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You get what you pay for….

The £350k opportunity an online agent missed

We recently agreed a deal for one of our consultancy clients which really highlighted why there will always be a need for ‘traditional’ agents.

We were asked by our client to look at the home of a couple in their late fifties which had been on the market for a long time with an online agency – the one which has ‘local’ property experts.

Based on what we saw those claims, especially the property expert part, could be called in to question.

During the time it was marketed the property received barely any viewings. The people who did come around to view were largely unqualified and couldn’t afford the £850k the home was on the market for.

On inspection, it was crystal clear to me the opportunity which the online agent had missed and our client could realise.

This property had development potential in the shape of a plot of land which had not been identified until we informed the vendors.

Our advice led to our client agreeing a sale of the plot of land for an additional dwelling which will yield an extra £350k to be split between them and their neighbour.

And with very little impact on the value of both of their existing properties.

In the vendors world that’s an extra £175,000.

The icing on this particular cake was the only reason they wanted to move was because their huge garden was proving overwhelming to maintain.

Selling the plot made things much more manageable for them so they decided not to move.

They are now £175,000 better off, do not have the hassle and extra cost of moving such as stamp duties and still live in a home they love. They didn’t even have to pay a penny as the builder paid their fees.

In the past, I’ve spoken about agents missing opportunities. This is a classic example and to be honest, I’ve seen traditional agents miss deals such as this in the past.

If you’re interested in learning more about how we help estate agents grow their business or if you’ve got land and you’re not sure what the potential is, then get in touch.

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Author: Kevin Ellis

Our company was established in 2014 by Kevin, who previously ran a highly-successful development department for an award-winning property services business. Today, he has grown Thomas Mae into a thriving business, staffed by a trusted team of property consultants who are adept at sharing their knowledge and skills. Kevin’s mission is to foster strategic land investment, to deliver solid, profitable results across the whole of the UK, and to work effectively with both private landowners as well as commercial and institutional landowners.

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