02/04/2025
Insights
Eddisons is consistently rated as the most active commercial property agent operating in England and also the East of England, with specific agents identified as the region’s top dealmakers too, according to specialist property research platform, EG Radius.
Earlier this year, Matthew Hunt, Associate Director of the Huntingdon agency in Cambridgeshire, was ranked leader of the pack of top dealmaking agents in the East of England by EG Radius for the number of deals chalked-up over a twelve-month period.
We sat down with Matthew and asked him to share his thoughts about the art of putting together and, most importantly, completing an agency deal.
How many deals did you complete in making you the most prolific dealmaker in the East of England?
I conducted 68 deals to conclusion by EG Radius’ definition, which covers all deals in the mainstream - lettings & sales, but not acquisitions.
The Huntingdon office completes 100-plus deals in a typical year but, naturally, some deals fall through for a number of reasons after agreeing Heads of Terms.
How many deals can you have running at one time?
At the moment, I have 21 at various stages of negotiation - that’s not uncommon, and I can have significantly more when dealing with new-build developments.
What are the key components of a deal?
Setting aside the property itself, whether it’s a letting or a freehold investment sale to an owner-occupier or an acquisition, it’s the number of parties involved in a sale that, or rather, who are the key components of a deal.
There can be five parties involved, even in a straightforward transaction, such as a letting on behalf of a landlord. Obviously, there’s the landlord, us as the landlord’s agent, the potential tenants, and both parties’ legal representatives.
The more parties added to the mix, the more layers there are to any tenure type of deal. For instance, in a multi-let investment sale or a property where there is a property management company, or one where there are building surveyors or consultants involved to address maintenance or dilapidations or property repair issues that become part of the negotiations.
Where either of the parties involved in either side of the deal are more blue-chip or corporate, involving pension funds or overseas investment vehicles, the more layers there are in terms of due diligence and professional audiences to satisfy and with which to communicate.
Also, the more parties involved in the financial aspects of a deal, the more layers there are to ensure Anti-Money Laundering (AML) compliance too.
What do you think are the most important skills for an agent to have in making a deal?
Above and beyond the professional knowledge and technical skills of how to put together the paperwork of a deal, it has to be what are too often - and mistakenly - described as ‘soft skills’.
The ability to deal with people from all walks of life, to read the room of where parties are in the deal at any one time and then fathom their reasons and rationale behind it.
Agents should never underestimate the importance of communication and clarity. Even if what you are conveying is news the party does not want to hear, it’s important to be upfront as soon as possible to give the best chance for a workaround or, ultimately, conclude with one party walking away so those left can begin to work towards another deal, immediately.
What’s the main cause of, in the agency vernacular, deals ‘falling out of bed’?
The biggest killer of all deals is time.
We endeavour to keep all deals on track at an acceptable pace but, sadly, when there are a lot of moving parts this can result in delays. For instance, it is not uncommon for some potential occupiers to make multiple offers at once on a variety of buildings with the intention of negotiating the best deal which, essentially, results in duplicate conversations being had to seek instructions.
There is no typical length of time a deal will take to reach completion. I have seen transactions turned around in as little as 24 hours, but then some that seem to rattle on and on for months.
But there is nothing that can account for human factors. While we, as property people, might find it difficult to believe - especially when it comes to commercial property where deals regularly have six digit-plus figures attached - some parties can act impulsively and just pull out.
Are there any other elements that can affect a deal, adversely?
As agents, we can seek to only control the "knowns", and, despite best intentions, a party’s financial position can change dramatically during negotiations, which can adversely affect things.
Plus, again, as long as humans are involved in deals then, of course, there are life events, such as divorce or death, that can put paid to a party’s interest or, indeed, financial, legal or emotional ability to push forward in a deal.
As with any market activity, national and international economic and geopolitical uncertainties can affect confidence in the deal.
You referenced property repairs in terms of an added complication in putting a deal together - does this mean that units on new-build schemes are more straightforward?
Not necessarily.
Admittedly, banks and lenders do tend to take a more straightforward view when it comes to financing new-builds because of the obvious modern build practices, materials and warranties, etc.
But that’s not to say the legal side is any quicker to address. In many instances, it can be slower as the same solicitors have often dealt with an established set of premises over the years so they, at least, have a legal point of reference for the property rather than starting from scratch.
Finally, do you have preference for the type of deal you like to work on?
A deal is a deal, and I get professional satisfaction from all my deals on completion. I enjoy being an important part of someone else’s story and seeing their business, in most cases, flourish as a result of their new premises.
So we’re back at the human element of agency again. Until there’s an AI replacement for an agent’s skills, dealmaking will probably remain more of an art than a science.
Matthew and the Huntingdon team are part of our larger Property Agency offering in the East of England, supporting the industrial heartlands of Lincolnshire, the sci-tech sector in Cambridgeshire and the thriving office and commercial scene in Peterborough and the East Midlands.
