As we head into relatively unknown waters with respect to the current market conditions following the aftermath of Brexit I want to remind everyone the market continually goes through cycles. We experience the highest highs but when it dips it can go very low.
We’ve had a couple of weeks of panic as headline after headline has fuelled rumours of banks moving their headquarters out of London to more favourable overseas locations as the reality of life outside the EU looms.
But should we be fearing the worst? Many years ago when I made the decision to carve out a career in property, I made my choice on the basis of one fact, people will always need to move. Seventeen years on and that remains true.
I have seen booming markets twice and falling markets too. But following some of the recent reports I want to send out the a message that will resonate with all professional, experienced agents – don’t panic.
I know that’s easier said than done especially, when you may have little to no experience of the market but I promise you this is the best attitude to adopt.
My second piece of advice is to be flexible. When the market takes a slide many vendors and landlords bury their heads in the sand and simply refuse to accept their precious investments are now worth less than they were six months ago.
It’s a bitter pill to swallow, of course, but with a little bit of flexibility agents can still help their clients to get the best results possible.
For vendors, I’d suggest that if you get an offer that falls a bit short of your original expectations you should pay careful attention to it rather than dismissing it altogether without further consideration.
If a lower offer is really a problem then if the property is on for sale take your property off the market and wait it out.
If it’s on for rent then I would consider the impact of waiting for a better offer to come along – every week the property sits vacant you are losing money, after all.
Dawn Sandoval is the owner of Dawn Sandoval Residential in Canary Wharf
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