Big Interview – Matt Nicol

November 1, 2023

Matt Nicol, Managing Director of Nicol & Co., a company that specialises in new build properties, shares his experiences in the industry with Showhome Editor Joseph Clarke

Could you tell us a bit about yourself?

I attended Droitwich High School for three years before going to college in Worcester. I then worked in the leisure industry for a couple of years, before entering the world of estate agency in 2004 as a trainee. It then wasn’t long before I rose through the ranks of a local independent agent to become their most successful Branch Manager at the tender age of 25. Being up for a challenge, I chose 2009 as the year to launch Nicol & Co in what is now my hometown of Droitwich Spa, and since then I have never looked back.

Now, I am a member at Droitwich Spa High School (it’s a category of governor. I am also Chairman of Droitwich Spa Place Board: The Place Boards are not formal committees of the Council. They are there to operate independently and offer recommendations to the Council on town centre economic and development projects (based on the objectives outlined in the Town Centre Prospectus) and suggest proposals for the Council to consider but have no formal role in Council decision making.

What sparked your interest in property?

Buying and selling a house is one of the most exciting things you can do, and a major step in anyone’s life – akin to marriage, children and career success. From an early age, I have been fascinated by the process. I watched countless “Property Ladder” type shows with Sarah Beeny, Kirstie Allsop, Phil Spencer, you name them, I watched them avidly!

My initial intention was to get into property development but as I wasn’t knowledgeable on any of the trades, I was advised (by dad Richard, now my Financial Director) to get to know what the market was doing and spot the opportunities from the other side.

I started my working life as a junior negotiator, which these days would be considered an “apprentice”.

What is the history of Nicol &Co?

Established nearly 14 years ago in October 2009 as a one-man band operating from a small office in Droitwich Spa, Nicol & Co. was launched with my vision to change the way estate agency was done in Worcestershire – bringing integrity and transparency to an industry that people made jokes about. Now I have assembled a team of over 30 ladies and gents who are just as much in love with Worcestershire as I am, and care just as much as I do, about providing the most remarkable service to each and every client. We now offer a county-wide service from offices in Droitwich Spa, Worcester and Malvern.

What do you find most challenging about working in this industry?

Getting the message across that not all estate agents are the same, and that taking the most flattering valuation of your home does not mean it will sell.

Staff retention and promotion of our culture and values is also vital. We invest a lot of time in our people. We have an onboarding process and trial period used to introduce new arrivals to the Nicol & Co. way of working, our culture and values. We therefore have a relatively low staff turnover, which means clients are consistently working with the same people, especially when they come back to us ready to move again or want advice on the management of property lettings.

What are the most common things that you see/hear house hunters looking for in a new home?

Listening is the most important skill that an astute estate agent can possess. What clients initially believe they are seeking is often not what they end up purchasing. Understanding the difference between their wishes and their real requirements is key. In the past, kitchens and bathrooms would often be the focus of a viewing, but now, post-Covid, it is more likely to be outside space plus the ability to work comfortably from home. When you hear that the requirement is for three bedrooms, this can often translate as “three bedrooms and a study” or sometimes a requirement for two study rooms.

And a fast and reliable broadband service is now an essential part of modern living.

How much priority is being given by potential buyers to energy-efficiency in new homes?

Since the surge in energy prices, the EPC rating of every property is now a key factor. Potential buyers want a clear indication of likely monthly bills and what steps have been taken to “future proof” their new home.

What role is sustainability playing in the development of new builds?

With a younger, more socially and environmentally aware buyer emerging and evolving, sustainability is an area that no developer can skimp on. Their commitment to sustainability must be clear and demonstrable in all aspects of the development.

What does Nicol & Co. do to help the local community?

No lip service here. The community in Worcestershire is where we all live and work. Helping people buy and sell homes I’ve always felt rooted in our community and motivated to make a difference wherever possible. I spearheaded a crowdfunding effort in 2014 that saw £16,500 raised to rebuild a children’s play area in The Lido Park in Droitwich after an arson attack.

We also donated £100 to the NHS for every instruction signed up during the Coronavirus pandemic and gave Amazon tablets to three local primary schools to support online and remote learning. This led to the establishment of the Nicol & Co. Community Fund which has now donated thousands of pounds to organisations and projects across the county. We established the fund to make a difference across Worcestershire and now, for every property we sell, we donate £100 to a school or local community organisation of our seller’s choice. The fund exists to help local schools, projects and initiatives in and around Worcester, Droitwich and Malvern that our clients care about, and we do too.

Another one of our most successful initiatives has been the Big Worcestershire Garage Sale with more than 30 streets signing up to join together to declutter their homes and sell unwanted items during the mass event on Saturday 10 June. So successful was the event that we aim to repeat it every year now. Our community involvement is an essential ingredient in our business model – it’s in our DNA.

What are your predictions for the future of the housing market? Is there any hope for first-time buyers?

We believe too much is made of overnight “crises” and short-term issues. At the time of writing, the housing market is a difficult place for first-time and second buyers to navigate. However, the Bank of Mum and Dad has been superseded, in many cases, by the Bank of Grandad and Grandma. Rising property values and mortgage-free properties (and we have a higher-than-average percentage in Worcestershire) mean that capital and help is often available “in-house” and indeed gifting to assist younger members of the family to purchase or move home could prove to be a tax-efficient way to help, with the right qualified professional guidance.

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