Conducting a property search for a client with an open mind and an open ended budget provides an immense amount of opportunity! However, property led searches over location require greater focus.
The most important time for a Consultant to focus their client’s requirements is when there is too much flexibility in the brief, and there are no budget restrictions. Without this, a search will become clouded and unmanageable.
With an initial focus on Mayfair and Belgravia, a £10M-£25M budget and the only specific requirements being a certain number of bedrooms and a private outdoor garden, exposing a client to a variety of property types of varying values at the start of a search enables the Consultant to quickly define and relate to their tastes.
This was particularly true in this instance when it came to location.
The perfect London home
Despite an initial attraction to several prime Central London locations, the client quickly realised that the area did not present their desired property type or size. Pushing the boundaries slightly, Garrington took the search ‘off brief’ to show the alternative property types offered in different locations.
The search area was therefore extended into other areas.
The client was soon shaping a more defined picture of their perfect home and with this the understanding that it is rare to find a property that meets personal style exactly. To achieve the ultimate property often means choosing one that requires significant work.
Focusing the brief
In this instance, the client was attracted to properties that were an authentic representation of its particular style or period which they could complement with their own taste.
Four further off market propositions were presented in varying locations across London. A property on Chiswick Mall had instant appeal, it had also been recently restored to a style that matched the client’s tastes.
It boasted eight bedrooms, an imposing central staircase, two excellent main reception rooms and extensive river views. It also presented the unique characteristics of a country residence while being only four miles from Central London.
Securing the property
Though few properties are sold in this top section of the property market, a value can begin to be determined by local square footage sale price. Trophy properties will often come with an added figure on top due to their uniqueness.
Following due diligence, Garrington recommended an initial bid figure which was put forward and rejected. The intention was to gauge the vendor’s position by this initial offer.
An increased offer was also rejected although by now it was clear the vendor’s expectations had started to move away from the guide price. A best and final offer was submitted along with exclusive terms to demonstrate the client’s commitment to purchase. The offer was quickly accepted.
Why use a property finder?
Unique properties such as this are often difficult to value accurately when there are limited or no direct market comparables.
In most situations, a new precedent is set, quite organically, through the negotiation stage. Using knowledge of the area, the architecture of the property and current market conditions, Garrington was able to influence the vendor’s expectations on value and achieve a considerable saving for the client.
Inspiring the client by offering a wide array of property types early in the search was a critical factor in its successful outcome. Garrington’s ability to identify a property’s true value ultimately drove the negotiations.