The Financial Services Authority has published its proposals on the mortgage lending reforms. The plans are aimed at restricting 'risky' lending, whereby applicants will face a more thorough assessment process, thus avoiding borrowing more than they can afford. The hope in implementing these new rules will be to avoid the return of the gung-ho attitude of lenders before the credit crunch.
In other news, research by Zoopla has revealed that 26,744 new British property millionaires were created in 2011. This demonstrates the existence of a two-tier market, as the average value of a British home fell by three per cent between 2010 and 2011. Elsewhere, the number of new home approvals has also fallen, despite a YouGov opinion poll showing strong support for building more properties. Planning for 133,346 homes was approved, which is a fall of 10 per cent on the year before.
And finally, as another challenging year for the property market draws to a close, we would like to wish you a very merry Christmas and a prosperous new year. Click here to view your MMS Christmas card and here for more details on the stories behind the news this week.
23 December 2011
14 October 2011
What's in the property news this week?
The Home Builders Federation (HBF) has waded into the argument over the Government's proposed planning reforms, supporting the need for a change to law and warning that a generation could face a 'house building ice age' if the changes don't go through.
Elsewhere, homeless charity Shelter has claimed that private rents are 'unaffordable' in more than half of local authority districts in England. Just 12 per cent of areas were considered to be affordable, with rent accounting for less than a third of take-home wages. Despite this the rental sector continues to be buoyant, possibly because the odds are stacked against first time buyers, the numbers of which have fallen to the lowest level in almost a year. This is being attributed to the lack of lenders willing to provide a mortgage to buyers with small deposits.
And finally, when you buy a second hand property most people expect the need to keep some money aside for updates, but £10m is more than just a few pennies. Well that's how much the new owner of a £75m mansion in Kensington will have to pay, as the home has laid empty for 10 years. Mind you, if you have £75m to spend on a property, what's £10m more?
Click for the full stories.
Elsewhere, homeless charity Shelter has claimed that private rents are 'unaffordable' in more than half of local authority districts in England. Just 12 per cent of areas were considered to be affordable, with rent accounting for less than a third of take-home wages. Despite this the rental sector continues to be buoyant, possibly because the odds are stacked against first time buyers, the numbers of which have fallen to the lowest level in almost a year. This is being attributed to the lack of lenders willing to provide a mortgage to buyers with small deposits.
And finally, when you buy a second hand property most people expect the need to keep some money aside for updates, but £10m is more than just a few pennies. Well that's how much the new owner of a £75m mansion in Kensington will have to pay, as the home has laid empty for 10 years. Mind you, if you have £75m to spend on a property, what's £10m more?
Click for the full stories.
16 September 2011
The week's top property news
It's been a week of ups and downs for the property market. A movement against the proposed planning reforms seems to be gaining momentum. The Daily Telegraph has put its weight behind the 'Hands Off Our Land' campaign, which claims that developers are sitting on vast land banks with planning permission for new homes, negating the need for any 'watering down' of the planning laws.
The Royal Institute of British Architects has said that many new properties are "shameful shoebox homes". Its study found that the average two-storey three-bedroom property was 86 sq ft too small, but the House Builders Federation has responded by saying larger homes could prove to be unaffordable. On a more positive note, a number of developers, including Barratt Homes and MMS client, Galliford Try, have released positive results, with Barratt posting its first profit in three years.
And finally, rents in the London property market have surged to epic proportions, almost doubling in the last year. Rents have reached a record £55,000 per week, with homes in Knightsbridge commanding the highest yields.
Click here for full details.
The Royal Institute of British Architects has said that many new properties are "shameful shoebox homes". Its study found that the average two-storey three-bedroom property was 86 sq ft too small, but the House Builders Federation has responded by saying larger homes could prove to be unaffordable. On a more positive note, a number of developers, including Barratt Homes and MMS client, Galliford Try, have released positive results, with Barratt posting its first profit in three years.
And finally, rents in the London property market have surged to epic proportions, almost doubling in the last year. Rents have reached a record £55,000 per week, with homes in Knightsbridge commanding the highest yields.
Click here for full details.
9 September 2011
Top Property News Stories
There may be hope for those struggling to get onto the property ladder, as for the first time since the credit crunch a 100 per cent mortgage has come onto the market, meaning buyers won't have to raise a deposit. Instead, the Family Guarantee Mortgage offered by Aldermore bank will ask applicants to nominate a relative willing to guarantee any borrowing above 75 per cent.
Elsewhere, research has found that more than anything, parents would like to leave their property to their children. 59 per cent of respondents said they would prefer to pass their home down over other assets, such as savings and investments. Children have other ideas meanwhile, as most aspire to own their dream property by the age of 35. It seems children in Yorkshire are the most hopeful, while the majority believe their ideal home will cost between £500,000 and £1 million.
And finally, with autumn nearly upon us, most people in the property industry are usually glad to wave goodbye to summer and the seasonal slowdown experienced annually. However, research conducted by Connells Survey and Valuation has found that residential mortgage valuation activity in the UK was virtually unaffected. Makes a change!
Want the full story? Click here
Elsewhere, research has found that more than anything, parents would like to leave their property to their children. 59 per cent of respondents said they would prefer to pass their home down over other assets, such as savings and investments. Children have other ideas meanwhile, as most aspire to own their dream property by the age of 35. It seems children in Yorkshire are the most hopeful, while the majority believe their ideal home will cost between £500,000 and £1 million.
And finally, with autumn nearly upon us, most people in the property industry are usually glad to wave goodbye to summer and the seasonal slowdown experienced annually. However, research conducted by Connells Survey and Valuation has found that residential mortgage valuation activity in the UK was virtually unaffected. Makes a change!
Want the full story? Click here
26 August 2011
What's in the property news this week?
Halifax has stated this week that Low Cost Home Ownership Schemes (LCHO) are a vital part of the housing market, helping to get buyers with affordability issues onto the property ladder. In particular, shared ownership and shared equity are the most popular incentives, accounting for 87% of total sector transactions.
Persimmon has seen an increase in house sales, despite the usually slow summer season. Mike Farley, chief executive, feels as if the market is more stable, thanks to better mortgage availability and low interest rates. In other news, there are many things we look for when buying a new home, but it comes as no surprise that a good school catchment area is a high priority for families. Indeed, it was top for 37 per cent of house hunters with a child aged 10 or under, with many willing to pay an extra £12,000 to secure the property.
And finally, the average age of a first time buyer, which is currently 35, has risen by eight years since the 1960s and over half of respondents surveyed by Post Office Mortgages feel that they will never be able to afford to get on to the property ladder.
Click for more details
Persimmon has seen an increase in house sales, despite the usually slow summer season. Mike Farley, chief executive, feels as if the market is more stable, thanks to better mortgage availability and low interest rates. In other news, there are many things we look for when buying a new home, but it comes as no surprise that a good school catchment area is a high priority for families. Indeed, it was top for 37 per cent of house hunters with a child aged 10 or under, with many willing to pay an extra £12,000 to secure the property.
And finally, the average age of a first time buyer, which is currently 35, has risen by eight years since the 1960s and over half of respondents surveyed by Post Office Mortgages feel that they will never be able to afford to get on to the property ladder.
Click for more details
5 August 2011
What's new in property news
Surely a frustration for house builders is how ill prepared buyers seem to be and new research released this week appears to back this up. Halifax has found that just 14 per cent of non-homeowners are saving for a deposit, while only a third of respondents have a realistic plan to purchase in the next five years.
Elsewhere, renters who want to take their first step onto the property ladder may have reason to hope, as one building society is offering to take their rental payment history as evidence that they can afford a mortgage. In other news, anyone wanting a home in one of Britain's idyllic national parks will have to fork out, on average, an extra £100,000 - that's a high price for beauty.
And finally, move over One Hyde Park! There's a new development looking to take over the crown of 'most elite London address' and that's The Glebe in Chelsea. Residents can expect their own private pool and lift and competition will surely be rife for the most exclusive homes, with one penthouse and two luxury villas available!
Click here for the stories behind the headlines
Elsewhere, renters who want to take their first step onto the property ladder may have reason to hope, as one building society is offering to take their rental payment history as evidence that they can afford a mortgage. In other news, anyone wanting a home in one of Britain's idyllic national parks will have to fork out, on average, an extra £100,000 - that's a high price for beauty.
And finally, move over One Hyde Park! There's a new development looking to take over the crown of 'most elite London address' and that's The Glebe in Chelsea. Residents can expect their own private pool and lift and competition will surely be rife for the most exclusive homes, with one penthouse and two luxury villas available!
Click here for the stories behind the headlines
22 July 2011
The week's leading property news
This week, the chief economist of the Organisation for Economic Co-operation and Development has suggested that Britain implements a property tax based on market values, replacing the likes of stamp duty and bringing in more money. However, although considered revolutionary by leading accountants, they expect it would prove unpopular due to the negative effects on house prices.
In other news, first time buyers have a better chance of climbing the property ladder thanks to the high number of mortgage products available in the market for those with a ten per cent deposit. Elsewhere, news for renters is not so rosy, as figures released by LSL Property Services' Buy-to-Let Index show that the average monthly rental property in England and Wales exceeded the £700 barrier for the first time.
And finally, Barclays may have just started a price war between lenders, as it has launched its cheapest mortgage deal in 15 years. The reduction in rates is the bank's sixth consecutive cut, which experts believe will lead to competitors doing the same.
To read more, click here.
In other news, first time buyers have a better chance of climbing the property ladder thanks to the high number of mortgage products available in the market for those with a ten per cent deposit. Elsewhere, news for renters is not so rosy, as figures released by LSL Property Services' Buy-to-Let Index show that the average monthly rental property in England and Wales exceeded the £700 barrier for the first time.
And finally, Barclays may have just started a price war between lenders, as it has launched its cheapest mortgage deal in 15 years. The reduction in rates is the bank's sixth consecutive cut, which experts believe will lead to competitors doing the same.
To read more, click here.
24 June 2011
Top Property News
It's good news for first time buyers this week, as the Government has launched a new equity scheme, FirstBuy, whereby house hunters will only have to raise a deposit of 5 per cent for a 75 per cent mortgage. The Government and housebuilder will offer a loan of up to 20 per cent, boosting the purchaser's chance of getting a foot onto the property ladder.
According to Rightmove, house prices have risen for the sixth consecutive month, up to £240,394, which equates to a 0.6 per cent month-on-month increase and a 1.3 per cent year-on-year rise. However, forecasting shows the second half of the year is unlikely to be so positive. Elsewhere, research has found that homeowners in the best performing economic areas of the UK have seen the price of their property rise by almost £150,000 over a decade. The East London areas of Canary Wharf and Docklands come out on top. Eight out of ten areas with the lowest levels of economic activity were in Wales and the North West.
And finally, savvy homeowners are renting a room out to lodgers in a bid to earn some extra money. One in ten householders currently does so, the combined efforts of which are worth £3.9 billion a year in payments, averaging out at £182 per month.
Click here for the full stories behind the news.
According to Rightmove, house prices have risen for the sixth consecutive month, up to £240,394, which equates to a 0.6 per cent month-on-month increase and a 1.3 per cent year-on-year rise. However, forecasting shows the second half of the year is unlikely to be so positive. Elsewhere, research has found that homeowners in the best performing economic areas of the UK have seen the price of their property rise by almost £150,000 over a decade. The East London areas of Canary Wharf and Docklands come out on top. Eight out of ten areas with the lowest levels of economic activity were in Wales and the North West.
And finally, savvy homeowners are renting a room out to lodgers in a bid to earn some extra money. One in ten householders currently does so, the combined efforts of which are worth £3.9 billion a year in payments, averaging out at £182 per month.
Click here for the full stories behind the news.
10 June 2011
What's hot in the property world this week
This week the government announced plans to release public land for sale to house builders in the hope of creating up to 100,000 new homes and 25,000 jobs by 2015. This will help to address the current shortage of housing and a new map of land and buildings in each area will be unveiled later this year.
According to Halifax's house price index, prices rose by 0.1% in May compared with April, although they are 4.2% lower than this time last year – the biggest annual drop since October 2009. The future looks bright however as the bank has predicted the slight improvement in the economy and low interest rates will help the market. In other news, fixed mortgage rates are at a six month low. This mainly stems from competition amongst lenders, as homeowners look to take advantage of low interest rates by fixing their mortgage before a hike.
And finally, the UK's most expensive home outside London has gone on sale for £75 million. No surprise that it's located in neighbouring Surrey; Updown Court boasts 103 rooms, five swimming pools, two penthouse apartments and a helipad and is currently owned by a property development tycoon; anyone we know, I wonder?
Click for more...
According to Halifax's house price index, prices rose by 0.1% in May compared with April, although they are 4.2% lower than this time last year – the biggest annual drop since October 2009. The future looks bright however as the bank has predicted the slight improvement in the economy and low interest rates will help the market. In other news, fixed mortgage rates are at a six month low. This mainly stems from competition amongst lenders, as homeowners look to take advantage of low interest rates by fixing their mortgage before a hike.
And finally, the UK's most expensive home outside London has gone on sale for £75 million. No surprise that it's located in neighbouring Surrey; Updown Court boasts 103 rooms, five swimming pools, two penthouse apartments and a helipad and is currently owned by a property development tycoon; anyone we know, I wonder?
Click for more...
6 June 2011
Round-up of top property news w/e 3 June
Last week the extent to which house builders have been supporting first time buyers was revealed. The likes of Taylor Wimpey, Persimmon and Barratt have ploughed almost £1billion into shared equity schemes to help those struggling to buy a home, which has resulted in 28,000 sales.
In other news, the Centre for Economics and Business Research (CEBR) predicted that house prices could rise by almost 16 per cent by 2015, although they will continue to fall for the rest of 2011. The positive from this is that banks could see improvements to their balance sheets meaning strict lending criteria would be loosened. Elsewhere, it seems not everyone is so keen to jump on the digital bandwagon, including property letting agents, of which 90 per cent admit that technology could improve their service, but they are reluctant to invest the money.
And finally, there's no doubt estate agents need to be cunning when trying to secure a sale, but describing one £3.6 million property in County Durham as having countryside views, while neglecting to mention the gasworks and scrapyard next door is taking it a bit too far!
Click here for all the details.
In other news, the Centre for Economics and Business Research (CEBR) predicted that house prices could rise by almost 16 per cent by 2015, although they will continue to fall for the rest of 2011. The positive from this is that banks could see improvements to their balance sheets meaning strict lending criteria would be loosened. Elsewhere, it seems not everyone is so keen to jump on the digital bandwagon, including property letting agents, of which 90 per cent admit that technology could improve their service, but they are reluctant to invest the money.
And finally, there's no doubt estate agents need to be cunning when trying to secure a sale, but describing one £3.6 million property in County Durham as having countryside views, while neglecting to mention the gasworks and scrapyard next door is taking it a bit too far!
Click here for all the details.
27 May 2011
In the property news this week
Good news and bad news this week as a survey by estate agent Your Move has found that eight out of ten home owners think house prices will rise over the next five years. The bad news is that owners expect prices to increase by just 6.9 per cent over that time, much less than the 10.6 per cent they predicted a year ago.
The Knight Frank Land Index for the first quarter of 2011 has revealed, perhaps not surprisingly, that developers are concentrating their efforts on buying land that will appeal to families, in central locations and have planning already in place. Elsewhere, analysts are warning that if interest rates rise to as high as 5 per cent, as some are suggesting, mortgage payments could increase to an average of 51 per cent of take home pay.
And finally, it's no longer just the supermodels of New York that can be accused of being super thin, it's the homes too! That's because the Big Apple's skinniest property, at just 9.5ft wide, has gone on the market for $4.3m. Breathe in!
Click here for all the details.
The Knight Frank Land Index for the first quarter of 2011 has revealed, perhaps not surprisingly, that developers are concentrating their efforts on buying land that will appeal to families, in central locations and have planning already in place. Elsewhere, analysts are warning that if interest rates rise to as high as 5 per cent, as some are suggesting, mortgage payments could increase to an average of 51 per cent of take home pay.
And finally, it's no longer just the supermodels of New York that can be accused of being super thin, it's the homes too! That's because the Big Apple's skinniest property, at just 9.5ft wide, has gone on the market for $4.3m. Breathe in!
Click here for all the details.
20 May 2011
The week's top property news
In the first quarter of 2011, the number of new homes started has jumped by 26 per cent, showing a slight recovery in the housebuiding industry. However, despite this positive sign, other figures released this week remind us that there is still a burgeoning deficit that needs to be met.
Property prices have risen, according to Rightmove's latest house price index. In fact, the statistics reveal that they are at their highest since June 2008. Elsewhere, the housing minister, Grant Shapps, has set out his 'definition' of the zero carbon standard to be applied to all new homes from 2016. It gives more responsibility to house builders and is designed to reduce emissions, whilst keeping costs down.
In other property news, research by Moneysupermarket has shown that buyers don't expect to own a home until the age of 38. This is due to size of deposit required, which may take years to save for and has led to a third of respondents claiming they do not intend to buy a home at all!
Click for details...
Property prices have risen, according to Rightmove's latest house price index. In fact, the statistics reveal that they are at their highest since June 2008. Elsewhere, the housing minister, Grant Shapps, has set out his 'definition' of the zero carbon standard to be applied to all new homes from 2016. It gives more responsibility to house builders and is designed to reduce emissions, whilst keeping costs down.
In other property news, research by Moneysupermarket has shown that buyers don't expect to own a home until the age of 38. This is due to size of deposit required, which may take years to save for and has led to a third of respondents claiming they do not intend to buy a home at all!
Click for details...
13 May 2011
This week's top property news stories
It appears that the spiralling cost of renting has finally had an impact, as more first time buyers are purchasing homes. Figures released by e.surv show that 27 per cent of all mortgage approvals were for properties under the £125,000 mark.
In other news, optimistic teenagers expect to own a home by the age of 25. Of the 12,000 teenagers surveyed by RBS, over half felt this was realistic, as well as many hoping to earn £35,400 by the same age, despite the current average being only £18,705. Elsewhere, sellers are being forced to reduce their asking prices by £20,000 to secure a sale. Vendors in the North in particular are found to be offering the biggest discount, led by those in Bolton where the average price reduction is 8.5 per cent
And finally, it's been proven that the number 13 is indeed unlucky – for homeowners that is. That's because properties with that number, on average, sell for £3,924 less than their neighbours.
Click here to read more...
In other news, optimistic teenagers expect to own a home by the age of 25. Of the 12,000 teenagers surveyed by RBS, over half felt this was realistic, as well as many hoping to earn £35,400 by the same age, despite the current average being only £18,705. Elsewhere, sellers are being forced to reduce their asking prices by £20,000 to secure a sale. Vendors in the North in particular are found to be offering the biggest discount, led by those in Bolton where the average price reduction is 8.5 per cent
And finally, it's been proven that the number 13 is indeed unlucky – for homeowners that is. That's because properties with that number, on average, sell for £3,924 less than their neighbours.
Click here to read more...
7 April 2011
Marketing New Homes - Back to Basics
Sometimes it pays to take a step or two back and review your thought processes. We were having a bit of a brainstorm here at MMS yesterday and it was all starting to get a bit heavy. So during a stroll along the canal bank (just one of the benefits our great office location!) I turned my mental clock back and started to think about the basics of new homes marketing. A summary of my thoughts follows. Yes, I appreciate it is pretty basic stuff, but it certainly does no harm to focus on the basics and get those right before you try to reach for the stars (well, we found it useful anyway).
The unique marketing challenges facing the house building industry
Marketing new homes is like marketing no other product. Whilst there may be some lessons to be drawn from other consumer markets, none can directly compare to the challenges facing marketing professionals in the residential property sector.
The first main difference is that buying a new house (and I include second hand properties in this comment too) is almost entirely a needs driven process. One of the following will apply in 99.9% of cases:
We also need to understand the main factors affecting the choice of property:
In a way, the basics haven’t changed. If the price, location and property type boxes are all ticked then sooner or later the sales will happen. But now there are more ways of communicating with prospective buyers, beyond the old staples of local press and estate agents, and this is where effective marketing can start to make a difference, enabling us to communicate the ‘what, where and how much’ to a much more precisely targeted audience. Many of the more recently available communication channels revolve around online activity, although we shouldn’t ignore target direct mail, door-to-door and other creative media solutions.
Another external influence we have to contend with currently is the generally ‘flat’ property market, largely brought about by lack of mortgage funding and lack of consumer confidence. But looking back to the premise that it is a needs driven market, there will always be a core of people that have to move; it’s our job as marketers to make sure they buy from our clients.
There is also a big onus on the house builder and specifically its sales team. For example there are creative mortgage products out there that can be made to work for many categories of buyer. The house builder needs to embrace these, working with a good broker to ensure that purchasers are given every opportunity to acquire funding for their purchase (preferably via a product that is not generally available on the open market). A similar rationale applies to incentive packages. Whilst it would be great to sell on the basis of value, quality and service alone, that is unlikely to lead to an upward sales curve in the current market where incentives such as shared equity, part exchange and the Government’s newly announce FirstBuy scheme are widely on offer. If incentive lead marketing is rejected, or utilised grudgingly and half-heartedly, it is reasonably to anticipate reduced sales rates as a consequence. Conversely, a well thought-out and sensitively implemented incentive lead campaign is likely to yield tangible dividends.
The other area where the sales team can have a major effect is the customer journey, from the first point of contact with the house builder through to moving in day and beyond. It is no longer appropriate for sales staff to act as note takers; they need a professional approach supported by a well-planned customer relationship management strategy to ensure that the communication process with prospective purchasers is seamless and ruthlessly efficient. This factor more than any other can probably do more to guarantee your house goes to the top of the prospective buyer’s shortlist.
The unique marketing challenges facing the house building industry
Marketing new homes is like marketing no other product. Whilst there may be some lessons to be drawn from other consumer markets, none can directly compare to the challenges facing marketing professionals in the residential property sector.
The first main difference is that buying a new house (and I include second hand properties in this comment too) is almost entirely a needs driven process. One of the following will apply in 99.9% of cases:
- Grown up children leaving home
- Couples setting up home together
- Couples starting or growing a family
- Relocating due to work commitments
- Singles either choosing to live alone or being forced due to relationship breakdown or death of a partner
- Downsizing after children have left home
- Retiring
We also need to understand the main factors affecting the choice of property:
- There is truth in the cliché ‘location, location, location’ – this is probably the first factor that movers will consider and is something that there is unlikely to be much compromise on. Factors such as proximity to work, schools, shops, road and rail links will all come into play, as will a general perception of the neighbourhood.
- Then comes property type (or design) and again this will be largely predetermined by the buyers’ needs and perceptions: number of bedrooms, apartment or bungalow, architecture, plot size, orientation and so on. And incidentally, whether the property is newly built or second hand is of no consequence to around 75% of house buyers.
- Last but not least comes price; again this is pretty much an immovable – everyone will have a maximum budget determined by savings, the amount of equity in their existing property and the amount they earn, which will directly affect the amount they can borrow.
So, to recap so far, there are a whole load of needs and factors affecting choice that we as marketers have little control over as, in most scenarios, they will have been established before the business of serious marketing is addressed (with apologies to enlightened developers who embrace the marketing department at the land buying stage). And there are many reasons why a buyer may choose one property over another. Unlike any other consumer products, we cannot use marketing to create a demand (because the demand is created by the needs) and neither can we use marketing to greatly influence choice on a macro level as the main three determinants of choice (what, where and how much) are outside our control.
At this point you may be asking: ‘what’s the point of marketing new homes if all of these key influencing factors are beyond the control of marketing?’ The trick of course is to identify what we can influence through good marketing practice. We may not be able to create a demand, but we need to understand how consumers go about satisfying the demand that is created by their needs. In the good old days it was pretty simple. Prospective house buyers used the classified property sections of their local newspapers and the shop windows of high street estate agents and that was pretty much it. As long as the house builder had a good exposure in these areas and the product was built in the right location, at the right price and was of a type the buyers were looking for, success would surely follow.In a way, the basics haven’t changed. If the price, location and property type boxes are all ticked then sooner or later the sales will happen. But now there are more ways of communicating with prospective buyers, beyond the old staples of local press and estate agents, and this is where effective marketing can start to make a difference, enabling us to communicate the ‘what, where and how much’ to a much more precisely targeted audience. Many of the more recently available communication channels revolve around online activity, although we shouldn’t ignore target direct mail, door-to-door and other creative media solutions.
Another external influence we have to contend with currently is the generally ‘flat’ property market, largely brought about by lack of mortgage funding and lack of consumer confidence. But looking back to the premise that it is a needs driven market, there will always be a core of people that have to move; it’s our job as marketers to make sure they buy from our clients.
There is also a big onus on the house builder and specifically its sales team. For example there are creative mortgage products out there that can be made to work for many categories of buyer. The house builder needs to embrace these, working with a good broker to ensure that purchasers are given every opportunity to acquire funding for their purchase (preferably via a product that is not generally available on the open market). A similar rationale applies to incentive packages. Whilst it would be great to sell on the basis of value, quality and service alone, that is unlikely to lead to an upward sales curve in the current market where incentives such as shared equity, part exchange and the Government’s newly announce FirstBuy scheme are widely on offer. If incentive lead marketing is rejected, or utilised grudgingly and half-heartedly, it is reasonably to anticipate reduced sales rates as a consequence. Conversely, a well thought-out and sensitively implemented incentive lead campaign is likely to yield tangible dividends.
The other area where the sales team can have a major effect is the customer journey, from the first point of contact with the house builder through to moving in day and beyond. It is no longer appropriate for sales staff to act as note takers; they need a professional approach supported by a well-planned customer relationship management strategy to ensure that the communication process with prospective purchasers is seamless and ruthlessly efficient. This factor more than any other can probably do more to guarantee your house goes to the top of the prospective buyer’s shortlist.
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