Is August a dead month for the property market?14 June 2017
August cometh and the whole market goes on vacation? No, but August is definitely a tricky month. As French property players based in London dealing with international investors, we are always busy in August. Our international clients are responding, they are dedicating time to their transactions (often from around the pool or on a beach), because it’s a perfect time for them to do their homework and their math on what they want to buy.
One of our clients is very eager to buy a large ski property in and he wants to modify the floor plans of his 4 bedroom apartment and then commit to the purchase. No answer from our developer contacts by phone so we send an email as procedure dictates. However, we receive an out office reply instructing us to contact their colleague. Upon contacting the colleague, we receive another out of office directing us to a second colleague. This second colleague is also away, but his auto reply asks us to contact the original colleague.
So we have a closed loop whereby a basic lack of internal communications could prohibit the process of a large sale. Luckily we know the client well and he’s happy sipping Talisker scotch by the pool until Monday so nothing is lost. But perhaps we should just all go on holiday too?
Roman Carel, Athena Advisors