Insight from last week
A week on from Covid-19 lockdown, and we are starting to get used to living and working in a very different way with some success, a lot of challenges and the unexpected.
We temporarily closed our branches last Monday evening as part of the lockdown process going on throughout the U.K. Right up to that day the market was fairly busy with last minute viewings, during which we conducted the systems of safe distance, latex gloves etc. which we had introduces weeks prior to the lockdown.
In the last week there were many practical issues, such as the six house sales completions on the day the Government suggested house moves be deferred. All six went ahead, because it was just too late to stand down and three of the transactions were in fact to empty properties. On the lettings front, we had different challenges such as it being virtually impossible to get independent inventory inspectors to attend tenancy check in and check out. Many tenants are now opting to extend their existing leases.
House Move Timing
Only three existing house sales fell through, and in each case there was an elderly persons on either the vendor or purchaser side. In such circumstances it wasn’t surprising and bearing in mind the hundreds of house sales we handle at any given time, the loss of three was minimal in context.
In fact, in the vast majority of house sale cases both parties are simply proceeding to exchange and agreeing a late completion date, which in some cases is capable of being brought forward by the parties agreeing a 28 days notice. So, most existing sales are managing along these lines.
What about creating new house sales?
Creating new house sale is not so easy, with the ability to do in-person viewings now removed. What is happening instead is that buyers are continuing to show keen interest, and simply asking to be place on a viewing list for when the in-person viewings are capable of being undertaken again.
Inventive solutions by our vendors
The biggest surprise this week, was in the form of many clients asking if we could produce video content of their property if they sent us video clips and still photographs.
McCarthy Holden is well known for using video to showcase properties for sale, so our wonderful customers decide to put their spin on this endeavour and suggested a collaborative approach.
Vendors send us the video clips. and then with some editing help from johnjoe.co.uk a promotional video tour is created.
Check out this first creation below from one of our wonderful clients in Fleet, Hampshire who is selling this house which is guided at £750,000.
Now this first collaborative video is a little too long, but the home owner is such an engaging person and so at ease with talking to camera we have run with most of her content.
We are now issuing guidelines to our video focused vendors, which includes the specification of 1920 x 1080 size and MP4 output. The ideal duration for a full property video tour online is 4 minutes. This means the file size is suitable for quick streaming online and also, it is at the maximum time a potential buyer is likely to watch a video.
We also supply links to a some recent videos produced by johnjoe.co.uk which might help vendors plan for capturing some content at home.
We look forward to many of these collaborative home grown marketing initiatives in the weeks ahead.
We will keep our customers in touch with market conditions and news through our newsletter, which is free to subscribe to.
We wish you a safe week ahead.
Chairman and Managing Director – McCarthy Holden