Diary of a valuer and agent: Katie Parsonson and James McKillop

One-time Knight Frank graduate trainee, Katie Parsonson (KP) heads the London Valuation and Advisory Team, covering residential property in Prime Central London (PCL) and single assets ranging from £300,000 up to £200m.

James McKillop (JM) is part of the Country Department and head of the South West team, which works with Knight Frank’s local offices on the sale of country houses, waterfront properties and townhouses.

With both prospective buyers and offers accepted surging in the first month since the re-opening of the property market, the duo set out their thoughts on leaving lockdown and the rest of the year. 

What drew you to the role?

KP – Coming from an agency background I originally wanted to be a country house agent, but it was valuations that won me over. There’s a problem-solving element, and I enjoy the process-driven nature of the role and time pressure. Covering PCL, I get to see some of the best real estate in the world.

JM – I joined in 2012 from another national agency where I performed a similar role. It was a huge opportunity to cover an area of the country I considered my patch. My family is from Salisbury and I studied in Sherborne and later Bristol. Local knowledge is so important as an agent.

How did the lockdown restrictions affect your role?

KP - We are a team of eleven valuers and had already been trialling dynamic working, so we were better-placed for lockdown than some. The biggest issue has been the ability to undertake inspections. For certain valuation purposes you don’t need to inspect the property, and we can still provide robust valuations. But the banks generally require inspections. We solved this be undertaking virtual inspections via FaceTime to enable live property tours. 

JM - I live in Battersea, south London, so normally spend a lot of time driving along the M3, M4, M5 and the dreaded A303. These can be long days where I return home late, and that can make going for a run or simply spoiling my family difficult. So, while I’ve been working hard, as two of my colleagues are on furlough, lockdown has allowed for a better work life balance. My relationships with clients have been strengthened too, as I’ve had the time to have longer, richer conversations with them.

What changes will this period lead to?

KP - Although physical inspections have resumed, technology and efficient processes remain key, as well as sharing resources and working more closely with other departments. Other conversation topics inspired by lockdown are the importance of maintaining a good work life balance and advancing dynamic working.

JM – Well, I’ve had a few clients that enjoyed their homes so much during lockdown they have taken them off the market. However, new instructions have offset this. While we always deal with a lot of London buyers, lockdown has led to many that had registered their interest with us at the start of the year but done nothing more, to take up an active role.

How busy has it been since the market reopened?

KP - The last few weeks have been very busy with a consistent flow of instructions comprising the usual mixture of loan security, taxation, and purchase advice. Some of the loan security valuations have related to purchases, so it is good to see that there are deals being done in the market. 

JM - It’s buoyant but I firmly believe, and am advising clients, that to secure the best price for your home you need to be on the open market at present. Buyers want to feel that they are in competition. Also, pricing has never been more important. Whereas traditionally there was a tolerance of 10%, now if buyers look up a property and find it overpriced by even 5% they simply aren’t viewing it. 

What is in store for the remainder of the year?

KP - I am keen to see where we are in a few weeks’ time in terms of activity, there are positive signs so far. Regardless, clients require robust and professional advice, particularly during uncertain times. I’m also hoping to see my team again at 55 Baker Street rather than on a screen.

JM – Clients have a clear window of opportunity during the next few months to make the most of the revived market. I can say without doubt, it will be a very busy summer.