Dear Mr Google - pls can I have a job

Just seen this on Global Edge about Google's property portal advances.

On July 6th this year Google announced its first foray into the property portal market with the launch of Google real estate in Australia.

Properties are presented on a Google map but users had to click to the agent’s or property portal’s website to view the full details. That changed this weekend with the integration of property detail pages into the Google system.

Google Australia, which seems to be the testing bed for Google’s global real estate ambitions, has now introduced Place Pages which are essentially property detail pages containing descriptions, photographs, local information, maps, videos and Google Streetview.

There are going to be some big casualties in the fall out here and I can really see Google sweeping up all before them.

So Larry (Page) how about a job as Head of International Property Marketing for Google, I'd love to help define and implement such a momentous industry changing strategy....

....based out of Cognac, France of course.

www.cognacproperty.com

91% of Brits would use a "buyers agent"

Encouraging research coming out of the Association of Property Finders and Buyers Agents (APFBA).

Over 2000 people were questioned between November 2008 and March 2009.

Worryingly, two thirds of buyers questioned believe that estate agents work for both buyer and seller. On being reminded that estate agents are generally paid to represent the best interests of the seller, 89% of buyers accepted that a conflict of interest exists where an agent deals with both buyer and seller in the same transaction.

Indeed, some 86% of those questioned said that they would get a fairer deal if they had a professional to represent them, and 91% would use a buyers’ agent if this would save them time, stress and money.

I have blogged before on the changing face of estate agency and firmly believe that buyers agents (or property finders as many people call them) will become more and more prevalent as the market changes.

I have been asked by French Property News to write on this subject and will post a link when it is published.

Meanwhile I leave you with this from the excellent UK based Homebuyers Agency:

The survey also showed that 75% of buyers prefer use the internet as their primary search method. With portals such as Rightmove, Globrix and Property Live providing access to every property listing in the UK it seems that the UK is moving towards a similar model as the US and Australia.

There, estate agents work as ‘listing agents’ for the vendor, uploading their listings to the Multi-Listing Service (MLS), or in other words the internet portals, and buyers’ agents are employed by the buyer to help find, advise, evaluate and negotiate on the property purchase.


www.cognacproperty.com

10 tips for buying in France next year

Inspired by this article in The Times I have set out my top 10 tips for those looking to buy in France during 2010.

1. Choose your location:  France is a huge country offering seaside resorts, skiing, cheap equestrian property with acres of land, plush penthouses in Paris and much more.  Find your ideal area before beginning your house search.
2. Decide on your "brief": If you're vague with agents then don't be surprised if what they show you doesn't take your breath away.  The more thought you put into your brief the better the results.
3. Make sure you see a good cross section of the market: You'll find that some agents are friendlier and more knowledgeable than others but you're buying a house not on a blind date. Agents can only show you what they have on their books and always have a vested interest. Don't forhet that every second house purchase in France is actually a private sale and done without an agent.  If possible use a buying agent (see 10).
4. Get your finances in place: It's pointless finding a little gem if you're not in a position to buy it. This is a simple thing to do and will save masses of heartache.
5. Try looking in Jan/Feb: The annual Brit invasion usually starts around Easter and you see prices rise beforehand.  Try getting here beforehand and snapping up the best properties.
6. Don't deal with an unlicenced agent: There are still plenty of sharks around. Ask to see their carte professionelle or you could get your fingers burnt.
7. Use a good notaire: Quality differs among notaires and you 100% have the right to choose (don't be told otherwise), ask around and find one you are comfortable with.
8. Try and collect as much comparable evidence as you can: Houses are notoriously difficult to value in France and it's often the owner who sets the price. Visit as many "similar" properties as you can and use this comparable evidence to help negotiate a good price.
9. Don't be greedy: It's tempting to get more land than you need (you'll live to regret it) or to buy a house with masses of barns (roofs cost a lot to repair).  If in doubt take your time to really think it all through.
10. Use a buying agent: Let's face it you may well not be fully conversant with the language, laws, process and local area.  Buying a house is a huge commitment and a good buying agent will save you time & money as well as give you peace of mind. Not sure where to look? Try here.

Bon courage....

www.cognacproperty.com

The use of social media in the commercial property industry

Forgive me this indulgence.  My life post 2003 is purely geared towards the residential property market.

However, for 20 years before this it was a mixture of both commercial & residential property and I still like to keep in touch with what's going on.

The RICS have just issued this white paper on the use of social media and it makes fascinating reading.  I met one of the authors (Bob Thompson) a couple of times while I was at Chesterton and he's always worth listening to.  He also references a professional services marketeer called Kim Tasso who is also seen as one of the most passionate and brightest lights in the industry.

You can download the report here and it's a good read whether you're interested in offices, shops & sheds or not.

That's it....normal service will be resumed shortly and I'll be writing about the much smaller (but ultimately sunnier) world in and around Cognac again soon.

www.cognacproperty.com

French property blog gets worldwide exposure

Just taken a quick peek at the google analytics pages for this blog. 

I update it most days and it's easy to think that all I'm doing is talking to myself.

However, a couple of things lately have made me realise that this isn't the case.  A short while ago I did a piece on the current state of the market and (gospel truth) within a couple of minutes the phone rang and it was Trevor Leggett of Leggett Immobilier to say how much he liked it & could we work together.

Then, last week I was with some new clients and out of the blue they said how much they enjoyed reading the blog each morning before they got down to real work.

Hence my desire to know how widespread the readership is.  A little drop of Cognac hasn't quite got the circulation of The Sun but it certainly does have a hardcore of fans....primarily in the UK, France and USA. 

Then there are readers in a further 57 countries around the world including regulars in South Africa, Russia, India and Scandinavia.

If you take a step back it's quite extraordinary to see how far things have come with the internet.

Journalists face some enormous challenges from the millions of unskilled amateurs like myself. People who haven't been taught how to check facts, compose sentences, paint pictures and weave stories...it must be hugely frustrating for anyone who did actually make it through journalist college.

I'm not complaining mind and if you happen to be reading this over a cup of coffee in Vietnam, Iran, Mexico or Argentina please do feel free to let me know what you think.

www.cognacproperty.com

Property market has bottomed - it's official

As Disraeli (and then later Mark Twain) said: "There are lies, damned lies and statistics" and boy does the UK property industry thrive on market data.

Every day we seem to be bombarded by forecasts from the government, estate agents, developers, building societies and Uncle Tom Cobbley.

At last though I've found a statistic that I trust because it comes straight from the horses mouth - those searching for property.

Bickey Russell is an analyst at Google and she's recently been talking about the way that the general public searches for property online.

Ms Rusell says that the public believes the days of the bargain are numbered, with queries relating to bargain properties, such as ‘repossessed homes’, ‘property auctions,’ and ‘cheap properties’, down by 55 percent since February.

She has all kinds of other statistics but it's this little gem that strikes a chord with me.  The number of property transactions is all about confidence. 

If Joe Public thinks that the market has bottomed (and clearly Joe does) then they're going to start buying again.

I know this sounds ultra simplistic (because it is) but I place more store in this single stat than all the bumph that gets released by the RICS, NEA or the agents/banks who all have not very well hidden agendas.

Ms Russell also says that the first half of 2009 saw unique visitors to property sites up 15 percent. In the same period searches for the term ‘house prices’ rose 28 percent (having seen falls in 2008) and general queries related to property were up 11 percent.

So there we have it - the recovery has started....how long it will take before transaction numbers rise consistently month on month nobody knows, but it's 9th November 2009 and I'm calling the bottom of the market.

www.cognacproperty.com

The yawning chasm between house buyers & sellers

I've had the same discussion with three different people over the last couple of days.

There seems to be a huge gap between what UK & international property buyers are prepared to offer for French property and what the locals are prepared to accept.

This means that although there are increased activity levels (enquiries, viewings and offers) the number of transactions involving international purchasers are still very low.

All three discussions have commented on the fact that the "mindset" in France is very different to the UK or USA.

I remember that when I lived in Surrey we wouldn't dream of visiting a house that had been on the market for more than a few months.  If the owners had been trying to sell it for over a year then quite clearly it was blighted with all kinds of hidden terrors awaiting the fool who bought it.

If a house has been marketed for a while then Brits tend to make a low offer and more often than not it's accepted, no one wants to hang around.

Out here there are thousands of houses that have been on the market for a year or more.  Locals don't see them as tainted or over-priced....they just haven't had the right buyer come along yet.  Prices here just don't fluctuate like they do in the UK and we haven't seen anywhere near the drop in value as my family and friends on the other side of the channel.

All of this is a huge generalisation of course and ultimately individual circumstances will dicate the price that someone will offer or accept.  However until this gap between "bottom of the market bargain hunters" and "intransigent owners" closes then times are going to remain tough for all of us who make our living in the property arena.

www.cognacproperty.com