally, use housing market data to emphasis the positive. For example, data from Zoopla just this week shows that the average estate agent now has 23 properties for sale, up from a low of just 14 homes in early 2022. This will not only provide more choice for would-be buyers, but it will also reduce the pressure on prices.
A mix of media is essential
We live in a very diverse world of communications these days, so if agents are to emphasise their good news they need to do so by a mix of media.
Social media is a valuable means of getting news to younger people and those who travel a lot for work or pleasure; more traditional newspapers are the right way of hitting an older audience; that board saying how your agency is helping fund a local fete will be noticed by parents picking the kids up from school.
In other words, don’t put all your good news eggs in one basket.
And don’t forget the human touch…
One agent I know is holding some in-person sessions in March at local halls in his patch, to explain how there are still good reasons for selling, buying and investing in property in 2023.
This isn’t an approach that’s ideal for everyone, but if you feel confident at pulling together figures and information into a consumer-friendly presentation, it could be another way of pumping out good news.
No one is saying this will eliminate the New Year blues completely but it will help give a balanced picture - and perhaps generate some extra business for you this spring.
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I think it's worth saying to potential clients that a more subdued market is a more pleasant atmosphere to move in, compared to when the market is going crazy. It takes longer to sell but at least there is more chance of not having to fight off other buyers when you buy. You are also less likely to make a bad choice of purchase...and have to move again.
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