Last Friday we carried a story asking if the market was heading for 1,000 new listings per week.
https://propertyindustryeye.com/is-market-heading-for-just-1000-new-listings-per-week/
Housevault has now updated the stats and says:
“The numbers fell almost exactly to where we predicted last week.
New Listings: 1645
New Sales: 3293
New Listings Drop WeekOnWeek -82.98%
New Sales Drop WeekOnWeek -75.42%
“Interestingly the top 10 agents* now account for 35% of the market compared to around 20-25% last month.
“We still stand by our forecast f seeing a drop to 1,000 properties listed probably next week and then holding stable at that number.
“Portal visits are still holding strong so it will be interesting to see if this number will start to increase IF larger agents can find success with virtual tours and building a buyer pipeline.
“The concern for independents is that all the top 10 agents apart from one have seen their overall market share of listings and sales increase over the last 4 weeks as they adapt to listing and selling in the current market.
“Seeing larger agents take 50% of the market post-lockdown is not impossible.”
* Housevault calculates the top 10 agents based on a 12-month market share of listings. It includes online/hybrids.
Comments (11)
Interesting article in the Negotiator about Sam Ashdown – agency guru turned agent breaking the lock-down and bragging about it ……. she has obviously one of these sales agreed…..
As bad as the Chief Medical Officer breaking her own rules by trotting off to the second home. Reputations – both of them here – forever tarnished.
It would seem that #Portaljuggling is not only alive – but positively thriving in these current virus-ridden times.
And it’s widespread. FAR nmore that I expected – and throwing up some surprises.
Yes – of course I’m keeping my usual beady EYE on the PurpleOnes – and they are not only managing to keep up their +/-20% quota of #RElisted properties, they are actually running at almost twice that ratio this month so far!
But it’s a bit of a mess out there in ListingsLand – and one which doesn’t seem to be going to get fixed anytime soon.
A company by the name of ‘RW Invest’ is #RElisting between 65 and 70 of its’ listings register – equating to nearly 8% of the total – every day on Zoopla.
National builders are #RElisting their plots on a widescale basis – nothing new there, I guess. But at a time when no sites are open for business and their Regional offices are closed, the spotlight shines brightly on those that simply want to game the platforms that are all about pushing “Just added” adverts down the throats of #PropertyPervers, hungry for their next fix – even if they saw them only a few days or weeks previously.
An amazing number of properties appear to be popping up, “Just added” and already “SSTC” considering the circumstances we find ourselves in at present.
There is I believe only one way to ‘fix’ the issue. Portals must drop presenting listings in a way that can present advantage. Whether that be ‘most recent’… “reduced on…” – the playing field has to be levelled.
Only by doing that will the UNcompetitive advantage to ‘game’ the system be removed – and the public will not be subjected to barrages of rinse’n’repeat listings. There will be those that perversely won’t take kindly to that – but you must almost question whether the people who simply want to see 0000s of “Just added” properties that in reality are anything but, are the people who add any value to the market whatsoever.
Thoughts?
As a business owner I look at these figures and feel guilty that I’m not doing enough and depressed as to why I’m not getting new listings or sales. I did put a property sale agreed on RM and OTM yesterday but we’d agreed terms before lockdown, was waiting for AML, POF and solicitors before making it official, I also re-listed a property after the client rang to say put it back on. A quick check locally found 1 other new listing and 1 other sale during the week, the new listing was also a re-list.
Honestly, it’s about cuddling your pipeline, or I call it lifeline now as thats what it is when we come out. Haven’t had a fall through yet, had a desktop valuation down yesterday on one property and the solicitors seems remarkably efficient working from home.
Honesty is the best policy I’m finding, bragging about how many listings and sales are being achieved isn’t going to convince that potential new client to go with you whereas being honest I think is
Anyway, I still think 1000 new listings a month is optimistic let alone a week
I wouldn’t worry about it
Cheats will always be cheats
Jugglers will juggle
Fakers will always fake
Be honest with yourselves, the real numbers are tiny and will continue to be so until this is over
Just try to relax, maintain your mental health, look after your family and preserve your cash….
Thinking about what triggers the “New Listing on RM” some of these could be:
Fall through properties – using the RM been sold for a while rule. (Largest possible contributor?)
Ex rental property – photos already done. (2nd largest contributor?)
Re-lists from last year – vendors came off and want to go back on. (Some but not many?)
Agent been out since 24th March and listed – Dick heads. (I hope the minority)
Plus a significant number of developer properties using generic photos.
A quick check shows some towns/cities have 30% new build in a 40 mile radius.
I’m surprised the numbers are as high as that, given you can’t show or properly value properties.
How can this many sales and listings still be happening?
How have 1500 people put a place on the market during a lockdown? And even more odd how have more than double that agreed sales.
Surely virtual Vals don’t actually lead to signed terms in a lock down. And virtual viewing dont actually lead to genuine sales agreed – other than in tiny numbers.
and if you did agree a sale 100% it’s going to be dependent on a physical viewing when this is over which could well change the buyers opinion. No chance I’d book a sale knowing that still had to happen.
Very odd stats!!??
Perhaps there are indeed a few ‘sales’ which have derived from virtual viewings? To be fair, if it keeps the agent in a positive frame of mind in doing so, then OK, why not?
I did read these stats and then quickly looked at RM+ to see what agents in my patch are doing, I started to get a bit paranoid that I was going to lose ground (needn’t have worried…phew). I’m sure we are all doing whatever we can to survive this nightmare of a situation…I wish every agent the best for the future (I really do!). Sod the stats, look after your current pipeline and your existing vendors and think of how you will spring back into action when this is all over.
Stay safe.
“Seeing larger agents take 50% of the market post-lockdown is not impossible.”
YAY… I am somewhat larger than before this lockdown began. #StayAtHome #EatTooMuch #BecomeALargerAgent