NEWSbeat
INSURANCES
Insurer opens doors to agents
Previously focusing on sales of insurances direct to landlords, Just Landlords have extended their service offering to work with letting agents as well. Established in 1998, the
SCOTTISH MARKET ‘Offers over’ is over for house prices
The grass is always greener on the other side of the fence, particularly in the Scottish housing
market, which, according to many, has a better buying system with fewer fall-throughs. But one element which caused buyers great stress in a buoyant market was the ‘offers over’ pricing system. Just how much over the asking price will it take to get the house, 20 per cent, even 30 per cent? Now those days are over, according to Scotland on Sunday’s annual Scottish house price guide. Experts say the English-style
“offers around” system has become more prevalent and even many homes marketed at a fixed price are selling at or below the asking price. Prices across the country are now at a more
CONFERENCES RICS social media conference sells out
It’s the hottest topic in property right now – how to use social media in your business. The RICS one-day conference on 4 April, played to a full house at its grand HQ opposite the Houses of Parliament. Adam Tinworth of Estates Gazette opened with the surprising fact that LinkedIn, Twitter and Facebook are all less than eight years old. It seems like
8 MAY 2011 PROPERTYdrum
they’ve been around forever, but it does demonstrate the phenomenal speed with which social media networking has taken hold and is now dominating marketing tactics and strategy in every business. “People buy relationships, not products,” said Adam, and social media networks are the way to build relationships with clients. Social media allows us to engage directly with potential buyers and sellers, rather than using the usual channels, like local newspapers. It allows you to build your brand and company profile. Another speaker, Bob Thompson of Remit Consulting pointed out
that if you don’t engage in social media, others will and you’ll leave it to your competitors and others to talk about your brand. Imagine
that.The conference underlined this need to grasp the nettle and begin your social media activity, to start blogging and to join discussions to raise your profile and build a reputation as the property expert in your area using LinkedIn and Facebook. For more information on RICS conferences, go to
www.rics.org/conferences. See page 11 for details of the
PROPERTYdrum Social Media Marketing for agents conference, in London on 15 June.
“realistic” level because of a combination of the recession and the introduction of the Scottish Government’s Home Reports system. While restrictions on mortgage lending brought a squeeze on demand and a fall in prices, Home Report valuations – now a statutory requirement in Scotland – have meant that buyers are reluctant to pay over the odds. The Edinburgh Solicitors’
Property Centre (ESPC) report that over the past three months 75 per cent of homes on the market for a fixed price sold for less, with canny buyers negotiating prices down on properties that have proved difficult to sell. Large premiums above the
asking price were a feature of the property market across Scotland in
the mid-2000s, but particularly in Edinburgh and Glasgow and the Central Belt, because high- earning employees from the then booming financial sector were driving prices up.
ESPC business analyst David Marshall said, “Conditions remain challenging for sellers and those that are achieving sales are generally having to show some flexibility in negotiations. “’Offers around’ and ‘in the region of’ are increasingly popular. I suspect we will probably not go back to premiums being paid of 25 per cent over on the ‘Offers Over’ properties.” Janice McIvor, the manager of estate agent Slater Hogg & Howison’s Stirling branch, said, “The boom is over. Properties that were worth £900,000 in the boom are now worth £750,000.
insurer offers policies to cover every eventuality, including tenanted property, unoccupied property, rent guarantee and eviction of squatters. Agents can enjoy excellent
commissions and peace of mind, whilst helping landlords maintain and develop their lettings business, with their investment fully protected. Latest research shows that 33 per cent of landlords have had a problem with rent arrears so the tax deductible cost of a policy to provide rent guarantee - £55 for 6 months or £85 for 12 months, (+ IPT) is certainly money well spent. Rent Guarantee includes:
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Cover is provided by DAS. The other growing issue for
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landlords is squatting. Although the high demand for rented property usually minimizes void periods, sometimes a short period when a home is empty is unavoidable – leaving it in the dangerous position of being squatted. Just Landlords Eviction of Squatters Cover provides up to £50,000 in legal costs, no excess and a 24 hour claims service. Underwritten by DAS, all types of property are accepted for an annual fee of £37.50 plus IPT. There is much more
information on all the policies at
www.justlandlords.co.uk, where agents can register to supply these policies (click on the box at bottom left of the main screen)or by calling 0115 908 1487 for the dedicated Customer Services Team.
Rent Arrears up to £50,000 per incident
Legal Expenses up to £50,000 per incident No Excess
Unlimited Rent Arrears 6 or 12 Month options All tenant types accepted
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