PR: How did you get into property and what is your current role in the industry?
ZS: This goes back to almost 100 years ago, although I am nowhere near that age.
As far as I know, all my family have always been involved in property one way or another, from property developers, surveyors, architects, property agents to property traders so one would say, it is in my blood.
I studied and graduated as a quantity surveyor; however, I enjoyed the interaction with people more than sitting in an empty office dealing with figures. I started my own estate agency back in 1994 and over the years have managed to become an authority in property investment whether it is commercial or residential.
I ran my own property investment consultancy as well an investment agency which includes residential lettings and block management, sales & acquisitions and property auction advising both buyers and sellers of the market condition as well as trends in order for them to make an informed investment decision.
PR: The popularity of property auctions has seen tremendous growth in recent years. In a highly competitive market, what are the main differences between Connect UK Auctions and your competitors?
ZS: Traditional auctions have been around for centuries, they are a tried and tested method. But at Connect UK we haven’t reinvented the wheel – we’ve removed the incline. We are all in a digital age and it’s about time auctions reflected that. I am proud to say we are the 1st UK auction house to offer an ‘interactive’ property auction through our bidding platform – Connect Realtime©.
See and hear the auctioneer accept your remote bid from wherever in the world you may be. But how is this different from other live streams you ask? We host a presenter, alongside BBC and Chanel 4’s Adam Partridge, our auctioneer, to introduce the auction and its lots – direct to camera. This innovation and groundbreaking platform have allowed viewers and bidders to feel as involved as if they were in the room, giving them an interactive experience. The market is constantly changing and businesses must adapt. Our constant innovative ideas keep us ahead of the game.
PR: Has investor sentiment changed due to COVID-19 what changes have you had to make to compensate this?
ZS: Each lockdown has brought its own challenges but it’s how you overcome them that illustrates your strengths. Connect Realtime has allowed us to continue our auctions throughout the pandemic. We launched the service in January 2020 which proved perfect timing ahead of the Governments announcements in March. We managed to carry out all of our 2020 auctions with amazing success rates.
Buyer demand will always be present in the property market and any enthusiast knows property investing is a longer-term game. There will always be peaks and troughs in any market as the supply and demand rates shift. However, 2020 gave investors a chance to explore the market and all its options. Through the digital age we are in, Connect UK have learnt how the needs of clients are changing. Giving value in advance is key to the business’ growth. Stats and figures are great but they must be backed up with client report, customer service and valuable and educational advice and efforts.
COVID-19 has given us time to focus even more on developing our investor and partner relationships. After all, every business owner knows that it costs less to maintain a client than it does to gain a new one.
Many involved in the auction market or even just property in general, know the value of buying and selling through this method. Whether an investor or property trader we are seeing value added to a huge variety of property and development land in various geographic locations despite COVID-19 and its restrictions.
PR: What advice would you give to someone who is unsure about buying a property at auction?
ZS: My advice to any buyer that chooses to buy a property through auction is that the auction route is the surest way of securing a purchase without fall throughs or gazumping, please see the process below: -
1) You can view the property before bidding at auction.
2) You can see all the information in the legal pack before even instructing a solicitor, making sure all is in order.
3) You can arrange finance before even bidding at the auction, making sure the property is sound with no defects.
4) On the day of the auction, the buyer can bid to their maximum their finance allows, however, the buyer usually end up purchasing it lower than they had anticipated.
5) One the buyer's bid has been successful, the contracts are exchanged and will complete with 4 weeks, which means no fall throughs or gazumping.
We at Connect UK have launched an auction academy full of video tutorials on the full buying process packed with insiders’ tips and tricks.
PR: What are your predictions for the auction sector and wider property market this year?
ZS: My predictions for the auction sector in 2021, is that there will be a game of two halves: -
It will be a quieter year than in the past as a large number of homeowners have managed to get mortgage holiday due to their financial circumstances and furthermore, courts have been instructed no to carry out any repossession until the government sees some kind of normality within the employment sector due to the pandemic.
1) However, this does not mean there are no sellers. Due to the pandemic, there are a lot of inheritance properties, landlords trying to cash in as the number of tenants are falling in the capital and across the country due to working from home and commercial properties including offices being offered to developers who can change the usage to residential.
2) Therefore, I believe the industry as a whole will be in good shape as there are always motivated sellers and willing buyers.
PR: What property-related headline would you most like to read in 2021?
ZS: What I would like to read most as a headline is that buyers and sellers are using the auction route as a regular method of property transaction. I am sure as fall-throughs, as well as the lengthy delays, are increasing in a property transaction, the auction route will become even more popular.
