Estate Agent Slang

For those of you interested in Estate Agent definitions in the UK.

AIP: Agreement In Principal

FTB: First Time Buyer

MA: Marketing Appraisal

NOM: Not On Market

OIEO: Offers In Excess OF

OIRO: Offers In Region Of

OM: On the Market

POA: Price On Application

Sold: Property has exchanged and completed and the new owner has taken over the property.

SSTC: Sold Subject To Contract

UO: Under Offer

Vendor: Current Owner

Conservatives have won the UK elections. What could this mean?

Conservatives won the UK elections on 8th May 2015. The UK Election 2015 results mapped with the regions being taken in each constituents can be seen on the Telegraph.

What does this mean?

UK Property are predicted to surge from International Investors according to the Evening Standard. For land owners and landlords this is welcoming news. For the first time buyers this is worrying news when the cost of a property isn’t affordable and people new to the property ladder will have to spend a multiple of over 5 times there wages, maybe even 10 times. For those renting to buy a property in the future, could this mean a roller-coaster ride or will the government help out and intervene?

There is one thing people need to be aware of in regards to the Conservatives re-election which is the Snoopers Charter. If the bill is passed it could increase the mass surveillance in the UK. As written by Play Top Secret could this be a start of George Orwell’s 1984?

The manifesto by the Conservatives had a pledge to increase the number of startups to 600,000 per year as written in the Guardian. The amount of startup loan could treble in the next few years and this will make the startup industry very exciting in the years to come.


Campus, Where’s Shaun? Property Tenancy exploitation

Half a day at Google Campus creating a road map of the business idea, collecting data and asking friends about how to improve the blog.

Had good feedback about adding more media on the blog and explaining about the contents.

Instead of Where’s Wally, Londoners or visitors to London can do a Where’s Shaun. Wallace and Gromit Charity have a spring event with 50 Shaun’s scattered around the City.

News for Today:

BBC Panorama Housing Benefit Scandal. This is an interesting and worrying programme about the current state of the property market for people on social benefits. Exploitation of tenants is the keyword which can be thought of in this article.

Last Day of Trial in Property

Today was my last day of my trial at the local estate agent. Very quiet day with nothing for me to do. Picked up a couple of calls, 1 from an advertiser for a senior letting agent and 1 from another agent looking for a property calling the sales manager. The owner of the estate agent bought lunch for the team. As I had to leave early to join the Startup Tribe, talked to the owner on my analysis of the agency and left.

The analysis I gave the owner of my three day trial was:

  1. Make sure the team were eating healthily as they keep snacking all the time on crisps, biscuits, ice cream and this will in the long run cause health issues.
  2. Don’t release the new website as its “too wordy” and hasn’t been created to function for the prospective tenants, buyers, landlords, sellers.
  3. Make sure the team prioritises and calculates times for showings. Felt that the agents were slow compared to how quick they potentially could have been.
  4. Make sure templates for emails via Veco are setup so there is less manual labour correcting sentences before sending emails to clients.

The reply from the owner was that I wasn’t suited for a sales or letting role and I was more suited to a Business Analyst role. I have a feeling, instead of giving points of improvement, if I had told the owner that I got a massive kick from talking to clients about a property or how the portfolio of properties the agency had were awesome, I might have been more suited to a sales role. Its communication and understanding between people. The fact that I wasn’t able to do a flat viewing for potential tenants or sellers was a shame, because I would have been able to get more of the feel for how agents felt.

Overall no regrets about the experience and I think I was able to learn a lot from the team and Im truly grateful for having the chance to experience the working life of an estate agent.

Property Trial Day 2

Day 2 of my trial at a local estate agent. I received emails from a three potential tenants who were interested in apartments from the emails I had sent on day 1. These emails were mixed in with emails from ex-potential tenants asking to be removed from the emailing list as they had already found a place to live or were now living in places like Yorkshire.

Computer space was not available but as I had brought in my laptop, one of the agents suggested that I look at the new site which was coming out in the near future. I listed a few of things from a clients point of view:

1.    The home page should have a quick search, a button which lists all the properties available for rent, a button which lists all the properties available for sale, a button to explain how property is managed by the firm.

2. As some of the pages like About Us and Letting Services, repeated itself told the agent to keep it simple with minimum wording, most people who are renting or buying are interested in the property rather than explanation of the company.

3. Make sure when no records are given it doesn’t go to the home page with the comments in red saying “There were no properties matching your criteria”, instead it should be going to a page with a filter showing all the records with the comment in green, so clients could look at other properties which are currently available.

After lunch I got to insert a record of a property, landlord and tenant information from a property which had been managed by a different agent until very recently. Veco responded ok today and didn’t crash, which I was happy about. One of the agents will be checking my work and I hope I will be told tomorrow if the information I had inserted was ok or not.

In the late afternoon there was a little argument between a sales staff and the manager of the office. The argument only lasted for 3 minutes but the after taste lasted for over 2 hours. Think there are more efficient ways than arguments, but then its healthy that they can speak openly to each other.

Property Trial Day 1

Since moving back to London, I’ve wanted to find out how the real estate market worked in London. So, in March, I cold called a local estate agent to see if there was a role available, the person at the end of the phone asked me to send my CV and after I sent an email with my CV, I was asked to come in for an interview. There wasn’t a role available for someone with my background but as I wanted to try out the industry, the agent was nice enough to provide me with a trial period to see how I would fit into the working environment. Today was my first day of the trial.

It was a fun and interesting experience. The team were nice and helpful, even though they are fighting for commission to make more than the average wage in London, but the influence of the owner who came from a different industry, might be giving the team a more down to earth atmosphere and a workplace where people can feel comfortable.

The team used Veco Eurolink. I got to try out the application and felt it was worse than the application I used to work on whilst I was in banking. It could be the setup in that certain office but as its a vendor system, the vendor could do a bit more to make sure the system works more efficiently for the clients. Tenant referencing is done by Rent4sure but I was only able to focus my time on getting a network issue on one of the computers resolved and helping the Letting team out by emailing prospective tenants via Veco through outlook.