Being based abroad, the client was keen to try and find a suitable property in the week they had allocated to visit London in late January. With a clear understanding of the value of their own time, the client retained Garrington at the start of the New Year to bring focus and expedite the process of sourcing a smart two-bedroom property which could be used as a pied-a-terre during their visits to central London. A budget was set to acquire a secure property that could be easily maintained, whilst being a reasonable commute time to the West End for meetings when necessary.
AN INTENSIVE SEARCH
Recognising the urgency of the search, Garrington utilised their experience and knowledge to identify suitable search areas which would meet the client’s requirements. These included St John’s wood, Marylebone, St Pancras, Kings Cross, Fitzrovia and Westminster, and consequently two accompanied property tours were arranged for the client’s first two days in London. During the first tour the client expressed an interest in two properties; one being a new development in Westminster and the other in Kings Cross. On the second tour, further viewings took place of two flats in a new built block in Victoria. One of these was appealing but complications surrounding the vendors moving plans were off-putting. After further thought, the client’s focus returned to Westminster, but to a flat in excess of their budget which had initially dismissed, but they now wanted to make an offer on. After protracted negotiations terms were agreed at a discounted price. On reflection the client decided to withdraw their interest and instead focus their efforts on purchasing an opportunity in Kings Cross which they viewed on the first tour.
KNOWLEDGE AND NEGOTIATION
Prior to negotiations Garrington provided Comparable Reports to the client to ensure well informed purchasing decisions could be made. Garrington identified that the asking price of looked excessive and accordingly a strong, but reasoned bid of less than the asking price was submitted to include a parking space. This was subsequently rejected by the vendors who were looking for a figure much closer to the asking price; especially if it was to include a parking space. Following tough negotiations, which included the sharing of Garrington’s comparable evidence and the emphasis on the client’s ability to proceed quickly, the property was secured with over 7% saving on the asking price and to include the parking space.
Through Garrington’s expertise and knowledge of the property market they were able to bring clarity and focus to a time sensitive search. Analytical research and experienced negotiations led to a significant reduction in the asking price of the preferred property within the clients’ desired location, budget and stipulated time frame.