Why did you decide to go into the property market?
I was a student at Glasgow University when I applied for a summer job. Largely to get income to assist with my degree. The previous summer jobs had been in the University Parks Department and a well known national chemist. As the estate agency offered a car, I thought this would impress my current law student girlfriend, now my wife.
I began the day at 9am and worked for thirteen hours solid. Hooked and in love, with the industry the interaction with the public and the whole job, I decided there and then to give up on my degree, without finishing my final year and follow my heart.
After a glorious summer I knew I could make it, but thought the Gin & Tonic estate agent I started with was about contacts and letting things happen. So I decided to take on the toughest selling industry I could. Young people used to come into our office and ask for compliments slips. On it they would take details of the photocopier and hop later on to phone back and upgrade, if they could, that companies machine. The hardest gig in Scotland I thought. So I wrote a letter to Canon Copiers, told them of my work ethic and ambition. They employed flew me to London where I received the finest sales training anyone could get. They would video you, play back your nervous emotions, discuss the psychology of selling, the different personality types and how to listen, to control conversations and to close sales. With two years under my belt in a commission only job I applied to Estate Agencies. Because of my ideas, my confidence and interview techniques, gained from Canon training, I was offered every job I went for.
Within a year I was Sales Manage then Director in Scotland assisting with training of valuers, company strategy for Your Move and becoming their most decorated employee(awards wise) within their National set up. I was treated like a king and every year introduced a new idea I had already gleaned from my copier training. Mailshots in the 80s were almost unheard of. Link selling a new concept. Selling to companies allowed only 9 to 5(office hours) to meet decision makers. Estate agency allowed me to work unlimited hours and weekends. I opened my branches on Sundays!!! This was innovative, then.
From 1986 until 2004 I gave my all to a corporate and was rewarded. But I wrote a paper on estate agency I felt would take things even further. Small ideas like collecting buyers from train stations and airports. Inspecting vendors homes weekly if they were on holiday. Including a plethora of extras at no cost to clients. The corporate would not follow them. I arrogantly decide, if they don’t I will leave. On you go was their response.
I therefore bought into the company I own no. Asked my brother, an established mortgage advisor, to relocate from Glasgow and join me. “Lets look after everybody more than they can imagine and have fun doing it”. He followed and I love every day I work.
What does your firm do differently?
The differences are the obvious. We don’t reinvent the wheel. The differences are the most basic of services. Our contact before during and after is exceptional. We avoid call centres, we are the call centre, with clouds created in our office staff homes and a Director available every night until 10pm. Our honest approach till surprises. “We don’t have 100s of buyers. We have 12! I expect 3 offers from that within x timescale”.
Never over promise and under deliver. We do also collect buyers from bus stops and train stations.
Firms like emoov are suggesting that the ‘high street is dead’, would you agree?
The exceptional rise of property portals has ensured that the office in a High Street is no longer the necessity it once was. As our profession is as much about perception as reality you can “sell” the idea of virtual offices. In truth we are not completely away from the local office. There remain old school sellers who love the physical presence of an office.
In summary, footfall from buyers is very limited, now. But the base to chat and meet with sellers to entertain business contacts and conduct mortgage business, still requires a branch. Preferably in a central location. Not necessarily a High street.
How did the introduction of MMR affect business?
MMR- over to Craig, our Mortgage Director. 24th April 2014. The European mortgage directive is next.
However a person immersed in the financial industry is best served to answer. All I would say is he imparts all we need to know, to all staff on a regular basis. Ensuring our understanding and asking us to sign after delivery of this information. As a former lecturer for the FSA his attention to detail is exemplary. Our signature at the end of a training session, proof of this.
How would you say the sales process differentiates between a typical FTB and an experienced landlord?
It is dangerous to categorise any client. Some of our most “switched on” buyers are those embarking on their first purchase. They have studied the process and are fully aware of pitfalls.
A good agent should have all the knowledge it requires. Knowledge is not power. We are not conquering the public. Knowledge is knowledge. In middle age with years experience in your trade, providing its not one year repeated many times, you have the ability to answer almost every question. Either having encountered it before or by keeping totally abreast of changing legislation. An excellent example is my knowledge of the English selling process. Very rarely do I need this knowledge and I know no estate agents in my area who would bother to investigate English estate agency process. But by having it I can explain the differences and be ready for the consequences of a buyer selling in England who purchase one of our homes.
Having a superb mortgage department, see above, assists too. Solicitors in Scotland have strict rules relating to providing mortgages for buyers on houses they are selling. Strict advertising rules on how they can promote one property with one agent from another. Their large solicitor property centres are controlled by these guidelines in respect of mortgage and promotion.
Would you say it is a buyers or sellers market at the moment?
The lack of property coming to the market, as opposed to 2014 has made it more of a sellers market. Low interest rates, changes to stamp duty and local events, an election, all contribute. But prices are rising. That’s principally because of lack of supply for the constant demand. It will vry across areas and a broad brush answer is not greatly, but if choosing one, a sellers market.
Where should I buy this year?
Where you should buy depends on your dominant buyer motives. If buy to let decide on the yield, whether you want capital growth or are simply happy receiving a let income for the rest of your life!
There is an argument you always buy the worst house in the best area. Certainly if you took that advice you may live in Edinburgh or Aberdeen and will now find the value of your home has greatly increased. London home owners must be tempted every time a neighbour sells for a new record value. Tempted to sell up and move further north to a more reasonable area.
Buying a home is like living your life. It’s a balance. Dalgety Bay is dearer than many parts of Fife, but it is a fabulous, safe area. Blessed with great schools and an excellent transport system. You could live overlooking the water, travel by train over the Iconic Rail Bridge every day and still be in
Edinburgh before a great number of its suburbs. This for a fraction of the house buying cost!
Decide what the 20 most important things you want are. You may get 14, but you will be happy.
Bringing it back to why I’m in the industry. It’s the balance. I work exceptionally hard, but don’t waste a minute of my leisure time. If ever off, I’m at a concert, in a hotel on a break, or attending one of my daughters presentation’s or concerts. Never miss one! Because if asked by a client when can you come( and it clashes), I give 4 options. Never failed yet.
