Nov 07,2017
Minithumbup
Terry Lance
Steven Grantham
By:
Nov 07,2017
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I used Bourne (ex-Keats) for rental management between 2014-7 and subsequently for sale in 2017.

During 2014-7, the rental management team reported on issues and provided timely maintenance on the rented property. In addition, they provided an excellent shield of protection against an unreasonable residental association manager who kept haunting landlords and tenants like begrudged ghosts.

After the tenants have moved out in March 2017, Steven started organizing the refurbishment, providing valuable advice on restoring the flat's condition economically. The works were finished within a reasonable amount of time and cost. The works, together with the enthusiasm of Terry, attracted a total of four offers (see below).

After the April offer being pulled out in June, I considered going back to letting the flat out. However, Steven advised me that I should sell as I should get out before prices drop further. This proved to be the right call (see below).

Being aware of the impact of the difficult London market, I listened to Terry's advice to drop the asking price by 10%, which attracted a new offer spontaneously. Two subsequent offers came in after that.

The most challenging part of the sale was a leak during the surveyor's visit. Terry kept the deal alive by talking up the flat to the buyers in-depth.
Another challenge was the buyers' solicitor's mixed non-chalant and yet scouring approach. Both Terry, Steve and I pushed the buyers' solicitor constantly to keep the complicated conveyancing moving. All of us demonstrated great mental reserve to pester the buyer's solicitor relentlessly for three months until exchange.

Eventually the contracts were exchanged in October, one week before the Bank of England increased the interest rate for the first time in a decade. Steve's advice proved to be invaluable.

I certainly think that Bourne is not the sweet-talking kind of agent. Instead they offer a pragmatic service at a reasonable commission.

I admit that the achieved sale price was a bit flat, but Bourne acted in my interests by recommending the pragmatic way forward because had I dragged on, the asking price would have dropped further.

In conclusion, this served as a good template for me to follow for future property rentals & transactions.
Comment on agent fees
Roughly 2% of the achieved sale price inclusive of VAT on a sole agent basis. Sounds average.
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