Robinson: ‘We advise and you decide’
Estate agents have had to change the way they operate of late. We talk to Eddie Robinson, managing director of Robinson estate agent, about how the business has adapted to the challenges the pandemic has brought.
Tell us about the business
My business started in January 2004, so I am now in my seventeenth year.
The ethos is and always will be “we advise, you decide”.
I wanted to offer a more personal approach to residential advice and, as a chartered surveyor since 1996, give professional and qualified advice.
Since then, we have opened up a Lettings and Management division which is run by my wife Helen. We are truly a family business. All of our staff live in Maidenhead and have strong roots in the area.
How has your agency adapted to the pandemic?
We have never operated with a shop front so have not had to change our working practices dramatically – we would rather concentrate on selling and letting houses.
Viewings have changed dramatically in that prospective buyers and tenants must wear PPE and confirm they have not had any COVID 19 symptoms in the past seven days. They also have to confirm they have viewed the virtual tour, which is now becoming standard.
Viewings are limited to 15 minutes maximum and buyers have to demonstrate they are bona fide by confirming they are in a position to buy if they like the proper ty.
How important have virtual viewings become?
Virtual viewings/video tours will be around for a long time I think and their importance is increasing, therefore they should be filmed professionally with editing and music.
I have seen some agents rush around the property so much so you can hear the heavy-breathing in the background which is not a first impression I would like my clients’ properties to have!
Videos are a useful addition to the marketing process but they will never replace the feeling of seeing the property.
How do you predict the market will perform in the first six months of the year for first time buyers and those already on the property ladder?
Maidenhead is robust to the market fluctuations. It remains a fantastic place to live with easy access to London and amazing schools.
If you are moving out of Maidenhead you can count on an inherent demand but your house needs to be correctly positioned in the market and given maximum marketing exposure.
‘Videos are a useful addition to the marketing process but they will never replace the feeling of seeing the property’
What impact will the end of the stamp duty holiday have on the market?
If the stamp duty holiday is not extended then there is likely to be a period of reflection as buyers may have to change their budgets and sellers their own expectations.
However, if you need to move you should make the necessary adjustments to your plan or, even easier, speak to me.
On balance, I think the holiday needs to be extended for about six weeks or possibly even phased.
In truth, the only people who know about this is Boris Johnson and Rishi Sunak and there is little point in worrying about something which is out of your direct control.
What advice would you give to first time buyers?
I like the proverb: ‘The best time to plant a tree is 20 years ago and the second best time is now’.
There is a limited supply of land in the UK and an ever-increasing supply of buyers, which means prices are always likely to rise in the medium to long term.
On that basis, the best advice is to save as much as you can as quickly as you can and appreciate housing ownership is going to take some time. It is not an easy to problem to solve.
What has happened to the prices of houses and flats sold in the last year?
I don’t think prices have risen by a significant amount in the past 12 months but activity has increased because of the stamp duty holiday.
The amount of time to sell a house has shortened, but it still needs to be correctly positioned.
Flats are more of a problem as there is an over-supply with more schemes coming available.
The investor market has been hit by tax changes and has quickly reduced the numbers of investors and therefore demand.
Supply is the real issue as many schemes were conceived and planned in a very different economic environment – once a developer commits to a scheme it is almost impossible to change it.
My studies at university looked at the effects of a market with an inelastic supply of property and the elastic nature of demand – the property market is never in a state of equilibrium.
The opening quote was: ‘Everybody breeds pigs at today’s prices to bring on tomorrow’s low ones’ which neatly summarises the situation today.