News
THE RISE OF THE EMPOWERED BUYER - April 2008
The rise of property-related websites on the internet means today’s house hunters have more information at their finger tips than ever before.
But is this new breed of ultra-knowledgeable buyer and tenant ringing the death knell for estate agents?
“Quite the opposite,” says Philip Jackson from specialist Birmingham city centre estate agency Maguire Jackson. “Good estate agents are embracing the challenge and positively rising to it.”
He believes the market place for potential buyers and tenants has changed almost beyond recognition over the last few years.
“Potential house hunters used to walk into an agency whose advert they’d seen in the local paper, pick up the particulars for a dozen properties, view half of them and then choose one to buy,” he says.
“Those days are long gone because buyers have more options at their disposal, the main one being the internet. There are thousands of websites advertising properties for sale or rent and even some set up by private vendors to sell individual properties.
“Now buyers will log on to those websites and view properties at their own leisure, often before they even visit an estate agent.
“It’s not just estate agency websites that are empowering buyers. Sites such as UpMyStreet.com and nethouseprices.com provide extra information such as how much properties actually sell for, rather than just the asking price.
“Recent headlines about the credit crunch and the mortgage market are also sinking into the psyche of buyers. News is so easily accessed and buyers can track interest rates, regional property trends, value indexes, etc at the touch of a button.
“There might be a lot of information out there about the property market – some of it on a national level and some of it more regional - but a great deal of it sinks in and that makes for a very knowledgeable house hunter.”
In addition to its first office in Birmingham’s Convention Quarter, Maguire Jackson has recently opened a second office in the city’s Jewellery Quarter.
“The new office is great news for customers because it allows us to provide on-the-ground knowledge,” says Philip.
“We are in a prominent position in the heart of the community we’re selling and letting, meaning we can pass on sound knowledge of this market place. That added value is what customers are looking for and they won’t tolerate agencies lacking in that knowledge.
“A good estate agent should be able to add plenty of value and go well beyond what a buyer or tenant can find online.
“For the vendors in the current market, this can mean motivating buyers to actually make a decision as some potential buyers are suffering from information overload.
“Additionally, some information is already out of date by the time it hits the headlines.
“For example, good neighbourhood estate agents should be able to provide guidance and advice about local issues, planning applications, lease renewals, masterplans, parking issues, managing agents, community groups and such like.
“These are the sorts of issues that buyers won’t necessarily find out for themselves.
“The other area where a good estate agent can add real value is in knowing the little details. For example, apartments built by certain developers might be known for extra storage space or generously-sized second bedrooms. Other developments might be known for the quality of the interior design.
“That means a good estate agent is often able to shortlist properties for buyers, saving them from wasting time.
“It usually takes a little time to fully understand a buyer’s or tenant’s particular needs but that investment is well spent because it makes the process of finding the perfect home that much smoother for everyone involved.”
Philip Jackson’ top five websites for discerning buyers:
www.upmystreet.com
www.nethouseprices.com
www.primelocation.com
www.maguirejackson.com
www.rightmove.co.uk
Maguire Jackson, Leading Letting & Estate Agents in Birmingham City Centre: flats & apartments to rent Birmingham, property to rent Birmingham. Property, flats, apartments, for sale in Birmingham. Commercial property, offices to rent and for sale, Birmingham.
