The Fragmentation of the Property Market.

The property market has never been more fragmented, riven in some cases. The London property ‘pie’ can only go so far and some surprising names have had their lunch money stolen. Record highs, record lows, redundancies, golden handshakes, acquisitions and closures are all being witnessed - nothing new in silo but certainly unusual at the same time. The divide between ‘winners and losers’ has never been greater and it's confusing, even for a grey-haired 'insider' like me!

As a straw poll, I just looked at the leading portal (leading for now, that’s another story) for ‘Notting Hill properties launched within the last 7 days’. From the 72 new listings, there were 34 different agents. If I’m completely honest, I hadn’t heard of 10% of them - not a jab, just the truth.

Imagine the confusion for a seller. Perhaps their ‘trusted agent’ is with a company they no longer have faith in. Perhaps they are joining a company they don’t know enough about. Perhaps they are considering a clean break but don’t know what to believe anymore. The choices aren’t endless but they are certainly more plentiful than ever before.

A bold statement: The traditional agency model has been smashed apart… It’s been heralded for some time now but IT HAS happened. An agency SWOT analysis is unfolding in front of our eyes and, from the fragmented shards, new teams are forming. Some via the magnetism of people, some with the allure of gold!.. Riddle me this though; a client is oblivious to industry noise and/or the giddy excitement at corporate events and the agents/brokers are essentially starting again. It is a level playing field.

Is a broker bigger than a brand? Is a brand strong enough in the first place? What do they stand for? What can a client expect?.. Well, that entirely depends on the individual. However, what cannot be refuted is that, in a sellers eyes, we (you and me!) are all lining up in the same pitch parade and it will be down to what we can offer/deliver for a client. There will be some wins for new entrants and, as always, the cream will rise to the top but there are no shortcuts in this business and success is hard fought/won over many years.

What are the signposts for my clients then when navigating the agency landscape? I wouldn’t be a salesman if I neglected just three things, our calling cards: -

1. We only sell property that is interesting from an architectural, interiors or design perspective - in many cases, all three. Our book of 100 properties (rarely more at any one time) is carefully curated. 'Birds of a feather flock together' and our residual database of design-led buyers, amassed over 20 years, is enormous.
2. Our team offer huge experience. As of next week, the six most senior members of the Domus sales force have 120 years of combined experience. We call on each other to navigate a successful outcome.
3. Our marketing. It is known as best-in-class and, whilst I’m proud, I take no credit. We have a very clear identity, honed over the last 20 years. Sellers and buyers know what we stand for - that is, the best curation of property in the market.

My prediction for the next chapter; the volume of agency offerings is probably at a high and will whittle down in an evolutionary way over the next three years. It will all boil down to what a company stands for, their USP.

It's a very crowded market place out there but success will come from how you set out your stall. "Roll up, roll up!"

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