What’s amazing when you look at property price data is the huge differences between regions, but that within those regions, the towns and cities also perform at different rates.

Over time, out of the 30 cities we track, since 2005, property prices have only risen above the average annual 3.8% inflation rate in only seven cities/towns. These include:

• Manchester
• Bristol
• Cambridge
• Oxford
• Brighton and Hove
• London
• Edinburgh

Milton Keynes property prices are on a par with the average annual rate of inflation.

All the remaining towns and cities have seen their average property prices grow at less than inflation – which is not something anyone would realise if they took their understanding of property prices trends from the media.

The following towns and cities price growth ‘on average’ are performing well below inflation:

• Newcastle
• Belfast
• Aberdeen
• Southampton
• Nottingham

Price growth charts according to Land Registry and Hometrack

From a year on year basis, Edinburgh, Manchester and Oxford appear to be performing well historically and also year on year. Meanwhile Brighton and Hove appears to have lost some of its historic steam, along with Cambridge and London.

E.surv commentary
“In December 2023, only 11 of the 111 Unitary Authority areas in England and Wales were recording house price gains over the previous twelve months, which is 8 fewer authorities with price rises over the year than in November 2023.
“The area with the highest annual increase in prices in December 2023 is Gwynedd in Wales, up by 6.4%. In Gwynedd, prices for both detached and semi-detached homes have increased over the last twelve months, with the most significant increase on a weight-adjusted basis being detached properties, up from an average £345k in December 2022 to £370k one year later.

“By way of contrast, the area with the largest fall in prices over the last twelve months was – perhaps ironically given its proximity to Gwynedd – Denbighshire. In Denbighshire, prices have fallen by 16.1% over the year, with the largest fall in average values being detached properties, down from an average £310k in December 2022 to £245k in December 2023. However, it is perhaps likely that this had more to do with the attributes of the individual houses sold in the period, as opposed to a collapse in the housing market.”

Appendix: City/town property indices price tracking

For city/town tracking, we use Land Registry (government data) and Zoopla/Hometrack. The Land Registry data is useful because we can analyse how property prices have changed over time and this helps us to put today’s price information into context.

The Zoopla/Hometrack data is useful as they take into account the change in mix of property transactions during the pandemic to houses away from flats. This has meant the likes of the Land Registry and other indices have over exaggerated price changes year on year.

The post House prices analysis: towns and cities in focus appeared first on The Negotiator.

Their stats on a year on year basis show that Scotland and Northern Ireland, up to November time, were up year on year while England and Wales were slightly down, but nothing like the huge forecasted falls.

England and Wales were slightly down, but nothing like the huge forecasted falls.”

Nationwide’s quarterly mortgaged only sales actually show that Scotland is just up year on year, while Northern Ireland is 4.5% up versus Q4 in 22 – which considering the rises in mortgage rates throughout 2023, is quite an incredible result. Meanwhile, they agree with the Land Registry that prices in England and Wales are slightly down year on year.

On a regional basis, we have data from the Land Registry, Home.co.uk and Halifax monthly while Nationwide monitor this on a quarterly basis.

What’s good about the data is that, bar London and the South, even though the average national prices vary a lot from one indices to another, regional data varies a lot less.

For example, nationally, Rightmove typically has the highest monthly average price: £359,748 while the lowest is Nationwide at £257,656, which is a staggering 39%+ difference!

And if you look at London prices in particular, they also range dramatically between the indices with Rightmove showing the highest average of £664,550 versus the lowest – which is the Land Registry at £505,283, a 31% difference. There is also a big difference in the ‘performance’ of London according to the different indices, with the Halifax and Rightmove showing falls of less than half a per cent, while the Land Registry shows the highest fall of 6%, a significant difference.

Regions showing a positive market are North East and West and Yorkshire and Humber.”

The South East, East and South West showing the highest falls, are likely to be worst affected due to reliance and need for larger mortgages. Regions that are showing a positive market according to Halifax and Home.co.uk are: North East and West and Yorkshire and Humber, whilst Rightmove also records positive price movement for the North West and Yorkshire/Humber region.

However, it’s important to note two things. Firstly, the falls are pretty minute, mostly just a few percent. And secondly, that compared to 2019, which is the best ‘base year’ we have for the market pre the pandemic, that most home owners have seen good price growth during the time they own a property.

What’s more useful though is this chart from Home.co.uk which shows a good picture for any sellers looking to move having bought five years – or more – ago. Even with the rise in mortgage costs over the last 18 months, most regional buyers will have seen good price growth, hopefully enough to remortgage at a reasonable rate with a better Loan to Value and/or in a position where they have gained enough equity to trade up – or indeed release some equity and trade down.

For Scotland, Wales, and Northern Ireland we monitor:

• Principality Building Society
• Halifax
• Zoopla
• Esurv

Summary from the indices of the Scottish housing market

Halifax

“Scotland and Wales both saw positive growth, +4% on an annual basis to £206,087 and £219,609 respectively.” 

E.surv

No change in Scotland’s house price over last twelve months

“The average house price in Scotland in November 2023 has fallen by a minimal £16, or 0.0%, over the last twelve months, which is 0.5% lower than the rate seen in October, one month earlier. This is the lowest annual growth rate since May 2016, some seven and a half years earlier. 

“14 of the 32 local authorities in Scotland were reporting a positive movement in prices over the previous twelve months, compared with 17 in October. However, as with the previous month, Edinburgh had the largest fall in prices over the year when measured on a weight-adjusted basis, which on its own counterbalanced some 27% of the positive movement in values in the 14 areas with price gains.

“In November, on the mainland, East Renfrewshire had the highest increase in its annual rate of price growth, at 12.0%. In East Renfrewshire, all property types have seen an increase in values over the last twelve months, but particularly semi-detached homes, with average prices rising from £300k in November 2022 to £350k twelve months later. Staying on the mainland, Midlothian has the second-highest annual growth rate at 10.7%. Again, similar to East Renfrewshire, all property types have seen an increase in their average prices, but in Midlothian it is terraced properties that have had the most significant increase, up from an average £205k in November 2022 to £235k one year later.

The largest percentage fall in prices over the last twelve months was Dumfries and Galloway.”

“At the other end of the scale, the area on the mainland with the largest percentage fall in prices over the last twelve months was Dumfries and Galloway, at -5.4%. In Dumfries and Galloway, all property types saw prices fall over the year, with the largest fall on a weight-adjusted basis being terraced homes, down from an average £140k in November 2022 to £125k one year later.”

Summary from the indices of the Welsh housing market

Principality Building Society

Average house price in Wales falls for fourth consecutive quarter

“There have now been four consecutive quarters of price falls since average prices peaked in Wales at just over £249,000 at the end of 2022. The price of homes fell by more than £5,000 in the fourth quarter of 2023 to a little over £234,000. This is 6% or £15,000 below their recent peak, but still 25% stronger than five years ago.

 “Nevertheless, it is the weakest period for the Welsh housing market since the aftermath of the Global Financial Crisis in 2009. The 6% year-on-year decline is relatively modest in nominal terms, given some rather more gloomy forecasts, but of course it is a more significant adjustment in real terms after adjusting for inflationary pressures.

“The 2.2% decline in prices recorded in the quarter is the largest drop in the period December 2020 to December 2023, but with the jobs market appearing resilient and expectations of Bank of England interest rate cuts during 2024, we are now perhaps moving towards a more positive outlook. Certainly, there are already significant cuts in mortgage rates.”

 Summary from the indices of the Northern Ireland housing market

Halifax

“Northern Ireland recorded the strongest growth across all the nations or regions within the UK – house prices here increased by +5.3% on an annual basis. Properties in Northern Ireland now cost on average £195,760, which is £9,761 higher than the same time in January 2023.”

Zoopla 

“Northern Ireland is an outlier with house prices up 3.2% over 2023.”

Commentary on the regional performance by indices

Home.co.uk

“The ‘new normal’ post-COVID continues to favour the northern English regions, Wales and Scotland in terms of

price growth. This month’s data shows that the former growth leader, the North East, has been pipped to the top spot by the North West. It is remarkable that these regions, despite all the challenges since late 2022, have managed to retain a state of overall growth. This is clear testament to the considerable demand driven vigour in these markets.

“Meanwhile, it is the East Midlands, South West, East and London that have borne the brunt of the price corrections.

The East of England is the current laggard with a fall of 2.0% since January 2023. Should these regions recover their losses and return to growth, the national average figures would almost certainly return to real growth.”

Halifax

“North West (+3.2%), Yorkshire and Humber (+2.8%), North East (+2.0%) and East Midlands (0.5%) also recorded house price increases over the last year.

“The South East fell the most last month when compared to other UK regions, with homes selling for an average £379,220 (-2.3%), a drop of £8,866.

“London retains the top spot for the highest average house price across all the regions, at £529,528, albeit prices

in the capital have declined by -0.4% on an annual basis.”

E.surv

“The largest upward change in rates took place in the North East, up by +0.4% on the previous month, making it the only region to have a positive annual rate of growth, at +0.2%. The largest downward movement in rates occurred in the South East, where prices fell by an additional -0.8%, resulting in a decline of -5.7% on an annual basis.

“The three regions with an overall positive change in growth rates were the North East, Greater London and the South West. The seven areas where prices deteriorated further were, in ranked order (smallest to largest), the East Midlands, Wales, Yorkshire and the Humber, the North West, the West Midlands, the East of England and the South East.”

 Zoopla

“On a regional basis, we register the largest price falls in the East of England (-2.5%) and the South West (-2.2%).”

The post HOUSE PRICES UPDATE – analysed by country: England, Scotland, N. Ireland and Wales appeared first on The Negotiator.

It’s great data to put out in a blog to consumers or on instructions to show them that the news headlines about crashes or booms really aren’t much use to them.

In a recent interview with BBC Radio Nottingham, I gave examples of properties that had gone up, down and stayed the same, going right back to the last recession in 2007/8. The individual sold property price data we have access to is really useful to show buyers and sellers that the main people they should talk to to find out what’s happening property wise is: their local agent.

Property price and market indices headlines

Rightmove

Tentatively promising new year start as buyer and seller activity jump

“Average new seller asking prices rise by 1.3% month-on-month to £359,748, the biggest December to January increase in prices since 2020, though average prices are still 0.7% lower than at this time last year.”

Home.co.uk

Prices hold firm on rate cut optimism and falling stock

“Asking prices remain unchanged since last month across England and Wales but are down year-on-year by just 0.5% vs. Jan 2023.”

RICS

Outlook for sales market activity continues to improve gradually

“House price declines continue to moderate at the national level, with respondents now anticipating a flat trend over the year ahead.”

Nationwide

House prices begin 2024 on a more upbeat note
“UK house prices rose by 0.7% in January, after taking account of seasonal effects. This resulted in an improvement in the annual rate of house price growth from -1.8% in December to -0.2% in January, the strongest outturn since January 2023.”

 Halifax

Positive start to 2024 for UK house prices
“Average house prices rose by +1.3% in January, the fourth monthly rise in a row.”

E.surv

Annual prices still falling in January

“House prices in England and Wales saw a slight increase this month, rising by £620 (0.2%) to reach a level last seen in February 2022. This marks only the second time in the past 15 months that prices have grown by more than 0.1%.”

Zoopla

“Our UK house price index recorded annual price falls of -0.8% in December 2023, up from a -1.4% low in October 2023.”

In the meantime, the best information and analysis from this month’s property indices is that demand, instructions and indeed sales agreed appear to be better than they were versus last year, which is a great start to 2024.

And, hopefully this should continue with lenders competing mortgage rates down to sub 5%, although Zoopla’s conclusion is that it’s “Important not to over-interpret the positive start to the year – there is some upside for sales volumes, but we remain in a buyers’ market.”

Rightmove

• The number of new properties coming onto the market for sale is 15% higher than in the same period last year.
• Buyer demand in the first week of 2024 is also 5% higher than in the same period last year. However, competitive pricing from sellers is still vital, with the number of new properties coming to market outpacing the rise in demand.
• The number of sales agreed is 20% higher than during the first week of last year, indicating a strong return of buyer confidence when compared with the unsettled post-mini-Budget period a year ago.
• The average 5-year mortgage rate is now 4.86%, compared to 6.11% at the July 2023 peak. While there may be more surprises to come, early indicators suggest a more stable year for the mortgage market after its volatility from September 2022 onwards.

Nationwide

• UK house prices rose 0.7% month on month in January.
• There have been some encouraging signs for potential buyers recently with mortgage rates continuing to trend down.

“If average mortgage rates were to trend down to 4%, this would ease the mortgage payments burden to 34% of take-home pay (assuming house prices and earnings are unchanged). However, other things equal, mortgage rates of 3% (still well above the lows seen in the wake of the pandemic) would be needed to bring this measure of affordability back towards its long run average.”

Halifax

• The average house price in January was £291,029, up +1.3% or, in cash terms, £3,924 compared to December 2023.
• This is the fourth consecutive month that house prices have risen and, as a result, the pace of annual growth is now +2.5%, the highest rate since January last year.
• Northern Ireland recorded the strongest growth across all the nations or regions within the UK.
• South East England continues to see most downward pressure on house prices.

Home.co.uk

• The total sales stock count for England and Wales has fallen again. The current total of unsold property is 423,827, around 15,000 less than last month and typical for the time of year.
• The number of new instructions entering the market in December 2023 was only 3% more than during December 2022. This is a remarkably small increase given the market chaos caused by the doomed Truss-Kwarteng mini-budget, which led to a shock drop in prices of 2.4% in just one month.
• The Typical Time on Market for unsold property in England and Wales rose by twelve days during December, again in line with seasonal expectations. The current median is 112 days; in pre-COVID January 2020, the same measure was 120 days.

E.surv

• Monthly prices are now showing a small increase.
• North East continues as the only region with price gains over the year.
• Transactions remain at lowest levels of last seventeen years.

Zoopla

• Demand up 12% year-on-year, led by London and East of England.
• Sales agreed up 13% year on year – sales up across all regions.
• Available homes for sale over 20% higher than a year ago.
• A fifth of sellers having to accept more than 10% below the asking price to secure a sale, closer to 1 in 4 across southern England.

The post Latest house price indices analysis appeared first on The Negotiator.

The buyer is polite, impeccably turned out, and ticks all the boxes. A cash buyer, all the documentation in hand, ready to go. He wants to complete rapidly and has a prestigious law firm lined up for the conveyancing. After weeks of waiting, your commission is tantalisingly close…

You photocopy his passport and a couple of other proofs of ID, and you’re ready to go. Or are you?

Appearances can be misleading. It’s all too easy to assume that someone is above board, when in fact that could be far from the case.

And these days, HMRC, which enforces anti-money laundering legislation (AML) is cracking down on agents who don’t carry out thorough AML checks. Under AML rules, agents are required to verify the identity not just of the vendor but also the buyer.

HMRC figures show that from May to October 2022, 68 estate agents were fined a total of £519,000 for not complying with rules designed to stop criminals laundering money from illegal activity. A further 56 fines were levied between 1 January and 31 March 2023.

In most cases the fines are for failing to register with HMRC, or registering late, with fines ranging from anywhere between £2,000 and £15,000.

Complacent about compliance

Martin Cheek, Managing Director of SmartSearch – one of the biggest providers of AML checks and verification, which carries out more than three million checks a year – explains that agents must not only register with HMRC but show they have proper risk-assessment procedures in place.

“They all have a duty to complete due diligence and check they are not dealing with anyone on a sanctions list,” he says.

“The majority of agents really don’t feel they have to comply. I think generally the industry feels it’s a sledgehammer to crack a nut because they don’t handle any cash.

“It is quite a complex area for them. They just want to get on selling properties and I think most of the agents I speak to find it an unwelcome distraction.”

Most of the agents I speak to find it an unwelcome distraction.”

According to Cheek, the biggest issue that agents tend to fall down on is carrying out satisfactory client due diligence – they have to prove to HMRC that they have adequate risk-assessment policies and procedures in place.

Martin Cheek, SmartSearch

Using SmartSearch, agents simply log on to an online platform , enter the name and address of the individual and click what kind of check they want. An app will then allow them to take a photo of the passport or driving licence and compare it instantly with a ‘selfie’ of the person.

“I would hazard a guess that we get a couple of thousand fraud cases a year in some shape or form. Some are really obvious – someone has stuck a photo on a stolen passport – but some of them are quite sophisticated.”

Increasing pressure

Emma Burdis, Head of Compliance at Iamproperty, which offers verification checks via its movebutler platform, says property fraud is increasing.

“Criminals are constantly finding new and sophisticated ways to use property to launder money,” she explains. “This places an increasing amount of pressure on the industry to also be more sophisticated in their efforts in preventing them from doing so.

Whilst some agents still prefer the more traditional verification methods, these methods alone are no longer enough.”

“Whilst some agents still prefer the more traditional verification methods, these methods alone are no longer enough to be fully AML compliant – fraudulent documents are becoming more difficult to spot, and criminals are often those we least expect.”

Emma Burdis, Iamproperty

It’s not just Russian oligarchs that agents need to be wary of – organised crime is also a big player, along with individual fraudsters.

Burdis highlights a case that came to light in 2021 which received a lot of media attention.

“A property was sold whilst the legal owner was away and the owner returned to find someone else living in their home,” she says. “The legal owner’s identity had been stolen and illegal documents created. These crimes highlight the importance of adopting robust processes and the use of AML and ID verification technology.

“Most agents are concerned about money laundering, unfortunately ensuring compliance can be time consuming and with the risks and obligations ever changing, confusing.”

Culture of control

Harriet Holmes, AML Services Manager at compliance platform Thirdfort, emphasises that agents must implement robust policies, controls and procedures to deter fraud and money laundering.

“Agents should foster a culture where staff actively participate in the compliance process, alerting managers to issues and concerns as they arise,” she stresses. “Firms must consider the controls they can deploy to mitigate the risks associated with non-compliance and document the process they are going through, and record their considerations.

Agents should foster a culture where staff actively participate in the compliance process.”

“Making such records helps agents reduce the risk of money laundering and fraud failings. It also provides evidence to the regulator of the steps the firm has taken to be compliant.”

She says it also crucial to have a comprehensive training programme in place for staff, so that they are aware of the risks, and the procedures in place to deal with them.

Holmes warns that agents may leave themselves open to criminal prosecution, regulatory fines, professional negligence claims and reputational damage if they do not conduct client due diligence and AML checks to the required standard.

“It’s a huge amount of work to stay compliant while keeping admin from skyrocketing,” she says. “Some agents are still using traditional or manual approaches to client due diligence where agents manually check the client’s passport, identification, or bank statement. However, such manual processes have significant drawbacks, both in terms of the risks of manually checking documents and the time it takes.”

Harriet Holmes, Thirdfort

She adds: “Agents would naturally prefer to spend their time focused on sales, rather than compliance, which is why agents are increasingly adopting digital tools to help stay compliant while reducing the time associated with fraud and AML checks.

“Forward-thinking agents know that relying on human judgement alone for AML is risky and are increasingly turning to technology to help reduce the risks.”

Thirdfort has also recently launched a Secure Share product that allows agents to share verification with conveyancers.

Removing repetition

“During a property transaction, both the estate agent and the conveyancer will ask the buyer and seller to complete the same know your customer, AML and source of funds verification,” says Holmes.

“However, this needless repetition slows down property transactions, delivers a poor experience for home movers and creates unnecessary friction between the agent and lawyer. To overcome these issues, property professionals can now offer simple and secure report sharing for their clients and the other professional advisors involved in the process.”

The message to the industry is clear – don’t take shortcuts when it comes to AML checks, or it may come back to haunt you.

The post ‘Don’t take chances on AML checks – the risks are real’ appeared first on The Negotiator.

I wasn’t earning enough in those early days to pay this tax rate myself but my boss was and he seemed to spend at least half of his working day trying to find ways around it.

It now seems almost certain that we will have a Labour government by the end of this year so what can we expect them to do on the tax front?

So far, they have kept their tax plans deliberately vague for fear of frightening the electors. They have said that they will impose VAT on private school fees. I doubt it will generate much tax revenue but the parents who pay school fees don’t generally vote Labour so they don’t mind about alienating them.

They have also said they are going to end the tax concessions for non-doms, but this too will raise very little money. Most of them will simply leave the country, but foreign nationals aren’t allowed to vote in a UK election so they don’t care.

However , these tax increases are not nearly enough to pay for all their spending pledges or to satisfy their ideological zeal to tax the rich. So what else are they likely to do?

Boosting business sale tax

As a business sales broker, my greatest fear is that they will get rid of the 10% tax rate for people who sell a business (the business asset disposal relief scheme). If they do , the owner of a business worth £1 million will pay £200,000 tax on the sale proceeds rather than £100,000.

We are already getting a huge number of enquiries from people wanting to complete a sale before the expected election date in November. However, if this tax charge does come in, then a lot of business owners who miss the deadline will postpone their sales and the government will get 20% of nothing.

CGT abolishment

A second concern is that they might abolish Capital Gains Tax (CGT) altogether. This would mean that everyone would pay income tax at up to 45% on all their income however it was earned. This would be catastrophic. Buy-to-let landlords would not be able to sell their properties and shareholders would not want to dispose of their shares. It would bring the economy to a grinding halt and have a huge impact on estate agents and letting agents.

I doubt this would raise much tax either because investors would postpone their sales. However, it is a policy that would no doubt generate very positive headlines in the tabloid press and any attempt to reverse the policy would be difficult because it would be seen as tax cuts for the wealthy.

Risk of recession

The greatest threat however is the risk of a recession. The top 10% of taxpayers pay around 60% of all tax revenue and the top 1% pay almost 30%. If large tax increases are introduced then there is a great deal that these people can do to avoid paying them. Some will leave the country. Some will pay expensive tax lawyers to find ways around the legislation. Some will delay taking their capital gains. Some might just retire early.

The loss of tax revenue could be huge. When Margaret Thatcher reduced the top rate of tax to 40% in 1989 , there was an immediate increase in the amount of tax that was collected from higher rate taxpayers. It is well understood that when the tax rate increases above a certain rate the amount of revenue actually reduces.

Your options are to sell your business, your shares and your property investments now.”

So, what can you do to prepare for all this? If you don’t want to leave the country and can’t afford £1,000 per hour for a top-notch tax adviser your options are to sell your business, your shares and your property investments now to crystalize your capital gains at the current rate and advise your clients to do the same thing. Then batten down the hatches and wait for the electoral cycle to run its course and for the storm to blow over.

I hope that I am wrong about all this and that our next government will have Blairite tendencies, not Corbyn-like tendencies, but as the old saying says, we should hope for the best and prepare for the worst.

The post BLOG: Are you ready for Labour’s tax bombs? appeared first on The Negotiator.

With artificial intelligence being one of the major developments in characterising the marketing environment in 2023, should ChatGPT and other AI applications be part of the digital marketer’s toolkit?

Nelly Berova Managing Director, Art Division

For some, AI was a positive force, automating tasks to boost efficiency. For others, it meant a worrying shift from humans to machines. As for the role of AI in SEO, in our experience, automated tools can help – and hinder – SEO strategies for estate agency businesses.

ChatGPT and the like are undeniably helpful in speeding up your systems and processes – in subject matter research or writing numerous property listings, for example.

Help or hindrance?

Where AI can actually harm marketing efforts comes with misuse or relying on it too heavily. The thinking that ChatGPT is all that’s needed to write blogs will invariably lead to a massive influx of content – but it won’t necessarily be high quality or the best response to searchers’ intent.

While the chat bots can generate content quickly and easily, they lack the human touch. AI content can suffer from a bland tone of voice that isn’t relatable. And without proper fact checking there’s a risk of inaccuracies.

Remember that key to your digital marketing strategy is your analysis of your ideal customer – the first-time buyers, second-step sellers, confused new landlords and those looking to move agent that your business needs to target, right now. Success comes when your brand connects with these customers, responding to their wants and needs in a personal and local way.

As such, SEO for agents is about addressing the pain points, problems and questions these customers are asking of Google every day. AI generated content can answer some of these queries but will lack the nuance, depth and understanding that keeps people reading and responding to your brand.

AI generated content can answer some of these queries but will lack the nuance.”

It’s important to remember too that there is more to SEO than content production. Before you write a blog, you need do the leg work that involves keyword research, looking at what your competitors are doing, planning and scheduling your posts, building links and aligning what you write to customer intent. While AI can help with some of these areas, handing over your whole SEO strategy to automated systems isn’t quite there yet.

If you’re wondering how to navigate a future increasingly dominated by AI tools, our advice is to embrace it, while being aware of its limitations and retaining a critical eye and a level of human input.

Five steps for incorporating AI

When it comes to SEO strategy, it’s worth following these five key rules about incorporating AI:

1. Put your customer first – remember everything comes back to your ideal customer profile and their wants needs and paint points.
2. Have an open mind about AI – try out different uses for ChatGPT and any new applications that come down the line. You might find great ways to save time and boost efficiency – but understand their limitations.
3. Remember there’s more to SEO than content production – you need to focus on the whole process or know someone who can. There isn’t a tool to do this all for you yet, that we know of.
4. Continue to prize high quality written and video content that really responds to the things people are asking of Google in a human and relatable way. As time goes on, the internet will be increasingly flooded by AI generated blogs – make sure yours will stand out from the crowd.
5. Design with mobile in mind – most property searches start on mobile devices and this can only increase as time goes on.

As we’ve said, the past year has brought immense change to the real estate marketing sector. AI is definitely a force to be reckoned with, but that doesn’t mean SEO for agents is in terminal decline.

AI has impinged on many areas but, according to commentators, it is unlikely to create a massive shift in the way we use Google any time soon. Keeping ahead of the game is about maximising the benefits of AI while retaining human input, combining efficiency with authenticity – and remembering at all times to put the customer at the centre of your SEO strategy.

The post BLOG: Can AI help agents get onto first page of Google results? appeared first on The Negotiator.

His CV alone justifies the accolade. Starting work as a sales negotiator in 1975, he worked at several independents before ending up at Prudential Property Services and then later holding several senior management positions at Connells.

In 2003 he set up consultancy Integra Property Services through which he provides both business advice and training, but more recently has also busy at OnTheMarket, Propertymark, Agents Together while also chairing the RICS’ Residential Faculty.

But he’s now, perhaps sensibly (given a triple heart bypass operation in 2021) decided to slow down and his New Year’s resolution was to go on holiday more, although it sounds like he’ll be still working from the beach or cruise deck.

Estate agent

“What Covid changed in many sectors including ours is that many of us can now do our jobs from anywhere in the world, although nothing replaces face-to-face meetings,” he says.

“I think the days of doing everything via Zoom is beginning to fade a little and more people are asking to do things in rooms rather than on video.

“A good example of that is at OnTheMarket where I gather, following the CoStar acquisition, its staff are being asked to return to the office.”

Young people both inside and outside the industry are fast losing the ability to communicate other than via text or email.”

“But what concerns me most is that young people both inside and outside the industry are fast losing the ability to communicate other than via text or email – no one picks up the phone and talks to people direct any longer.”

Day says that you can argue that this is what the consumer wants as tenants, landlords, buyers and sellers are all busy people too.

But it means that agents “don’t get under their skin” and understand their customers’ motivations and needs, and that the industry is becoming too transactional – the Rightmove factor if you like.

“If agents lose that questioning and communication skillset, they will be missing a trick – technology should be used to underpin these core face-to-face skills, not replace them,” he adds.

When Day joined the industry nearly 50 years ago, such ways of doing business were all agents had, along with their branch window, card index system and ads in the local paper.

Michael Portillo

“I began looking for a job after finishing my ‘O’ Levels at at Harrow County Grammar School for Boys, where Michael Portillo was the Head Boy incidentally, after deciding that ‘A’ Levels and a degree were not for me,” he says.

“I wasn’t sure which sector to go into but didn’t want to be stuck behind a desk and fortuitously a local firm was advertising for a trainee-cum-apprentice estate agent – and the rest is history.”

Day, who thinks Labour’s assertion that all estate agents should have at least an A-level is ‘nonsense’, says that although his starting salary was ‘a pittance’ he soon overtook friends working in other sectors as he qualified and then began moving up the career ladder.

What he says hasn’t changed is that, largely, estate agency remains an industry that pays intelligent and hard-working people good salaries once their initial training is completed.

£75,000 potential

Recruiter Andrew Deverell-Smith recently revealed that a successful sales negotiator working at a big-name urban estate agency can usually earn from £40,000 to £75,000, not a bad salary for someone only a few years out of school or college.

Day says he was paid £11.50p a week at his first job, more than half that of a similar job at a retailer as a trainee – but the difference was by the time he got his second job, his income had become performance related.
Another change that Day has noticed is that, when he was starting out, he got to work in all the different departments on the firm.

“Now, entrants to the industry often have to decide there and then which sector – commercial, lettings, sales, property management – they want to go into at the outset,” he says.

“I think that’s a disadvantage – I was helped by having a broad view of the industry and not being immediately pigeon-holed.”

Asked what achievement he would pick out from his long career to date, Day says it’s the large number of people that he hopes have appreciated the help he’s given whether it be mentored colleagues, home movers, people he’s trained or those seeking help via Agents Together.

Despite his promise to take it easier, it’s going to be some time before he stops doing that.

The post Interview: ‘I’ve loved every minute since I became an estate agent – 49 years ago!’ appeared first on The Negotiator.

Nelly Berova Managing Director, Art Division

It’s your reputation, your presence and how you stand out from the busy real estate crowd. You’ve probably worked hard to establish the brand you have, perfecting everything from your logo and visual style to your written tone of voice and how your staff present themselves to customers.

But, until you start measuring brand awareness, you’ll never understand exactly where you sit in the consciousness of your potential buyers, vendors and landlords.

We can’t deny that brand awareness is hard to quantify, however, there are some key performance indicators that you can pull in to understand how you are perceived. If you’re not measuring agency brand awareness yet, here are the measures you should consider.

Mentions and share of voice

You need to know who’s talking about you on social media, blogs and forums and whether those mentions are positive or negative. Then you need to see how they fit alongside your competitors – your share of voice. Doing this yourself would be a bit of a slog, but there are tools out there for you to employ. Having this information can help you set targets for increasing your share of voice on certain channels.

Social media reach and engagement

Next, delve a bit deeper into the social media element of brand awareness, measuring post impressions and followers for each platform. Look at engagement too, measuring likes, shares and comments. Use a social media platform such as Hootsuite or Sprout Social – we covered these in a previous article – to automate your posting and help your evaluation so you can concentrate your time on creating content that gets users engaged.

Web traffic

How well your website is performing is also crucial to brand awareness, so monitor all the key metrics like traffic, new and returning visitors, bounce rate and time spent on your pages. To get these metrics for your site, you need to be up to speed with the new version of Google Analytics.

Search engine visibility

How well you rank on Google for property industry keywords is also central to your brand’s impact. Give some thought to the specific keywords you want your business to rank for in your local area. If you don’t appear high enough on the search pages, adapt your SEO strategy to improve your visibility, taking the right advice about this crucial area.

Reviews, surveys and testimonials

Reviews on Google, Trustpilot and other sites give you a quick snapshot of your reputation locally, so encourage these, then interrogate them to see what people are saying about you. You could also use regular surveys to get honest feedback of how your brand is perceived and what you need to do to boost awareness.

Reviews on Google, Trustpilot and other sites give you a quick snapshot of your reputation locally, so encourage these.”

Five tips to raise awareness of your brand

1. Be consistent

Does your agency have a cohesive brand identity that follows through in all your channels? Make sure you are consistent in your use of colour, your logo and visual style. Ask if a potential vendor or landlord looked at your website, advertisements or print materials, whether they would know instantly who is behind them. Does your brand shine through too in the tone of voice you use in emails, newsletters and on your blog?

2. Look for user-generated opportunities

Engineering ways to get ordinary home buyers and sellers to endorse your brand on social platforms is great for building recognition and trust. Think of ways to inspire people to share their experiences of working with you.

3. Don’t ignore traditional media

Though traditional local media outlets have dwindled, if newspapers, news websites and local blogs have a good following in your area, don’t ignore this method of boosting visibility and profile. Pitching ideas to the media, taking part in local events or putting forward a spokesperson to comment on the local housing market can all have an impact – by giving you authority.

4. Watch your competitors

Don’t just concentrate on your own metrics, it’s worth keeping an eye on your competitors too. Look at their websites, social feeds and advertising to see how they engage with audiences. This will give you an idea of tactics that you might adapt in your strategy as well as helping you identify how you might position your own brand as unique.

5. Be memorable

Finally, if there’s one key takeaway from your work to measure brand awareness it should be how much you stand out – in a good way. Look at what you are doing best to make you memorable and build on those strengths to really hone the success of your brand.

Got a question?
Need help with your digital marketing?
Visit www.artdivision.co.uk

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