Page 6 - David Burr Rooftops Magazine Winter 2017/2018

Don’t
believe
everything
you read (except this article!)
The view from our London office
Bob Bickersteth and Milly English
In previous articles I have often discussed figures and market trends to give the reader a feel for the market. However, as Benjamin Disraeli said: “There are lies, damn lies and statistics”. Never has that saying been truer than today.
We all know that our friends are aspiring estate agents, definitely property professionals and are happy to give ladles of advice at a moment’s notice. Add to that, all the information, opinion and “knowledge” that the newspapers give, not forgetting the pages of statistics on the internet. It is hardly surprising that the average householder, tenant, landlord and first-time buyer are scratching their heads in frustration as to where to get clear, professional and honest advice.
So, how does the person on the street actually glean all the information that they need - and actually what information do they really need? If I can ask you to park that thought for now, I want to think about the range of options that you can consider for selling or renting your property.
Some people have been tempted to sell via a raffle. Offering a set amount of tickets at £5 or £10 a ticket. Usually these people have two things in common; they couldn’t sell their property through traditional means and their expectation of price was much higher than the market’s view. There are many pitfalls with very tight legal aspects as it has to be a ‘contest,’ not a lottery, and comes under the Gambling Act rather than property law. There are complications for the winner as they may be liable for the stamp duty on the market value of the property, not the price of the ticket. What happens if sufficient tickets aren’t
6
“Some people have
been tempted to sell via a raffle.”
sold? Whilst selling this way makes good PR it is a very speculative and specialised route to take.
If you work on the premise that the market dictates the value of your home and that is all that can be done, then the DIY route through an online only website is an option. They are, not surprisingly with the focus on web-based disruptors, enjoying a lot of airtime. Propped up by huge city investment (with incessant, clever marketing) they are leading you to believe you are going to receive the same quality of service as a traditional high street estate agent.
They are cheap, get your property on the portals and you can even have a local (ish) property adviser to guide you on pricing. You pay a fee up front (there is no incentive for them to sell the property), payable whether you sell or not. More often than not you have to run your own sale, viewings, negotiations, instructing solicitors and in many cases manage the chain. Having been an agent for 30 plus years, guiding a sale through to completion, in this day and age, is not for the faint hearted. ‘What can possibly go wrong?’ I hear you