Secrets of a luxury property estate agent
Luxury property stories
Estate agents at the top end of the market regularly deal with people who want that little bit more from their home. We spoke to Martin Bikhit, Managing Director of London luxury property agents Kay & Co. He told us about some of his most memorable clients and their extraordinary requirements.
The company
Kay & Co is a family-owned business with more than 30 years’ sales, lettings and building management experience. The company has properties throughout exclusive, sought-after areas of Central London including Marylebone, Hyde Park, Fitzrovia, Regents Park, Bayswater and Padington.
An incredible home
One of the more interesting properties Martin came into contact with was in Cambridge Gate, Regent's Park. The home's interior was completely redeveloped, with a different designer taking control of each room. The property also featured a guest WC with a fish tank system, the ballroom floor lowered into the ground and turned into a swimming pool, the six-car garage had a glass wall, and a top floor roof terrace boasted commanding views across Regent's Park.
The little things...
A property requirement that really stands out for Martin was a Middle Eastern royal family in the Surrey area, who wanted a helipad in their garden. Because if you can fly, why wouldn't you? Other luxury exclusives include driving ranges or secret sub-terrains on the property. Very 007.
Smart sellers
Incentives happen now and again, to help with the sale of super-prime property, according to Martin. Savvy vendors are aware that parting with six-figure incentive is worthwhile in the grand scheme.
Foto by M / Shutterstock.com
Deal sweeteners
Martin witnessed the sale of a $33 million (£25m) Mayfair property, whereby the vendor offered his Rolls-Royce Phantom – worth $460,000 (£350k) – as a sweetener. And it seemingly did the trick.
Slavko Sereda / Shutterstock.com
Extraordinary gifts
From artworks by Damien Hirst (pictured) to exclusive London club memberships, the incentives used to entice buyers are prizes in their own right. But practical techniques aren’t unheard of, from developers offering to pay solicitors’ fees, or guaranteeing a minimum rental income for buy-to-let investors.
A memorable sale
Martin’s sale of a 16,000-square-foot Grade 2-starred Robert Adam house, just behind Portland Place, in Marylebone, is one of his more memorable days at work.
Huge returns
The property was bought for $4.8 million (£3.65m) and was sold for $17.8 million (£13.5m) four years later. Martin said: “I think that was the biggest return an investor had in the shortest period of time”.
Exceptional interiors
The property was used as an office for many years, and was completely restored to its former glory as a single residence. The owner brought in Italian marble, and redesigned the house to apply to the luxury market, which was then bought by an Eastern European oligarch.
Doing the job right
When it comes to tricks of the trade, Martin insists it's really about listening to what the buyer wants, and understanding their needs. It's important to show them options that will suit how they live and their lifestyle but, more than anything, good agents know how to be discreet.
Bride knows best
Martin said a groom-to-be wanted to buy a $7.9 million (£6m) property the day before his wedding to surprise his wife. The groom was prompted to wait until after the nuptials...