Date Published 19 February 2019
Earlier on Sunday I was wondering what I would I write my Market Comment on this week and was pondering on possibilities. Then at 8pm I received a phone call from a tenant of one of the properties we manage for a landlord who had just locked themselves out. We hold keys for all our managed properties and are on call 24/7 so whilst rare it is not uncommon. I was just about the bath my 2 little ones and put them to bed so was not really available to assist. Having tried another member of staff without success, I decided as my little boy would say when dressed up as Chase in Paw Patrol that somebody needs our assistance so we must help. I packed the boys into the car and having obtained our spare keys went to let the tenants in who were very appreciative.
Now I would suspect that many would expect a charge to be levied against the tenants for this late Sunday night call out. Yet I ask the question why charge. If I can assist then why expect payment all off the time. The tenants had not done this intentionally and besides why not help where one can without expecting reward?
This then gets one thinking within the property market whether that is selling or renting, where does one find something for nothing? I take a philosophy, if I can help somebody I will, even to the sacrifice of family at times as there can be times when others needs prevail and if one can adapt to resolve, then what's wrong with that? I see this too with both Landlords and tenants where some Landlords go beyond expectations with a social responsibility for the welfare of their tenants. For example all too often if tenants start to struggle Landlords are seeking S21 notice for possession. Yet what is really needed is some compassion to overcome current difficulties assuming this is not abused. Likewise, I see some tenants who similarly assist their Landlords where required. This two way relationship works. Neither is expecting a financial payment, yet both appreciate and respect each others understanding, assistance and respect. Compare this to its only businesses approach, and you suddenly notice a difference. The business approach appear to distance itself and is cold on the inside, uncaring, and only seeking payment of rent and no excuses. I don't know about you but I know which side of the fence I'd rather be.
Turning to property sales, a similar approach can be taken. If one is fair and open from the start. All too often in sales we have vendors and buyers with different agendas, some of who don't disclose the agendas for their own financial gain or to hedge their bets, only to disappoint as they pull out of transactions which they were never really committed to in the first place. Ask anybody within a chain which has broken down at the last minute and you will know precisely what I mean. Seeking a fair price for your property, avoids agents over valuing just to meet targets or receive commission on the instruction. After all a market price need not be the maximum somebody maybe prepared to pay assuming you can find that person in the first place. Pricing in the middle segment of your U-curve actually archives both maximum interest and avoids possible renegotiation later. And food for thought, what's wrong with under selling if this enables a young family to remain within the village where they were brought up, who would otherwise be forced to move away due to overpriced demand for both second homes and holiday cottages.
Finally, to conclude, I very much believe that this open honest fair approach works wonders whether this is within the property market or further field within society as a whole. Maybe if you're given the opportunity try this out this week, give it a go and I am sure you won't be disappointed.