As a relatively small independent practice, it always gives me pride and satisfaction when large multi-national firms contact us requesting details of some letting or sale transactions which we’ve handled for clients.
In the past week or so we received such a request from one of the top Valuers at Knight Frank who was conducting the appraisal of sizeable industrial premises in the Bradford area.
It just so happened that Andrew Idle Associates had some key market evidence arising from two major lettings that we dealt with in the second half of 2018. The fact that they were unable to obtain the necessary details from their own existing database – and given that they employ full-time research staff – suddenly made me realise that we are actually a major player in the Bradford property market and the transactions we’re involved with are more significant than we sometimes give ourselves credit for.
Agency work requires a lot of dedication and diligence. We place huge importance on our marketing particulars being as accurate as possible and up to date, with good quality images. We go the extra mile with advertising, often subsidising to Clients the cost of entries on key portals so as to ensure that a good stream of quality enquiries is generated.
We then follow up those leads and do all we can to convert them, or alternatively direct the party to another premises we’re handling which could be more appropriate to their needs. We devote social media coverage to all of our listings.
We need to manage Client expectations and try to be realistic from the outset. There is no point in painting an over-optimistic picture in order to win an instruction, only then to have to go back to the client a few months down the line to try to persuade them to take a major downward adjustment in price. That is not to claim we always get it spot on; each property has its own foibles and idiosyncrasies and even with our vast experience market response is not 100% predictable.
In addition to this, we maintain regular contact with the various commercial property market research bodies who track progress towards the disposal of premises on the market and keep them updated with in-depth data. As an Agent, it takes time and effort to contribute to this research but we believe it is worthwhile. It is an important resource especially for agents on the property acquisition trail or those that are reporting for their clients and are seeking to provide a detailed market commentary.
In 2018 Andrew Idle Associates were one of the runners up in the Costar Agency Awards in terms of the most active deal-makers and writing this article has made me realise we should have publicised that fact much earlier than we did.