Success and succession launch Savills into 2022

After a stellar year in which it raised more than £350m, Savills’ auctions head of 23 years, Chris Coleman-Smith, left, is handing the reins to Robin Howeson. Coleman-Smith, who stays on as a consultant, looks back over his career and Howeson tells EG what is to come.

Chris Coleman-Smith

Since founding the business 23 years ago, you’ve grown it into a hugely successful operation. Yet most of the “top agents” have parted company with their auctions team. How have you convinced Savills that auctions has a place in a global business?

Right from the beginning, Savills saw the auctions department as a valuable part of the company that would complement the various divisions really well. Savills has evolved significantly from when we first launched, but throughout we’ve had the full support and backing to drive our department forward. Cross-selling has always been fundamental to our offering. I would also like to think that auctions have helped Savills overall to reach a much larger and diverse audience. Many who had never heard of Savills before are now using a whole range of our services.

What has your career taught you about property cycles?

My experiences over the past 35 years have certainly shown the truth in the idea that auctions act as a barometer of the property market. That’s why a lot of property professionals have wanted to come to the auction room or tune in to the live stream to get a feel of the market. Whatever the conditions, there is always an auction market. Looking back, 1990 was certainly the toughest period in a property cycle that I can remember – the shift in activity was so pronounced. I think it taught everyone who was working in auctions at that time a great deal.

What are you most proud of about the Savills auctions business?

My biggest achievement is growing the business to what it is today and building the outstanding team that we have. It has given me such pleasure to see the department grow, adapt and develop. I am proud of the culture and work ethic we have – it’s a special environment. The togetherness that everyone displayed to get us online for the March 2020 sale was incredible – and something I will never forget.

What is your favourite memory from the room, pre-pandemic?

Standing on the rostrum, you get to see all the emotions that come with buying and selling, and within a matter of minutes you’re on a journey with that buyer from hopeful to successful. That said, it doesn’t always work out, and I always made a point of going over afterwards to a buyer if I could and giving them hope that something else will come along, because it always will. It’s been fantastic to see the generations of families come through as well; young children who sat with their parents are now some of our biggest clients.

Robin Howeson

You’ve led the successful transition of Savills auctions to an online model – what’s next for the business?

I’ve always been a believer that you’re only as good as your last auction, and therefore a large part of this year will be making sure that we continue doing what we’re great at and delivering for our clients. We’re seeing increased interest from our bidders for development sites and commercial properties, the latter having comprised an increasing proportion of our catalogue as a result of bringing on board auction surveyor Nicholson Boyd in early 2021.

2021 has been a phenomenal year for Savills auctions – can 2022 top this?

Our connection back into Savills continues to be a significant part of our success as the only national multi-sector auctioneer within one of the large real estate advisory firms in both the UK and the world. This has definitely provided a foundation to build out our commercial and development offering, but it also helps attract both bidders and clients for all types of property. Most recently we’ve had bidders that have come via our Hong Kong and Sydney offices. We are also expanding the team this month and I expect further hires as the year progresses.

Are vendors becoming more receptive to auctions as an exit route for larger mixed-use and commercial properties?

I definitely think that people are looking at auctions more than they did before as a way to sell their property, especially if their asset is more of a one-off or has multiple angles, for example. Stock that has come through our leisure (pubs, restaurants, hotels) and investment teams has done very well and sellers like the fact that they are reaching a significant audience through an auction sale.

Do you see returning to the room as a priority or has that now lost relevance as a point of discussion for the auctions sector?

Client feedback indicates that they are more than happy with the process as it is, but we will continue to be led by whatever route delivers the greatest interest and ultimately the best price. At this point in time, it is difficult to see how the new, efficient live-streamed model won’t result in a reduced attendance should we revert to a ballroom in the future.