Using a property finder to navigate a difficult market
Published Dec 20th 2016
2 mins read
A successful property finder wears many hats and has many skills – trusted advisor, expert local knowledge, wealth of property industry contacts, skilled negotiator, and more. Yet too many buyers focus on fees and ignore the many benefits that a property finder can offer in a difficult market.
In today’s market two key attributes put property finders ahead of the game.
The property market has seen supply dry up over the past few years. Political and economic uncertainty, along with a series of punitive Government policies in recent years, has dampened confidence and slowed the flow of properties onto the market.
Demand remains a little stronger than supply thanks to a strong employment market and historically cheap borrowing conditions, but the picture is patchy and there are local differences by geography and price point.
With supply at near record low levels there is limited choice for purchasers. In this market, sought after properties priced attractively are often going under offer in a matter of days not just weeks. A key attribute for property finders is strong relationships with local agents; this puts them at the front of the queue when it comes to knowing about and viewing new instructions.
In some cases, this means the property finder will be able to view new properties before they are openly marketed. In a low volume market, a proactive property finder with strong local contacts will put you several steps ahead of your competition.
Despite supply being low, geo-political uncertainty and recent government policy has led to a mixed demand picture. On the ground we are seeing some properties being overpriced and ‘stuck’ on the market. The second key skill that a successful property finder will bring to the table, in this complex market is extensive, deep local knowledge. This will include knowing the local property market intimately –
- What properties have sold recently?
- What properties have failed to sell and why?
- What properties have been discounted?
- What are the local trends and levels?
It will also involve knowing the local area –
- Which are the best schools?
- Where is local development being planned?
- Where are the best local amenities?
- Is there a traffic problem? etc.
They may even be able to guide you to the best local pubs!
It is this knowledge of the local area and local property market which is invaluable when establishing an appropriate negotiation strategy. This knowledge will help buyers find the best property for them whether it be a forever family home, a second home or an investment property; all in all, this will importantly help buyers avoid local pitfalls and overpaying.
If you would like to know how you could benefit from using an expert property finder or have an interest in moving to the South West region, please contact us.