Neil – trueview

Author: Neil

How should agents behave in today’s market conditions?

Market conditions

Most agents keep and eye on the Rightmove market reports. Usually, they put some numbers around their own experience of selling properties and the most recent report published last month is no exception.

Summer usually signals a slow down and that’s reflected in the price doldrums the July report shows. Prices are flat or down in most areas of the country.

But overlay that with an unusual statistic – a jump of of new properties coming to the market. This isn’t normal and is an 8.6% increase in new properties compared to same month last year.

Combine that with the facts that there has been no corresponding spike in the volume of buyers – the number of sales agreed is virtually identical on last year – and you can see that the imbalance in the market is increasing. What’s more, the average volume of properties listed by agent is also up.

So the numbers reflect the same picture agents everywhere are seeing – there is stock to sell but it isn’t shifting because there are fewer buyers.

So what does that mean for agents and vendors?

Things are very competitive out there for vendors and they will have to compete hard. Presentation of the property is key as is valuing the property well.

Agents need to work hard, too. Finding buyers, marketing their properties creatively and explaining the difficulties of the market to their vendors are all part of the process.

Vendor expectation can be difficult. The long history of property price rises over the last decade is slow to leave vendor’s minds. It’s only natural to listen to good news about property prices, so vendors can often be reluctant to accept the fact that their property isn’t worth as much as they thought.

And when bad reactions to a property come from initial viewings, vendors will often blame the agent for the bad news.

Presenting them with hard facts is the answer to this problem. In the face of independent facts, even the most headstrong of vendors will see the problem.

Trueview can help. We provide the vendor with an instant feedback survey from the buyer directly after the viewing. So they can see for themselves what the buyer thought.

What’s more, we also provide a predictive score telling them how likely that buyer is to make an offer, helping even the least sophisticated vendors understand the context.

Contact us now and we’ll help you manage your vendor’s expectations and realise sales and price reductions faster.

Call 07980 447504 or visit www.trueview.property

When you know this is a great offer, but your vendor doesn’t…

When you know this is a great offer, but your vendor doesn’t…

 

We’ve all been there. We’re instructed to market a property by a vendor with unrealistic expectations of value. To make matters worse, the property is tatty and dated but as far as the vendor is concerned the property is in mint condition!

This is going to be tough. It’s going to be crucial you use buyer feedback to introduce an element of realism to their expectations. But at the same time you don’t want to create unnecessary conflict.

As time goes by, you hope that the consistent feedback on the property’s price and condition will help the penny to drop but unfortunately it’s falling on deaf ears. The vendor also suspects you of over-egging the negative feedback just to get the price down because you just want “an easy sale”.

Then, out of the blue, you get an offer. What a magnificent stroke of luck – you’ve found the proverbial needle in a haystack; a buyer who really does like the property.  But he knows it’s going to need some work and he also knows that the price is overly optimistic. The buyer makes an offer –  but frustratingly, the vendor immediately dismisses it as far too low. You manage to get the buyer up, but he maxes out below the asking price. That’s going to be pretty much the price you originally recommended.

Despite your best efforts, you just aren’t able to help them see this a fantastic offer.  The vendor is now in real danger of letting the buyer slip through the net. And you know that finding another buyer is going to be even tougher. At the same time, your agency agreement is gradually ticking down and viewings have pretty much dried up. You already know how this is going to play out – you’re going to be sacked whilst a new agent is instructed.

Predictably, now armed with real experience and a little encouragement from the new agent, the vendor will re-launch the property at the price you originally recommended and the other agent will sell it, meaning you get zero reward for the advice, honesty and effort that you put into the process.

Sound familiar? Unfortunately this is an all too regular story for agents.

But it really doesn’t have to be.

The trueview platform gives vendors instant, data driven feedback after every viewing which clearly highlights any blockers to sales, such as condition and price. The trueview algorithm then uses the data to create a unique score for the property which is then compared to those properties that are selling and those that aren’t. This gives vendors genuine context which helps them to reach an independent conclusion and if necessary, wake up to the reality of the market.

In the real world example above, the trueview data was used by the agent to highlight to the vendor that they really had found a buyer who, when compared to the feedback from the other viewers, genuinely liked the property enough to make a sensible offer.

To find out more about trueview, call Neil on 07980 447504 or email neil.johnson@trueview.property

 

Negotiating sales and price reductions

Negotiating sales and price reductions

 

As agents, we all know that if a vendor has unrealistic expectations of the price their property should command, that will be the biggest obstacle to achieving a sale. Vendors can often be their own worst enemies. I’m sure every agent has had a perfectly good offer that they regard as a fair reflection of value go unaccepted by a vendor who thinks their property is worth more than buyers are willing to pay.

Getting vendors to the position where they can see that their property is overpriced can take time. And that is often the one thing an agent doesn’t have.

Markets fluctuate with prices moving up and down, but some vendors only listen to property news when prices are on the rise. So when it comes to the time for them to sell, they may well have a price in their head which the market supported six months ago.

In today’s market, this happens more and more as we see difficulties in the market from the uncertainty caused by Brexit, economically indifferent projections and changes in the tax regime for properties. These factors combine in different ways to affect local housing markets in negative ways that vendors do not always see.

Some vendors – particularly those who are not inclined to trust agents – might feel that an honest appraisal of the market by an agent is just an attempt to get them to reduce the price and achieve a quick sale to the detriment of the vendor’s profit.

Trust is clearly a key factor in persuading vendors that their price expectations are not realistic. If there is trust between you it will make that conversation so much easier.

Transparency is also important – providing your client with detailed descriptions of the thing you have done to help sell their property – will also be a factor. Ultimately, if a vendor believes feedback from prospective buyers, even if it is negative, they are much more likely to act. That means they might accept an offer lower than their original expectation or reduce the lead price of their property to attract more appropriate buyers.

Agents who use trueview find that by providing the results of the trueview feedback questionnaire to their vendors means that this becomes more likely. With trueview, vendors can see the results of the survey the buyer took directly after the viewing and so are much more likely to believe it.

Brett Mac Dougall, director of a Hunters franchise in Camberwell uses trueview. He says “a significant number of our sales are now negotiated with the vendor as a direct result of the trueview feedback. It’s particularly effective where the vendor’s price expectations are out of kilter with the reality of the market.”

So if you are finding that your vendors don’t fully appreciate the way the market has been affected by recent events, perhaps you should look at trueview.

Call now for a demonstration on 07980 447504

Excessive price expectations and how to combat them.

Vendor price expectations – three reasons why they can be unrealistic and what to do about it.

For the vast majority of people, their home is their largest financial asset. Also, most people only move a few times in their life and often at moments of big personal change (births, redundancy, death and marriage, for example). This means that vendors are entering an unfamiliar and financially important process just at the moment they are likely to be going through some kind of stressful change. So it makes sense that they’re going to be highly sensitised to price.

We all know that it’s critical for property to come to the market at the right price if it’s going to achieve the best outcome. But often, optimism gets in the way of realism and that can make selling hard and in particular, agreeing price reductions difficult.

Here are three of the most common reasons why properties come to the market at inflated prices.

1. “A house on my road went for that six months ago, so mine must be worth more now.”

When markets change, vendors are often slow to recognize that the headlines they see in the papers will have a real effect on the prices they are able to achieve. This isn’t a problem when prices are rising but when the market dips it can be a real issue for agents.

Market fluctuations are often very local in nature, reflecting things like transport links, new developments in the local housing supply and many other factors. Vendors might not see these issues in the press and so be unaware of them. For them, the default position is that property prices will keep going up over time. This will run counter to the reality of the ups and downs of the market.

2. “I know it probably won’t sell for the asking price, so I want to start high to give myself room to negotiate.”

This is a very common instinct from vendors – even from experienced sellers – but ignores the single most important factor in securing the dream scenario of a fast sale at a good price. That factor is competition. The more parties you have interested in a property, the higher the price you will be able to realize. That means pricing has to be judged carefully to ensure that the maximum number of buyers are brought into the process and price is the main tool.

Setting a price too high will price out the most appropriate buyers and leave vendors with no leverage in the event only one candidate is found.

 

3. “I want to go with you but the agent down the road says it is worth more.”

This is probably the most common reason why properties will come on to your books at an inflated value and we all know why. Listing a property is the most important thing for an agent – after all, if you don’t list it, you can’t sell it. So there is a structural reason why agents will value a property higher. Vendors won’t often realize that when they ask an agent to value, they are inviting them to pitch for the business and they rarely factor that in to the valuations they get back.

Having received a toppy estimate, they’ll be reluctant to let that price go. But if they believed in the other agent, they wouldn’t be talking to you. While there is an obvious mismatch between the expectation and the ability to follow it through, what choice do you have but to take it on at the higher price, even with some gentle warnings about how realistic that might be?

Dealing with unrealistic price expectations.

Whatever the reason for it, you’ve now got to sell a property which is over-priced. Maybe you’ve been able to get some viewings in for it. And maybe the feedback has not been stellar. You’re now in danger of losing the sale if you can’t persuade the vendor to reduce the price before your exclusivity runs out.

This is where trueview can help and it can do it in two ways.

 

1. Data-driven feedback, direct from buyers.

We help you capture feedback from buyers immediately after a viewing and then analyse the feedback and send it directly to the vendor. Vendors love getting these emails as it makes them feel connected to the sale and better informed about progress.

But it can also really help you if a property is over-priced. It will take no time at all to build a picture of how buyers perceive the property. Because buyers use trueview to rate a property across standard categories on a scale of 1-100, patterns are easy to spot, particularly when it comes to price.

Take the following example.

Badchart
This chart shows clearly that the property is regarded as too expensive by the people who have viewed it. You can see that the scores for location and condition are good, while those relating to the buyers’ intent are much lower than scores from viewers who went on to make an offer. This is a clear indication that the price is regarded as too high.

The Overall Score we provide also gives extra context. This is calculated by comparing scores for this property with scores from viewings on properties that went on to have a sale agreed. That means that we can tell how likely properties are to attract offers and this is reflected in the score we give it. Here, you can see that a score of 78 is very low when compared to 117 for houses which have sold.

Importantly, because the feedback comes from the buyer in the form of data, a vendor is significantly more likely to believe it than if it comes anecdotally from an agent. And if they believe it, they are more likely to act on it. That means you have a higher chance of negotiating the sale or securing a price reduction.

 

2. What good looks like

GoodChart
By producing summary reports of properties like the one above, trueview also allows you to show a vendor what a successful sale looks like. These reports carry all of the most important data – number of viewings, offers and of course the individual ratings from each viewing. Agents can use them to compare performance on an over-priced property with one which has sold quickly and explain to the vendor how important a realistic price is to the process. We compare every property with the average score achieved by other properties that have been sold (the Sale Agreed Average in the example above). This gives vendors a sense of how far away they are from success.

All of this data comes as standard with trueview and will make a significant improvement to your business. Ask us today about trialing trueview and make sales negotiations and price reductions a lot simpler.

Email us now at admin@trueview.property for more details of how we can help.

How to stand out from your local competition

How to stand out from your local competition

Trueview is a software platform that helps estate agents gather feedback from buyers directly after a viewing. From that numerical, data-driven feedback, we create an overall score for the property and email it to vendors just seconds after the viewing has finished. Vendors love this feedback and will preferentially choose an agent who can give them this level of service. Our existing customers say that they significantly increased their number of new instructions once they started with trueview. Here’s how it works…

We collect feedback directly from buyers and send it to vendors. We do this through our app which the agent’s negotiators use at the end of a viewing. They open the app and ask the buyer to take a simple survey and rate the property. This takes less then thirty seconds to complete.

cropped-tv-hand-cropped.png

 

Once the rating is complete, we compare the results of the viewing to our store of historic data and create a simple score for the property. This score is calculated using an algorithm which predicts how likely the applicant is to make an offer on the property. We can do this because we have large volumes of viewings made by people who went on to buy and so we know what makes a good rating.

We then email the vendor with the results of the survey and their property’s overall score. For comparison, we also provide the average scores for all of the properties that are being marketed or that have been sold by that agency branch. This gives the vendor much more context  – in the form of hard data direct from the buyers – about how their property is being perceived. We show this data on our website in the following way.

Screen Shot 2017-02-03 at 07.49.08

 

All of the results of previous viewings are also available on the website and this allows trends to become obvious. Usually, if there is an issue with a property, this will become immediately obvious from the data, as in the example below. This property is scoring badly overall. Buyers are indicating that the Size and Layout of the property is not of a high enough quality to warrant the price. Both agents and vendors have access to this data.

 

Screen Shot 2017-02-03 at 07.48.35

So vendors can see instantly how their property is being perceived and since they know that the feedback comes directly from buyers, they are much quicker to accept it and take any remedial action that is required.

But more than anything else, they love the speed and the insight that trueview gives to them. Here’s what one of our vendors had to say.

“Trueview is brilliant. I want to know everything that’s going on with my sale and the emails from trueview are a great idea. I can see what the buyer’s reaction is to my house almost as soon as they’ve gone. I spent most of last Sunday looking through all of the feedback from my Saturday viewings!”  

Vendor, South London.

And because the buyers love the idea, it helps forward-thinking agents to win new business. Our agents say that presenting trueview to vendors at the instruction meeting makes them far more likely to get the listing. Here’s what one of our agents said about us.

Paul Goverd

Paul Goverd, Director, CJ Hole

“We’ve found trueview incredibly useful in winning new instructions. It has also helped us to negotiate deals and price amendments when necessary. Vendors love the immediacy of the feedback which ensures they don’t feel left in the dark.”

So why not give trueview a try? We have some great introductory offers so it won’t break the bank.

Contact us today at neil.johnson@trueview.property to arrange a demo or book your trial.

Privacy Policy

 

Website Visitors

Like most website operators, True View Property collects non-personally-identifying information of the sort that web browsers and servers typically make available, such as the browser type, language preference, referring site, and the date and time of each visitor request. True View Property's purpose in collecting non-personally identifying information is to better understand how True View Property's visitors use its website. From time to time, True View Property may release non-personally-identifying information in the aggregate, e.g., by publishing a report on trends in the usage of its website. True View Property also collects potentially personally-identifying information like Internet Protocol (IP) addresses for logged in users and people viewing Vendor dashboard URLs. True View Property only discloses logged in user and Vendor IP addresses under the same circumstances that it uses and discloses personally-identifying information as described below.

Gathering of Personally-Identifying Information

Certain visitors to True View Property choose to interact with True View Property in ways that require True View Property to gather personally-identifying information. The amount and type of information that True View Property gathers depends on the nature of the interaction. For example, we ask visitors who rate a property on True View to provide their name and email address. Those who engage in transactions with True View Property — by purchasing access to our Pro account for example — are asked to provide additional information, including as necessary the personal and financial information required to process those transactions. In each case, True View Property collects such information only insofar as is necessary or appropriate to fulfill the purpose of the visitor's interaction with True View Property. True View Property does not disclose personally-identifying information other than as described below. And visitors can always refuse to supply personally-identifying information, with the caveat that it may prevent them from engaging in certain website-related activities.

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True View Property may collect statistics about the behaviour of visitors to its websites. For instance, True View Property may monitor the most popular properties on the True View website to see how our servers perform under the strain or analytics to measure where users spend their time in the app. True View Property may display this information publicly or provide it to others. However, True View Property does not disclose personally-identifying information other than as described below.

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True View Property discloses potentially personally-identifying and personally-identifying information only to those of its employees, contractors and affiliated organizations that (i) need to know that information in order to process it on True View Property's behalf or to provide services available at True View Property's websites, and (ii) that have agreed not to disclose it to others. Some of those employees, contractors and affiliated organizations may be located outside of your home country; by using True View Property's websites, you consent to the transfer of such information to them. Other than to its employees, contractors and affiliated organizations, as described above, True View Property discloses potentially personally-identifying and personally-identifying information only in response to a subpoena, court order or other governmental request, or when True View Property believes in good faith that disclosure is reasonably necessary to protect the property or rights of True View Property, third parties or the public at large. If you are a registered user of a True View Property website and have supplied your email address, True View Property may occasionally send you an email to tell you about new features, solicit your feedback, or just keep you up to date with what's going on with True View Property and our products. We expect to keep this type of email to a minimum. If you send us a request (for example via a support email or via one of our feedback mechanisms), we reserve the right to publish it in order to help us clarify or respond to your request or to help us support other users. True View Property takes all measures reasonably necessary to protect against the unauthorized access, use, alteration or destruction of potentially personally-identifying and personally-identifying information.

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Business Transfer

If True View Property, or substantially all of its assets, were acquired, or in the event that True View Property goes out of business or enters bankruptcy, user information would be one of the assets that is transferred or acquired by a third party. You acknowledge that such transfers may occur, and that any acquirer of True View Property may continue to use your personal information as set forth in this policy.

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Privacy Policy Changes

Although most changes are likely to be minor, True View Property may change it's Privacy Policy from time to time, and in True View Property's sole discretion. True View Property encourages visitors to frequently check this page for any changes to it's Privacy Policy.

Terms & Conditions

Terms and conditions of use

  1. Introduction

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12.8 You accept that we have an interest in limiting the personal liability of our officers and employees and, having regard to that interest, you acknowledge that we are a limited liability entity; you agree that you will not bring any claim personally against our officers or employees in respect of any losses you suffer in connection with the website or these terms and conditions (this will not, of course, limit or exclude the liability of the limited liability entity itself for the acts and omissions of our officers and employees).

  1. Breaches of these terms and conditions

13.1 Without prejudice to our other rights under these terms and conditions, if you breach these terms and conditions in any way, or if we reasonably suspect that you have breached these terms and conditions in any way, we may:

(a)   send you one or more formal warnings;

(b)   temporarily suspend your access to our website;

(c)    permanently prohibit you from accessing our website;

(d)   block computers using your IP address from accessing our website;

(e)   contact any or all of your internet service providers and request that they block your access to our website;

(f)    commence legal action against you, whether for breach of contract or otherwise; and/or

(g)   suspend or delete your account on our website.

13.2 Where we suspend or prohibit or block your access to our website or a part of our website, you must not take any action to circumvent such suspension or prohibition or blocking[ (including without limitation creating and/or using a different account).

  1. Variation

14.1 We may revise these terms and conditions from time to time.

14.2 The revised terms and conditions shall apply to the use of our website from the date of publication of the revised terms and conditions on the website, and you hereby waive any right you may otherwise have to be notified of, or to consent to, revisions of these terms and conditions.

14.3 If you have given your express agreement to these terms and conditions, we will ask for your express agreement to any revision of these terms and conditions; and if you do not give your express agreement to the revised terms and conditions within such period as we may specify, we will disable or delete your account on the website, and you must stop using the website.

  1. Assignment

15.1 You hereby agree that we may assign, transfer, sub-contract or otherwise deal with our rights and/or obligations under these terms and conditions.

15.2 You may not without our prior written consent assign, transfer, sub-contract or otherwise deal with any of your rights and/or obligations under these terms and conditions.

  1. Severability

16.1 If a provision of these terms and conditions is determined by any court or other competent authority to be unlawful and/or unenforceable, the other provisions will continue in effect.

16.2 If any unlawful and/or unenforceable provision of these terms and conditions would be lawful or enforceable if part of it were deleted, that part will be deemed to be deleted, and the rest of the provision will continue in effect.

  1. Third party rights

17.1 A contract under these terms and conditions is for our benefit and your benefit, and is not intended to benefit or be enforceable by any third party.

17.2 The exercise of the parties' rights under a contract under these terms and conditions is not subject to the consent of any third party.

  1. Entire agreement

18.1 Subject to Section 12.1, these terms and conditions, together with [our privacy and cookies policy], shall constitute the entire agreement between you and us in relation to your use of our website and shall supersede all previous agreements between you and us in relation to your use of our website.

  1. Law and jurisdiction

19.1 These terms and conditions shall be governed by and construed in accordance with English law.

19.2 Any disputes relating to these terms and conditions shall be subject to the exclusive jurisdiction of the courts of England.

  1. Statutory and regulatory disclosures

20.1 We are registered in England and Wales; you can find the online version of the register at companieshouse.gov.uk, and our registration number is 09968349.

20.5 Our VAT number is 236 6508 00.

  1. Our details

21.1 This website is owned and operated by True View Property Ltd .

21.2 We are registered in England and Wales under registration number 09968349, and our registered office is at Wimbletech, Zone 2, 35 Wimbledon Hill Road, London SW19 7NB.

21.3 Our principal place of business is at Wimbletech, Zone 2, 35 Wimbledon Hill Road, London SW19 7NB.

21.4 You can contact us:

(a)   by post, using the postal address given above;

(b)   using our website contact form;

(c)    by email, using the email address published on our website from time to time.

t&c's