THE VALUATION PRICE MUST BE RIGHT

Published: 18/04/2023

We were thrilled with our write-up in Chiswick Locals, please read all below:

THE VALUATION PRICE MUST BE RIGHT

At the turn of the year, our team started to notice a clear trend in the W4 market,’ recalls Chris Chalmers, Sales Manager at Whitman & Co. ‘Some other agents were consistently valuing properties at 5-10% more than us and we felt strongly that clients were being over-promised. It was frustrating.’

Whitman & Co has long been Chiswick’s No 1 estate agent for both sales and lettings. That track record has been founded on building long-term customer relationships, a focus solely on W4 and the immediate area and complete integrity when it comes to valuations and advice.

‘Clearly, the tactic was to pitch high to win the instruction, tie in the vendor to a contract and then, once the property was on the books, use a 10-week or so window to chip away at the price,’ adds Chris. ‘For us, that’s not giving the best service: when clients are making such important life decisions, they must always be based on accurate, realistic valuations. ‘Of course, the inevitable result has been that many homes have seen significant price reductions. According to published figures, between March 2022 and March 2023 some agents in Chiswick dropped the price on around 40% of their properties. For whatever reason, that means they were wrong 40% of the time. In contrast, during the same period we reduced only 7% of our listings – and the average reduction was 5-6% while other agents were at 7-10%. The figures speak for themselves.’

Whitman & Co’s straightforward approach has paid dividends. Over the last calendar year the company sold 128 properties and it currently has almost 20% of the W4 market, more than double the nearest competitor. ‘While the end of 2022 was quiet, we are seeing an encouraging rebound in market strength with the majority of sales going to best bids,’ says Chris. ‘That positivity has even extended to flats. For example, one flat that didn’t go under offer with us last Spring has recently sold for over the original price. The fact that rents have risen 20% in the last year is definitely prompting some tenants to choose to buy. That said, the rental market is still performing very well and, with traditional buy-to-let investors selling off stock, competition is high for a lower number of properties.’

Chiswick’s commercial sector is also reflecting the wider buoyant outlook. Whitman & Co Director Jeremy Day confirms that investors are continuing to regard Chiswick as an attractive place to invest. ‘We were pleased to act for Pret A Manger, which took over the former Santander site on the High Road, and demand for shops is excellent, with vacant units letting fast. Other recent clients include Luda Hyde Fine Art, which acquired the ex-Pot Pourri premises, and Capri Restaurant on Turnham Green Terrace. The office sector is also showing welcome signs of activity with businesses finally making the move away from home-based working, and we have some superb small units available.’

‘If you need any advice or information about buying, selling or letting a property in Chiswick, we would be delighted to help,’ says Chris. ‘Do pop into the office and say hello or follow us on Social Media. We look forward to talking to you.’

Thanks for the article 'Chiswick Locals'!