Buying agent questions social media selling strategies

An oversupply of property in the £5m-plus part of the prime London property market has led to a surge of sellers attempting to stoke up interest in their prime properties with parties and publicity.

Buying agent Camilla Dell, managing director of Black Brick said she has been dozens of invitations to property launches recently and social media promotions.

But Dell is concerned about this approach to property sales.

She said: “The last time I was being sent this sort of invitation was before the financial crisis. It suggests the market, but more specifically certain types of properties, are struggling to sell with agents trying different tactics.”

More homes are also being promoted on social media but Dell is cautious about this approach. 

She said: “I believe sellers and buyers should take caution when thinking about selling or buying through social media platforms. 
“For sellers, don’t believe that a little bit of glitz and glamour will shift your home in a market which is looking increasingly crowded with options. Champagne-fuelled launch parties as well as plenty of social media exposure on Instagram and TikTok is not the answer. 

“Often properties I see pop up on my social feed are either overpriced, or compromised, or both. Often, they have been on the market for long periods of time, with various agents pushing them on their feeds with slightly different shouty loud music.”

Dell suggests the real answer is to market these properties at the right price to begin with.

She added: “Last summer were asked to advise on the sale of something very special in a prime area of London. 

“The sellers’ expectations were high. We told them this, but adamant to achieve their price we suggested an off-market strategy to test the market without the danger of overexposure. 

“We showed the property to the best buying and selling agents in super prime London. One buying agent had a buyer. They came twice but could not get their head around the price. We advised the seller to lower it. Instead they instructed a property influencer with over 200,000 followers. That didn’t work. So they engaged yet more property influencers. I must have seen the property on my social feeds a dozen times now. Still not sold. A year later, and now with a much reduced asking price.”

Dell said only five of the 30 homes Black Brick has acquired for clients over the past 12 months had appeared on social media. 

She said: “Many of our clients’ value privacy and discretion when purchasing prime property. They don’t want to buy something the whole world has seen.

“We once purchased a significant country estate for a client which unfortunately had been promoted on several websites and social media. Our clients’ lawyers then spent a significant amount of time contacting various publications to have the property removed. It can be a significant security risk for certain buyers to have the floor plan on the internet.

“Ultimately the best and most desirable properties just don’t require that kind of exposure to find suitable buyers. The majority of properties we source for our clients are either off market or pre-market – we are securing the property before it ever really sees the light of day.”