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crazypabs

Countrywide issues profit warning

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They might get their transaction levels up if they were able to persuade deluded sellers to lower their expectations.

Edited by reddog

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3 minutes ago, reddog said:

They might get their transaction levels up if they were able to persuade deluded sellers to lower their expectations.

The problem is they deluded the sellers in the first place in most cases.

They made the bed, they can sleep in it.

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2 hours ago, crazypabs said:

UK's largest estate agent Countrywide issues profit warning

https://www.theguardian.com/money/2018/jan/18/uks-largest-estate-agent-countrywide-issues-profit-warning

 

also placed headline in Foxtons share price

A heartwarming 20% drop today,bringing it back to its all time low.

I've rented via these parasites and can vouch for the fact they shouldn' be in a customer facing industry.

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52 minutes ago, Sancho Panza said:

A heartwarming 20% drop today,bringing it back to its all time low.

I've rented via these parasites and can vouch for the fact they shouldn' be in a customer facing industry.

I've worked for them, and couldn't agree more! 

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8 hours ago, TonyJ said:

The problem is that once the estate agent has deluded their client about a property's value, the client is extremely reluctant to let go of the delusion, even if the estate agent would like to de-delude the client. So the estate agent suffers because they initiating the delusion.

What goes around, comes around.

In my extensive experience the problem is the vendor gets three valuations and will go wiyh the highest valuation. If the agent constantly goes it at a decent price (i.e. low) he doesn't get instructed and goes out of business. If they go in too high they win the instruction but they can't sell. 

In the mean time vendor goes off and looks at houses based on achieving very close to asking price. When the request for a price reduction comes over said vendor is reluctant to drop because they've already 'spent' that money. 

The agents are there as a manifestation of the vendor's greed. Everyone wants top dollar on the sale and a bargain on the purchase. 

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14 minutes ago, spyguy said:

Ach. She needs to be pounding the streets putting postcards in dorrs saying 'Mrs S requires a 3 bed house in your area ...'

...must be other agents in the same boat.......there are better ways to deal in and finance property nowadays, prehaps adaptation to market forces might benefit them?;)

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Analysts at the investment bank Goodbody said: “Monthly indicators such as Rics can be noisy, but the general message of the survey is that with relatively sticky prices, the first stage of a housing downturn – that of falling activity in the context of a buyer/seller standoff – is in train.”

So the investment banks are lining up behind the idea of a crash. More grist to the mill

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1 hour ago, winkie said:

...must be other agents in the same boat.......there are better ways to deal in and finance property nowadays, prehaps adaptation to market forces might benefit them?;)

The small local guys who run out of one office have more options than groups like Countrywide who have large head offices to maintain.

They bought up the small local we rented off for £300,000, trebled the lettings fees, upset the LL's who found thir tenant pool had shrunk by 90% overnight, upset the tenants who had to pay £600 to get a tenancy and promptly lost most the business back to the other small local EA's.

Before anyone thinks I'm trying to shill for the small local EA's, I admit that most of them are complete cretins too.

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15 minutes ago, Sancho Panza said:

The small local guys who run out of one office have more options than groups like Countrywide who have large head offices to maintain.

They bought up the small local we rented off for £300,000, trebled the lettings fees, upset the LL's who found thir tenant pool had shrunk by 90% overnight, upset the tenants who had to pay £600 to get a tenancy and promptly lost most the business back to the other small local EA's.

Before anyone thinks I'm trying to shill for the small local EA's, I admit that most of them are complete cretins too.

Not sure.

Sure, when EAs were still up + down a secondary main drag - all properties displayed in window, weekly supplement in local rag.

Less so these days.

Oneman band EA probably has the EA office held in a SIPP.  And its probably 50+ - computers are a thing his secretary uses.

The new singing+ dancing approach favours a slightly larger org, able to fund to fund some software to supplement Rightmove.

 

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46 minutes ago, spyguy said:

Not sure.

Sure, when EAs were still up + down a secondary main drag - all properties displayed in window, weekly supplement in local rag.

Less so these days.

Oneman band EA probably has the EA office held in a SIPP.  And its probably 50+ - computers are a thing his secretary uses.

The new singing+ dancing approach favours a slightly larger org, able to fund to fund some software to supplement Rightmove.

 

+1 the future is a self employed local agent to handle measuring up and other physical requirements at £15-20 an hour and an automated central call centre. 

No phyiscal office presence is required at all

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1 hour ago, Sancho Panza said:

The small local guys who run out of one office have more options than groups like Countrywide who have large head offices to maintain.

They bought up the small local we rented off for £300,000, trebled the lettings fees, upset the LL's who found thir tenant pool had shrunk by 90% overnight, upset the tenants who had to pay £600 to get a tenancy and promptly lost most the business back to the other small local EA's.

Before anyone thinks I'm trying to shill for the small local EA's, I admit that most of them are complete cretins too.

Isn't that the recent script for Eastenders ?

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This was all inevitable.  How did they expect house prices to increase at x3 + or x4 +  annual inflation pa and even at a larger variance to wage inflation without the market inevitably coming to a grinding halt as reality bites and then the market turns.

I would love these EAs (or anyone) to explain to me why they think such increases and divergence from wages are sustainable.

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18 minutes ago, Wayward said:

This was all inevitable.  How did they expect house prices to increase at x3 + or x4 +  annual inflation pa and even at a larger variance to wage inflation without the market inevitably coming to a grinding halt as reality bites and then the market turns.

I would love these EAs (or anyone) to explain to me why they think such increases and divergence from wages are sustainable.

They are spivs, not economists.  They'll move onto the next easy sell, whatever that may be 

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4 hours ago, thewig said:

all the punch has been drunk, theres a couple of turds left at the bottom of the bowl

 

so glad I never drank that damn punch

Freehold, independent micropubs......real ale, lots of interesting conversation......the way to go.;)

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Moving the CEO might hint that shareholders want a new direction.  I haven’t analysed their business models - were they playing the high letting fee rip off model?

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  • 406 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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