Position at November 2011
Westons Place has been on the market for 18 months. With just seven viewings in the period, primarily due to the general dormancy of the property market, it’s currently removed from all professional marketing. It’s neither being displayed on any agent’s website, nor any of the property portals. If the property remains unsold, this situation will continue until the early part of 2012.
A number of agents have the details of the property, which they can show to prospective purchasers who meet the criteria. Should they introduce the eventual buyer, they’ll secure a commission of 1.5% of the sale price. Contracts have been signed on a multi-agent agreement, on a ‘winner-takes-all’ basis.
Feedback from previous viewers
Whilst the location of the property is excellent from a communication perspective, and the property is beautifully presented having had close to £500,000 spent on a renovation in 2009, the perception is that the A24 provides too much noise. In reality, whilst the road can be heard, the noise is not excessive. The house is set back from the road, behind a large shrub/tree border, and as the property is substantial in construction, from within the house the road noise is barely audible. We’ve held two wedding receptions in marquees in the gardens, and road noise wasn’t an issue. At one of the weddings, a string quartet played in the front garden, just meters from the road, with no adverse effect. Any noise could be reduced by the addition of a six foot fence or wall along the road perimeter.
The issue of the freehold/leasehold nature of the land and the potential A24 road improvements, as detailed in the brochure and illustrated on the location plan, have not been an issue. Should the road improvement happen, which is unlikely due to the financial crisis and the general opposition to road development in green belt areas, the value of the property would rise appreciably. Furthermore, road noise would fall, as the traffic would flow more than twice the distance from the house, and within a cutting. These features are of significant benefit to the prospective purchaser, but their value has not been included in the marketing price.
Reasons for sale
We’re selling Westons Place to repay a £1m mortgage. Once sold, we’ll buy a replacement home with the net equity. At today’s current low interest rates, it’s not worth reducing the selling price, as it only costs around £25k per year to service the mortgage interest. However, interest rates will rise in the future and we’d like to be mortgage-free when this happens.
Instructing a new agent
Should a new agent wish to promote Westons Place for sale, a commission rate of 1.5% will become payable for the introduction of the eventual buyer. Given the agent is not required to produce any marketing materials, nor spend any money on promotion, this level of commission is reasonable.
These are the terms of the instruction…
- Details of the property must not be displayed in the agent’s office, or publicised in any offline or online media including the agent’s website and any of the property portals.
- Promotion must only occur in general conversation with a prospective purchaser whose requirements match those of the property.
- Full information about the property can be found at www.bennis.net and it’s to this website that prospective purchasers should be directed. The agent should explain this marketing approach to the prospective purchaser, to protect their right to the commission.
- Before a viewing can be booked, the agent must have fully discussed the issues raised from the feedback of previous viewers.
- If a viewing is still required, the agent should contact Brian Bennis on 01403 268913 or use the contact form. Viewings will be booked several days in advance to give sufficient time for the agent to visit the property and become familiar with it, and for a contract to be signed to confirm the commission.
If the agent has any questions at any time in relation to the sale of Westons Place, they should contact Brian Bennis on 01403 268913 or use the contact form.