Page 13 - The House Library

A YEAR IN REVIEW...
Deborah Battsek, founder of DBPR, an established PR consultancy specialising in the luxury property sector, sat down with Christian and Simon to discuss how the business has fared over the last 12 months, gaining valuable insight into what makes Tedworth successful and how they operate as a team from their Sloane Street HQ.
DB: 2023...has it lived up to expectation for Tedworth?
ST: Our year started with a bang – a ‘Team Tedworth’ trip to the Alps. It was a great opportunity to come together as a team to ensure we were all aligned in our objectives for the year ahead, and whilst there is always a slight sense of trepidation at the beginning of a new year, as we sit here now and reflect, I would say without doubt 2023 has lived up to our expectations, and possibly even surpassed them. Against the backdrop of a challenging market, we have been involved in a number of notable transactions resulting in phenomenal outcomes: something which is reflected in the feedback we get from our clients.
CW: We have received more rave reviews and testimonials than in any of our previous years’ trading and even more pleasing than this, we have had a record number of new business referrals demonstrating that our values and working methods are not only being appreciated by our clients, they are also effective in the market, which is really exciting.
DB: Can you outline anything specific that deserves a special mention?
CW: The growth of our lettings business unquestionably needs to be emphasised as a significant highlight. One of our key objectives has always been to ensure our lettings portfolio evolves and grows in unity with our sales business and the wider brand as a reputable, best in class service. The prime central London lettings sector is hugely competitive and challenging but Sabaya Verger and Hannah Wilson have been brilliant at driving our growth and have been instrumental in setting the foundations of what is now established as a significant component of our service offering to clients.
ST: We were really keen to develop and strengthen our brand this year; in order to genuinely be at the top table, one needs to stand out from the competition and Jade Cudin’s expertise in this department has been crucial and broadly recognised and applauded within the sector.
DB: It is widely reported that stock levels are historically low, whilst demand from buyers seemingly remains at a healthy level. Should this not create competition and stable growth in the market? Why does confidence seem such a problem?
ST: The first thing to say is that a supply/demand imbalance is not a new phenomenon. We operate in a highly discretionary market and
so your point about confidence is key. Sentiment absolutely dictates how the prime central market behaves and in London, this market is
as affected by global concerns as it is domestic. Situations beyond anyone’s control in recent months, coupled with persistent ‘doom
and gloom’ media reports alongside the often knee jerk reaction of corporate commentary, has unquestionably eroded buyer confidence and whilst demand undoubtedly remains, not at any price. Generally speaking, a purchaser needs to feel that they are getting realistic value and for those discretionary clients who don’t need to sell, this can sometimes encourage them to ‘sit this cycle out’.
CW: In reality, the volume of prime sales is not at all inconsistent with what the market has seen on average over the last 10 years; there is significant competition for best-in-class properties at all price levels and there is no question that London remains as desirable as ever for its cultural lifestyle appeal. There is a growing sense of stability that we believe will drive confidence in the coming months. Our most consistent piece of advice to our clients right now is ‘hold your nerve’.
DB: There is an almost daily news announcement from the corporate estate agencies – mergers, acquisitions, growth in the market, decline in the market and more recently redundancy threats. What do you make of it all?
ST: It’s hard to keep track of who is saying what and it is seemingly almost a prerequisite for large corporates to shout louder than their competitors. As the agency market becomes increasingly fragmented and market share is so clearly depleting for the biggest companies, the opportunities for independent firms like ours in a genuine flight to quality, are significant.
To operate as part of a boutique agency, with the benefit of a proactive, responsive and experienced team as effectively as we do, is driving us from strength to strength and continually demonstrating benefit and value to our clients.
CW: It is going to be fascinating to see how things develop with so much change in the market ahead of us, but we are very content in our lane, quietly forging ahead...it’s unquestionably the best way.
DB: Whenever I come to your office I am struck by the atmosphere; busy, positive, and determined. What has been the key to creating such an admirable culture and work ethic?
ST: I think we all genuinely love what we do and as business owners, we are free to operate in our clients’ best interests. Very rarely is a great sale or letting the result of only one individual’s efforts and that’s what makes Tedworth so unique. As partners, we are accountable to each other and to our clients and this year there have been multiple transactions involving several members of the team, which has been extremely rewarding for all involved. This togetherness and mature approach to working is the glue that binds us together.
CW: We are lucky to be able to draw from a diverse range of backgrounds, but what underpins everything we do is the benefit of enormous individual experience and a genuinely shared belief and drive to provide the very best for our clients.
DB: Finally, predictions and plans for 2024?
ST: A lot of hard work, but overall a quiet determination to ensure the return of something that might resemble a more familiar transactional market. Domestically, a General Election will be a significant distraction but it is also a useful focal point to motivate. Global events, as ever, will have an impact and there is no question that there are some ongoing serious concerns in numerous parts of the world.
Equally, global uncertainty can have a positive impact on the London market; notably the reputation as a safe haven for investors and high net worth families wishing to share in what we too often may take for granted such as security, culture, lifestyle, education and schooling. The value and attractiveness of living in London will never diminish.
CW: As we enter our seventh year of trading, we are confident that with the team we have in place, we would expect our growth to continue at pace. London’s prime real estate market is a compelling and unique environment and as our reputation for excellence grows, so too will our business. We are genuinely excited for what lies ahead.
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