Malcolms Estate Agents

A Message from Lord Pickles and Lord Blunkett, followed by Malcolms Estate Agents's best practice article

The ability to listen and learn from one another has always been vital in parliament, in business and in most aspects of daily life. But at this particular moment in time, as national and global events continue to reiterate, it is uncommonly crucial that we forge new channels of communication and reinforce existing ones. The following article from Malcolms Estate Agents is an attempt to do just that. We would welcome your thoughts on this or any other Parliamentary Review article.

Rt Hon The Lord David Blunkett

Rt Hon The Lord Eric Pickles

www.malcolmsproperties.co.uk

1MALCOLMS ESTATE AGENTS |

BEST PRACTICE REPRESENTATIVE

Directors Malcolm and Lorraine

Thomas

In 1986, Malcolm Thomas, a mathematics graduate, and his

wife, Lorraine, a religious studies teacher, began their careers

in estate agency with a leading Cambridgeshire independent

firm. Eighteen years on, they founded Malcolms Estate Agents,

with a focus on promoting professionalism, honesty, integrity

and transparency throughout all of their operations. Even

though Malcolm and Lorraine are directors, they have always

prided themselves on working at the front end of our business;

Lorraine tells

The Parliamentary Review

about this ethos.

When we started out in the sector in 1986, we experienced the highs and lows of

the abolition of joint Miras – prices dropping by 25 per cent and mortgage rates

of 15 per cent. With a young baby and a high mortgage plus our workload, we

suffered somewhat from a brutal learning curve; this did, however, put us in a

strong position to cope with the future peaks and troughs of the housing market

and any legislation that government could throw at us.

Founding Malcolms Estate Agents

We established our own business in 2004.

As directors, we have always been proud of the fact that we work on the front line

to offer clients 24-hour access. We recruit staff from diverse backgrounds, nurturing

salesmanship and, above all else, customer service. We have invested in professional

photography training to provide the best representation of each property we

possibly can, and we provide interactive floorplans to clients at no extra cost.

FACTS ABOUT

MALCOLMS ESTATE AGENTS

»Directors: Malcolm and

Lorraine Thomas

»Founded in 2004

»Based in Cambourne,

Cambridgeshire

»Services: Residential sales and

lettings

»No. of staff: 7

»Malcolms cover Huntingdon

and Cambridgeshire

»www.malcolmsproperties.co.uk

Malcolms Estate

Agents

THE PARLIAMENTARY REVIEW

Highlighting best practice

2| MALCOLMS ESTATE AGENTS

We believe in being honest with our

clients about market conditions and give

them advice on how to best present their

home for viewings. We provide instant

viewing feedback and regular updates

throughout the sales process, and we

have developed a strong and stable team

based on service; recommendations

are key to our success.

Being an estate agent today

Estate agency is a hard business to

plan for, and that is especially true

in today’s world. With greater media

coverage and the internet, just a

throwaway comment about higher

interest rates or a possible economic

downturn can all too quickly become a

self-fulfilling prophecy.

Government intervention, such as

changes to stamp duty, the Help to

Buy scheme, interest rates and the EU

referendum have all contributed to

unpredictable trends in the housing

market in the past. The first great

challenge of this kind that we met,

however, was the financial crisis of 2007.

Surviving the recession

To survive, we started by cutting costs

but soon recognised that wouldn’t be

enough; consequently, we decided it

was time to diversify and include lettings

in the suite of services we offered. After

evenings of poring over legislation

concerning rental compliance, tenancy

agreements, best practice for landlords

and deposit protection, we set up our

company client account.

Following this, we produced guidance

handbooks for landlords and

handbooks for tenants. Finally, we

focused on ensuring staff were trained

and provided them with a guide that

took them, step by step, through the

procedure of letting a property.

At first, we offered lettings exclusively

to our vendors who needed to move

but couldn’t afford to sell in the market

at the time. As we came out of the

recession a few years later, however,

we started to offer the service to

our own investment buyers. Today,

Malcolms Lettings contributes between

40 and 50 per cent of our revenue.

Housing: an ever-changing

legislative arena

With 145 regulations covering sales

and lettings, housing is one of the

most highly regulated areas of British

industry, and rightly so. For instance,

the rollout of the government’s new

Fitness for Human Habitation Act

will help to improve the standard of

rented accommodation for tenants

and consequently help estate agents

like ourselves to encourage landlords

to bring their properties into the

21stcentury.

Malcolms, Cambourne,

Cambridge

As directors,

we have

always been

proud of the

fact that we

work on the

front line to

offer clients

24-hour

access

“

Client satisfcation is key

3MALCOLMS ESTATE AGENTS |

BEST PRACTICE REPRESENTATIVE

We are also not concerned by the

tenant fee ban, as our charges were

only minimal to cover costs. In fact, we

see this as an opportunity to strengthen

relationships with good tenants and gain

extra business from those agents who

are always looking to put up their fees.

In the last two years, the EU’s Fourth

Money Laundering Directive as well as

the rollout of GDPR has meant that we

have spent a lot of money and time

on training both ourselves and staff as

well as registering with the appropriate

bodies. At Malcolms, however, we

view compliance as a demonstration

of professionalism and appreciate the

role it has in the sector. We undertake

anti-money laundering training every six

months and constantly review industry

journals, blogs and webinars to this end.

The rise of property tech and

regulation

2018 saw the rise of proptech,

something which we believe will

only help to further streamline the

operations of the housing sector. We

have always embraced new technology

to enhance our service and present

properties in the best possible light.

Our first software system offered

vendors complete transparency,

showing them everything we did

for them. Making sure staff are

experienced, trained and informed –

especially when it comes to technology

– can really aid the sales process; a

bad photograph or a price that’s too

ambitious will just mean that a buyer

swipes past your property. At Malcolms,

we don’t just put the property on the

market; we present it and make sure

that it doesn’t become stale.

The emerging trend of greater

regulation on estate agents is also

something that many people are

talking about. We welcome this new

direction and are currently registered

with Propertymark, the ombudsman,

ICO, HMRC, NCA and The Guild of

Property Professionals, as well as

Malcolm’s membership of the NAEA.

We would hope that one of these

bodies takes on the role of regulator,

offering training and guidance to those

wishing to improve their service as well

as ensuring compliance.

We also forgo the most lucrative

solicitor referral fees in favour of

knowledgeable, approachable and

efficient legal advice for our clients.

We personally provide them with

weekly updates throughout the sales

process to help alleviate the stress of

conveyancers who seem unable to talk

to each other, let alone their clients.

The current move to legislate for

£1,000 non-refundable deposits

from vendors and purchasers will aid

the house-buying process, but more

needs to be done to speed up the

conveyancing process as a whole.

This year, we are delighted to have

been placed in the top four per cent

of estate agents nationally, and to

have been rated “exceptional” for our

performance and customer service in

the Best Estate Agent Guide 2019 by

the Property Academy and their partner

Rightmove. Estate agency is changing,

but at Malcolms, whether you are

selling, buying or renting, we believe

local knowledge and customer service

is at the heart of a stress-free move.

At Malcolms,

we don’t just

put the

property on

the market;

we present it

and make sure

that it doesn’t

become stale

“

»QUESTIONS TO OUR GOVERNMENT

»Is shared ownership or affordable housing really affordable when

housing associations charge such high rents?

»Will the tenant fee ban or building more homes really solve the

problems of the homeless?

»Doesn’t the Help to Buy scheme just increase the cost to the buyer

and the profit to the developer?

»Would first-time buyers find it easier to save for a deposit if they

weren’t paying off a student loan?

»In 2019, shouldn’t we be building more sustainable houses using

environmentally friendly materials and running on renewable

energy rather than just building more houses?

www.malcolmsproperties.co.uk

This article was sponsored by Malcolms Estate Agents. The Parliamentary Review is wholly funded by the representatives who write for it. The publication in which this article originally appeared contained the following foreword from Rt Hon Michael Gove.

Rt Hon Michael Gove's Foreword For The Parliamentary Review

By Rt Hon Michael Gove

This year's Parliamentary Review comes at a momentous time for parliament, as we collectively determine the destiny of the United Kingdom.

On October 31, the UK will leave the European Union. The successful implementation of this process is this government's number-one priority.

Three years after a historic referendum vote, we will deliver on the decisive mandate from the British people. Trust in our democracy depends on it. Until that final hour, we will work determinedly and diligently to negotiate a deal, one that abolishes the backstop and upholds the warm and close relationship we share with our friends, allies and neighbours in the EU. But in the event that the EU refuses to meet us at the table, we must be prepared to leave without a deal.

As the Chancellor of the Duchy of Lancaster, it is my job to lead on this government's approach, should that scenario happen. Preparing for Brexit is my department's driving mission. But while I am leading this turbocharged effort, the whole of government is committed to this endeavour.

Ministers across Whitehall are working together to ensure that every possibility is considered, every plan is scrutinised and every provision is made. A daily drumbeat of meetings means that we are holding departments accountable, so that preparations are completed on time.

The chancellor has confirmed that all necessary funding will be made available. And we have mobilised thecivil service, assigning 15,000 of our most talented civil servants to manage our exit from the EU.

We will make sure that on November 1, there is as little disruption to national life as possible. Our trade relationships will continue to thrive, thanks to agreements with countries around the world worth £70 billion. Our country will remain secure, thanks to nearly 1,000 new officers posted at our borders. And the 3.2 million EU nationals now living and working among us can remain confident, with absolute certainty, of their right to remain in the UK.

Above all, our goal is to be transparent. Soon, we will launch a public information campaign so that citizens, communities and businesses are ready and reassured about what will happen in the event of “no deal”.

In my first few weeks in this role, I have travelled to ports and tarmacs, borders and bridges, all across the UK –from the seaside of Dover to the rolling green hills of County Armagh. I have heard from business owners and border officials, farmers and hauliers. They are ready to put an end to uncertainty. And they are ready to embrace the opportunities ahead.

Our departure from the EU will be a once in a lifetime chance to chart a new course for the United Kingdom. Preparing for that new course will be a herculean effort. But this country has made astounding efforts before. We can do it again.

Rt Hon Michael Gove
Chancellor of the Duchy of Lancaster