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Foxtons Share Price And The Housing Market - Merged


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1 hour ago, Mr Banks said:

I love this thread charting the slow demise of one of the chief satin of the rental market. When the last foxtons gets boarded up I might have a little party

its certainly a huge fall from grace.

i'm surprised it not had a strong bottoming out yet. 

All good for the HPC cause. 

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6 hours ago, Patient London FTB said:

Anyone have any expertise/opinion on how easy/expensive it would be for Foxtons to slim down a few of its branches? Not in terms of people, but of office space. 

It's not  simple/quick to do

I don't think they own any of their premises - they lease them on long term commerical leases. Depends on the break-clause and/or whether they can sub-let them

If you don't own your premises and you want to close quickly, you can't - you're on the hook for rent and business rates - it's a liability so I suppose they might as well limp on with skeleton staff to try and cover costs

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5 hours ago, 999house said:

Whilst its good to see them struggle. There is always a market to sell homes. The sellers just need to be realistic. When that happens, foxtons will be back in business.

The current Foxtons business model specifically doesn't allow this

They employ listers to get the property on by inflating the price and giving sellers unrealistic expectations and then they have to go back to the seller to try and get a reduction to realistic prices after the  initial contract term (8 weeks? I don't know for sure).

This works a treat in a rising market, but in a falling market, the seller has lost two months and the property is now stale on the market, plus more properties to compete against as people head for the exits - the sellers best bet is to change agents (plus they'll be p1ssed off with foxtons)

I other words - foxtons are fcked

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8 hours ago, 999house said:

Whilst its good to see them struggle. There is always a market to sell homes. The sellers just need to be realistic. When that happens, foxtons will be back in business.

The agents need to be realistic, they're the Dick's pushing up prices. Reap what u sow.

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9 hours ago, 999house said:

Whilst its good to see them struggle. There is always a market to sell homes. The sellers just need to be realistic. When that happens, foxtons will be back in business.

When I last did some research a while ago, they were continuing a plan to open new branches.

I held a hope that they are thinking long term, when transactions come back.   And have a view that when that happens, it may be far more important to have really knowledgeable people who can sell to buyers.   Lots of EAs can sell easy into a rising boomy happy market.

And their website says...... um I don't care for their website.   I would have the search bar at the top, and the 'demand more from your Estate Agent' (lol) and all the other buttons below the search field as well.

https://www.foxtons.co.uk/

Can't find it but last time I looked said something like 'Foxtons; covering 93% of London'.

Still making profit but way too much from letting side for my liking. grrrrr

1 hour ago, TheCountOfNowhere said:

The agents need to be realistic, they're the Dick's pushing up prices. Reap what u sow.

That's a good point too.

Quote

 

Paul - ( not a Realtor )
October 4, 2014 at 4:18 pm

….EXACTLY CORRECT ….

This spike in escalating home prices was due to temporary lack of inventory,

but the prices and sales are declining slowly.

Once the reductions TAKE HOLD .. the price reductions will escalate …. WHY?????

Because the REAL ESTATE SALES PEOPLE (Agents/Brokers)

MUST MAKE A LIVING .. THEY WILL TELL THE SELLERS ANYTHING …

” Sorry — I can’t get you Top Dollar for your house… Sales are DECLINING”

What the R.E. Agent/Broker is really saying is :

” I really need to SELL SOMETHING, I have bills to pay and I need to make

a quick sale on your p.o.s. House — I need my money FIRST … You can take

your FANTASY PROFIT that we promised you when you signed the Listing Agreement

and just “eat your heart out” ….. TOUGH LUCK FOR YOU…. I NEED MY COMMISSION,

IT’S TIME TO DISCOUNT YOUR damn PROPERTY”.

*** AND THAT IS EXACTLY HOW THIS WILL PLAY OUT.****

Just go back and take a look at 1991 to 1996 California R.E. Statistics,

I lived through it and bought a house at 75% discount. I saw how

desperate and hungry the Agents and Brokers were — THEY ONLY CARED

ABOUT THEIR COMMISSION….. REALITY RETURNS TO US AGAIN.

 

 

I'm always saying that to myself, almost out loud; "It's time to discount your damn property."

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