Strangely this can be a disadvantage. A local agent can be blinkered in the way they know what local people will pay for a full residential house. A person who is looking to live in the house they purchase will not know to factor in the holiday letting income that such a property could produce. A local agent may not know what a buyer from outside their area would be prepared to pay. This could lead to them undervaluing your property.
Choose an agent who has had experience of this market and knows about changeovers, letting costs and the regulations. A knowledgeable agent needs to convey to a buyer the benefits and the implications of holiday letting a property.
Ask the agent how many properties they have sold to second home owners recently. If they only sell to local people they may not be the right agent for you.
Most agents only advertise locally and deal within a small geographical area. Most holiday home buyers come from out of county from throughout the UK. Advertising in Coast Magazine, The Telegraph, Sunday Times and issuing press releases means that the agent reaches the widest audience of potential buyers.
Most second home buyers do not look in a specific village or coastal town. They have a requirement of say North Coast Cornwall or South Devon. The type of property they buy is more important than where it is. For instance, many buyers want the killer sea view and they don’t really care where the property is. Choose an agent that has access to all areas.
A good agent will be able to know of a couple of buyers who would be buyers for your property. For instance, Miles from Chartsedge recently went to see a house that was due to be built just outside Newquay, a stunning contemporary house with sea views and a great roof terrace. He had a buyer on his database that was looking for a house with a sea view but did not want to be on the north coast. Miles knew the house would be perfect for him and managed to get him to see the site. The buyer bought it off plan on the spot for more than the owner thought he would ever get.
This is really not necessary as 85% of buyers start their search on line and most never enter an estate agents office. A serious second home buyer would not walk past an estate agents window and buy a property on a whim.
Like most people second home buyers lead busy lives and as they live out of the county can only view or require information over the weekend. Is your agent available to speak to even on a Sunday?
Chartsedge are a niche estate agency specialising in the marketing of holiday homes in the South West. They market their clients property nationally and have over 700 potential second home buyers on their database at any one time.
Miles Kevin MRICS Director at Chartsedge
01392 832 446