Shared ownership, it’s not over when it’s over – Part 9

So the new entrant local authority has now built and sold its first Shared Ownership development. Let’s recap their sales journey they took to get to this point.

Screen-Shot-2018-05-16-at-10.41.50-1

First, the capability audit was carried out to assess gaps in the knowledge base, which were subsequently rectified. The organisation’s culture was sense checked to ensure it had a good fit for shared ownership sales activity.  A good site was identified with the help of a market appraisal.

A comprehensive sales policy was drawn up to deal with all the decision points along the sales journey. A comprehensive marketing plan was put into effect that produced and deployed the appropriate sales collateral enabling the sales teams to carry out the sales strategy. The sales team then successfully sourced purchasers for the development in line with the sales policy. The purchasing experience was good for the shared owners due to the new entrant having the right staff involved in the sales process, and by purchasers being signposted to competent mortgage brokers and conveyancing solicitors.

The outcome was that the very happy shared owners moved in and started their life as homeowners, delighted that their local authority had given them an opportunity that they never thought would happen. And of course, everyone lives happily ever after.

However, for the local authority, this is not the end of the story. It’s not over when it’s over because shared ownership gives owners the opportunity to buy more shares (staircasing) if their financial situation improves.  Furthermore, at some point they may wish to move on and sell their home, allowing the local authority to recycle the opportunity for another shared owner. This marks the next phase of the learning exercise for the new entrant local authority.  Staircasing and Re-sales have their own technical characteristics, and as with new build, SDS can assist new entrant local authorities in mastering this activity.

by Greg Warner – Harris

Read the other articles in the series

Selling shared ownership today in the local authority sector – Part 1

Shared ownership culture – Part 2

Shared ownership, begin with the end in mind – Part 3

Shared ownership, time to get underway – Part 4

Shared ownership, the marketing plan – Part 5

Shared ownership, brand and branding – Part 6

Shared ownership, the ultimate sales strategy – Part 7

Shared ownership mortgages and conveyancing – Part 8

Shared ownership, it’s not over when it’s over – Part 9

Comments