Expert Insights from Camilla Dell: Navigating Social Media in the Prime London Property Market
In this article, Camilla Dell, Founder and Managing Partner of LPF Member Black Brick, delves into the problematic complexities of selling prime London properties on social media. From champagne-fuelled launch parties and Instagram likes, she highlights why both buyers and sellers, should be wary of agents pushing social media and how having millions of followers may not give real results in PCL's increasingly crowded marketplace.
A tricky anomaly is emerging in Prime Central London’s market: a glut of expensive new homes flooding the market is not being met with an equal number of high budget buyers to purchase them.
According to data from house price analyst LonRes the first three months of the year saw the highest ever volume of new £5m-plus central London listings it has ever recorded, up 20 per cent compared to the same period last year. However the number of homes going under offer in the same period is down, year on year, by a resounding 43 per cent.
The oversupply of property in the £5m plus part of the market has led to a surge of sellers attempting to stoke up interest in their prime properties with parties and publicity.
This week alone I must have been sent a dozen invitations to property launches. 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.
I am on Instagram but have chosen to have a private rather public profile, and my firm, Black Brick is on social channels to inform and educate rather than boast and promote. I don’t believe my clients want me to be the star. Or care to know intricate details about my private life. It’s not about me.
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. The real answer is to market these properties at the right price to begin with.
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.
If you are a seller with something truly special, the danger of going social is that you deter potential buyers (as much as you may attract others), and you achieve a lower price. The biggest premiums I have seen being paid by buyers are when properties are exclusive, off market and special. That’s not to say there isn’t a place for social media. Done well it can be helpful and entice interest, but be sure to do your due diligence. Is the property influencer a genuine property expert with a track record interested in doing the best for you and your property, or a TV wannabe more interested in using your property to promote themselves and gain followers?
Recent analysis of acquisitions made by my firm Black Brick over the last 12 months shows buying agents and their clients rarely buy properties that are all over social media. Over the last year only five of the 30 homes we have acquired for our clients had appeared on social media. 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.
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