crazypabs Posted September 30, 2018 Share Posted September 30, 2018 I'm going to try and post a regular update of estate agents hitting the wall and closing down. This will include appointment of administrators, liquidation, and other forms of cessation of business. So without further ado, here are just a few to cheer up your Sunday's... September. ########################## SANTON PROPERTY SERVICES LIMITED Company Number: 05464176 Trading Name: Winckworth Nature of Business: Estate Agent Registered office: Allen House, 1 Westmead Road, Sutton, Surrey, SM1 4LA Type of Liquidation: Members Date of Appointment: 17 September 2018 ########################## PURSUANT TO ARTICLE 95 OF THE INSOLVENCY (NORTHERN IRELAND) ORDER 1989 Name of Company: G.B. CONSULTANCY N.I. LIMITED Company Number: NI053870 Nature of Business: Estate Agents Type of Liquidation: Creditors Registered office: 98 Hill Street, Newry, Co Down BT34 1BT Liquidator's name and address: James BKennedy, Unit A1, Boucher Business Studios, Glenmachan Place, Belfast BT12 6QH Office Holder Number: GBNI043. Date of Appointment: Monday 17th September 2018 By whom Appointed: Creditors and Members ########################## LIME ESTATE AGENTS LIMITED (Company Number 10478257) Registered office: 129 Woodplumpton Road, Fulwood, Preston, PR2 3LF Principal trading address: 3 Eastway Business Village, Olivers Place, Fulwood, Preston, PR2 9WT Notice is hereby given that the following resolutions were passed on 11 September 2018as a special resolution and as ordinary resolutions: "That the Company be and is hereby wound up voluntarily and that Mark Colman (IP No. 9721) and John Titley (IP No. 8617) both of Leonard Curtis, 20 Roundhouse Court, South Rings Business Park, Bamber Bridge, Preston, PR5 6DA be and are hereby appointed Joint Liquidators for the purposes of the winding up of the Company and that any act required or authorised under any enactment to be done by the Joint Liquidators may be done by all or any one or more of the persons for the time being holding such office." Further details contact: The Joint Liquidators, Tel: 01772 646180. Alternative contact: May Rubery. Kevin Richardson, Director 13 September 2018 ########################## JONATHAN WATERS ESTATE AGENTS LIMITED Company Number: 04437082 Nature of Business: Estate Agents Registered office: 625 Foxhall Road, Ipswich, Suffolk, IP3 8ND Type of Liquidation: Creditors Date of Appointment: 30 August 2018 Liquidator's name and address: Chris McKay (IP No. 009466) of McTear Williams & Wood Limited, Townshend House, Crown Road, Norwich, NR1 3DT By whom Appointed: Members and Creditors ########################## J G REAL ESTATE LIMITED (Company Number 08575906) Principal trading address: UNKNOWN and in the Matter of the Insolvency Act 1986 A Petition to wind up the above-named Company, Registration Number 08575906, of,40 Queen Anne Street, London, W1G 9EL,presented on 21 August 2018 by theCOMMISSIONERS FOR HM REVENUE AND CUSTOMS, of South West Wing, Bush House, Strand, London, WC2B 4RD,, claiming to be Creditors of the Company, will be heard at the High Court, Royal Courts of Justice, 7 Rolls Building, Fetter Lane, London, EC4A 1NL on 10 October 2018 at 1030 hours (or as soon thereafter as the Petition can be heard). Any persons intending to appear on the hearing of the Petition (whether to support or oppose it) must give notice of intention to do so to the Petitioners or to their Solicitor in accordance with Rule 7.14 by 1600 hours on 7 October 2018. The Petitioners` Solicitor is the Solicitor to, HM Revenue and Customs,Solicitor's Office & Legal Services, South West Wing, Bush House, Strand, London, WC2B 4RD, telephone 03000 530979 . (Ref SLR1937748/A.) ########################## RED VALE PROPERTY DEVELOPMENT (2) LTD Company Number: 10151258 Nature of Business: Buying and selling of own real estate Registered office: 40 King Street, Manchester M2 6BA Type of Liquidation: Members Date of Appointment: 21 September 2018 Robert Stephen Palmer (IP No. 5531) of Gallaghers, PO Box 698, 2nd Floor, Titchfield House, 69/85 Tabernacle Street, London, EC2A 4RR By whom Appointed: Members ########################## CONCORDE PROPERTIES LIMITED Company Number: 02947216 Nature of Business: Real Estate Activities Registered office: Charles Lake House, Claire Causeway, Crossways Business Park, Dartford, DA2 6QA Type of Liquidation: Creditors Date of Appointment: 17 September 2018 Liquidator's name and address: Nick Edwards(IP No. 9005) of RSM Restructuring Advisory LLP, The Pinnacle, 170 Midsummer Boulevard, Milton Keynes, MK9 1BP and Duncan RobertBeat (IP No. 8161) of RSM Restructuring Advisory LLP, 6th Floor, Salisbury House, 31 Finsbury Circus, London, EC2M 5SQ By whom Appointed: Members and Creditors ########################## BEACON CAPITAL PARTNERS LONDON LIMITED Company Number: 05594912 Nature of Business: Real Estate Management Registered office: 7th Floor, Veritas House, 125 Finsbury Pavement, London, EC2 Type of Liquidation: Members Date of Appointment: 14 September 2018 James Eldridge (IP No. 11250) of Moore Stephens LLP, 150 Aldersgate Street, London, EC1A 4AB and Jeremy Willmont (IP No. 9044) of Moore Stephens LLP, 150 Aldersgate Street, London, EC1A 4AB By whom Appointed: Members ########################## MELVILLE ASSETS LIMITED Company Number: 07453308 Registered office: 50 George Street, London, W1U 7GA Principal trading address: 50 George Street, London, W1U 7GA Nature of Business: Real estate agencies Type of Liquidation: Member's Voluntary Date of Appointment: 18 September 2018 Joint Liquidator's Name and Address: Mark Newman (IP No. 008723) of Crowe U.K. LLP, 4 Mount Ephraim Road, Tunbridge Wells, Kent, TN1 1EE. Telephone: 01892 700200. Joint Liquidator's Name and Address: Vincent John Green (IP No. 009416) of Crowe U.K. LLP, 4 Mount Ephraim Road, Tunbridge Wells, Kent, TN1 1EE. Telephone: 01892 700200. For further information contact Steven Edwardsat the offices of Crowe U.K. LLP on 01892 700200, or recoverysolutions@crowe.co.uk. By whom Appointed: Members ########################## SEAGROVE BAY LIMITED (Company Number 07436169) Registered office: 50 George Street, London, W1U 7GA Principal trading address: 50 George Street, London, W1U 7GA Nature of Business: Real estate agencies. Final Date For Submission: 25 October 2018. Date of Appointment: 18 September 2018 Joint Liquidator's Name and Address: Mark Newman (IP No. 008723) of Crowe U.K. LLP, 4 Mount Ephraim Road, Tunbridge Wells, Kent, TN1 1EE. Telephone: 01892 700200. Joint Liquidator's Name and Address: Vincent John Green (IP No. 009416) of Crowe U.K. LLP, 4 Mount Ephraim Road, Tunbridge Wells, Kent, TN1 1EE. Telephone: 01892 700200. For further information contact Steven Edwardsat the offices of Crowe U.K. LLP on 01892 700200, or recoverysolutions@crowe.co.uk. 19 September 2018 ########################## MORGAN MARTIN (RETAIL) LIMITED Company Number: 07296454 Nature of Business: Real Estate Agencies Registered office: Charter House, Pittman Way, Fulwood, Preston, Lancashire, PR2 9ZD Type of Liquidation: Members Date of Appointment: 17 September 2018 ########################## VITA SOLVO LIMITED Company Number: 08251204 Trading Name: Vitvo Nature of Business: Financial intermediation not elsewhere classified, Management of real estate on a fee or contract basis Registered office: 5th Floor, Grove House, 248a Marylebone Road, London NW1 6BB Type of Liquidation: Creditors Date of Appointment: 20 September 2018 ########################## ADR (HOLDINGS) LIMITED Nature of Business: Buying and Selling of Real Estate Type of Liquidation: Members' Voluntary Liquidation Registered office: c/o Milsted Langdon LLP, One Redcliff Street, Bristol BS1 6NP (previously Design House, Southview Business Park, Staple Hill, Bristol BS16 5PJ) Principal trading address: Design House, Southview Business Park, Staple Hill, Bristol BS16 5PJ Rachel Hotham of Milsted Langdon LLP, Freshford House, Redcliffe Way, Bristol BS1 6NL Office Holder Number: 12510. Date of Appointment: 13 September 2018 ########################## BUILD INN LIMITED Company Number: 07552830 Nature of Business: Management of real estate on a fee or contract basis Registered office: 15 Olympic Court, Boardmans Way, Whitehills Business Park, Blackpool, FY4 5GU Type of Liquidation: Creditors Date of Appointment: 13 September 2018 ########################## MOJO HOLDINGS LIMITED Company Number: 09454755 Nature of Business: Real Estate Activities Registered office: RSM, 3 Hardman Street, Manchester, M3 3HF Type of Liquidation: Members Date of Appointment: 13 September 2018 ########################## BANK ESTATES (UK) LIMITED Trading As: BANK ESTATES (UK) LIMITED, and in the Matter of the Insolvency Act 1986, A Petition to wind up the above-named company of BANK ESTATES (UK) LIMITED ########################## CHANIN & THOMAS LIMITED Company Number: 04638953 Trading Name: Chanin & Thomas Limited Nature of Business: Real Estate Agency Type of Liquidation: Members' Voluntary Liquidation Registered office: Hopcott End, Whitegate Road, Minehead, TA24 5SS Principal trading address: 8 The Parade, Minehead, Somerset, TA24 5UF Joint Liquidators: Lisa Thomas and David Kirkboth of Neville and Co, Buckland House, 12 William Prance Road, Plymouth International Business Park, Plymouth, PL6 5WR Office Holder Numbers: 8830 and 9704. Date of Appointment: 9 August 2018 By whom Appointed: Members ########################## GE CAPITAL CORPORATION (TRADING LP) LIMITED (Company Number 03377349) GE REAL ESTATE PARTNERS LIMITED (Company Number 04348344) Registered office: (Both) 1 More London Place, London SE1 2AF Principal trading address: (Both) 201 Talgarth Road, London W6 8BJ As Joint Liquidators of the Companies, we hereby give notice that we intend to make a final distribution to their creditors. The last date for proving is 19 October 2018 and creditors of the Companies should by that date send their full names and addresses and particulars of their debts or claims to me, Richard Barker of Ernst & Young LLP, 1 More London Place, London SE1 2AF. In accordance with Rule 14.38(1)(c) of the Insolvency (England and Wales) Rules 2016, we may thereafter make the proposed distribution without regard to the claim of any person in respect of a debt not yet proved. Date of Appointment: 19 June 2018 Office Holder Details: Samantha Jane Keen (IP No. 9250) and Richard Barker (IP No. 17150) both of Ernst & Young LLP, 1 More London Place, London, SE1 2AF For further details contact: The Joint Liquidators, Tel: 020 7951 7712. Alternative contract: Katy Ho. Richard Barker, Joint Liquidator 6 September 2018 ########################## HUNT & NASH RESIDENTIAL LTD Company Number: 06654029 Nature of Business: Real Estate Agencies Registered office: 81 Station Road, Marlow, Buckinghamshire SL7 1NS Type of Liquidation: Creditors Date of Appointment: 22 August 2018 Liquidator's name and address: Frank Wessely(IP No. 007788) of Quantuma LLP, 81 Station Road, Marlow, Bucks, SL7 1NS and Paul Ellison(IP No. 007254) of KRE Corporate Recovery, 1st Floor, Hedrich House, 14-16 Cross Street, Reading RG1 1SN By whom Appointed: Creditors ########################## FIRST VALUED LIMITED Company Number: 08215590 Registered office: 86-90 Paul Street, London, England, EC2A 4NE Nature of Business: Real estate agencies Type of Liquidation: Members’ Voluntary Liquidation (MVL) Liquidator's name and address: Adrian Duncanof Savants, 83 Victoria Street London, SW1H 0HW Office Holder Number: 9645. Date of Appointment: 04 September 2018 By whom Appointed: Members ########################## MILLER METCALFE LIMITED (Company Number 05539355) Nature of Business: Real estate agencies Registered office: 620 Manchester Road, West Houghton, Bolton, BL5 3JD Principal trading address: 441 Warrington Road, Culcheth, Warrington, Cheshire, WA3 5SJ; 13-15 Barton Road, Worsley, Manchester, M28 2PD; 87A Lea Gate, Bolton, Lancashire, BL2 4BQ; 9-11 Market Place, Market Street, Bury, Lancashire, BL9 0AH; 7 Market Street, Chorley, Lancashire, PR7 1BD; 33 Market Street, Hindley, Wigan, Lancashire, WN2 3AE; 103 Market Street, Farnworth, Bolton, Lancashire, BL4 7NS; 620 Manchester Road, Westhoughton, Bolton, Lancashire, BL5 3JD; 35 Lee Lane, Horwich, BL6 7AX; The Cube, Coe Street, Bolton, BL3 6BU; 2-10 Bradshawgate, Bolton, Lancashire, BL1 1DG Date of Appointment: 24 August 2018 Names and Address of Administrators: JulienIrving (IP No. 13092) and Andrew Poxon (IP No. 8620) both of Leonard Curtis, Tower 12, 18/22 Bridge Street, Spinningfields, Manchester, M3 3BZ Further details contact: The Joint Administrators, Tel: 0161 831 9999, Email: recovery@leonardcurtis.co.uk. Alternative contact: Joe Thompson. Quote Link to comment Share on other sites More sharing options...
Guest Posted September 30, 2018 Share Posted September 30, 2018 F*** them And hopefully BTL speculator scum will be following them soon as well Quote Link to comment Share on other sites More sharing options...
ucnvpe0 Posted September 30, 2018 Share Posted September 30, 2018 1 hour ago, crazypabs said: I'm going to try and post a regular update of estate agents hitting the wall and closing down. This will include appointment of administrators, liquidation, and other forms of cessation of business. So without further ado, here are just a few to cheer up your Sunday's... September. ########################## JONATHAN WATERS ESTATE AGENTS LIMITED Company Number: 04437082 Nature of Business: Estate Agents Registered office: 625 Foxhall Road, Ipswich, Suffolk, IP3 8ND Type of Liquidation: Creditors Date of Appointment: 30 August 2018 Liquidator's name and address: Chris McKay (IP No. 009466) of McTear Williams & Wood Limited, Townshend House, Crown Road, Norwich, NR1 3DT By whom Appointed: Members and Creditors ########################## The irony is they had so many listing on their window whenever I walked past that branch. Quote Link to comment Share on other sites More sharing options...
Tes Tickle Posted September 30, 2018 Share Posted September 30, 2018 (edited) There's a chance that this could just be churn - i.e. some close, new ones open. I thought EAs would have all gone bust a decade ago, but it's just not happening. The great British public seem to have great trust and respect for these property professionals. They wear suits, charge loads and talk rubbish so that's enough to persuade most people to hand over £1000s to them. People are suspicious of someone charging less - they think there must be a bad reason that they're so cheap in comparison, as that reputable local agent needs to charge much more. We're currently in the process of selling ours via an online agent but we're in a tiny minority. I almost never see them on the houses I'm looking at to buy. A recent Radio 4 programme about this very topic reckoned online agents accounted for 7% of the market, which feels about right or even too high compared to what I'm seeing. This is all while online agents often charge 90% less than a high street agent, we were looking at £100 vs £5000 for selling ours, so a 98% saving to use an online agent. People here must be looking at houses - how often do you see online agents on houses? Almost never from what I'm seeing, even despite the huge amounts that have been spent on advertising Purple Bricks, Tepilo, Yopa and the rest. People are, for some weird reason, contininuing to choose to hand vast amounts of money over to these people. Edited September 30, 2018 by Tes Tickle Quote Link to comment Share on other sites More sharing options...
DarkHorseWaits-NoMore Posted September 30, 2018 Share Posted September 30, 2018 2 hours ago, Tes Tickle said: thought EAs would have all gone bust a decade ago, but it's just not happening. Lettings business took up the slack for many with the fees and tenant churn. Quote Link to comment Share on other sites More sharing options...
winkie Posted September 30, 2018 Share Posted September 30, 2018 Yes, lettings now their bread and butter, if not for BTL many would have gone out of business years ago...? Quote Link to comment Share on other sites More sharing options...
thewig Posted September 30, 2018 Share Posted September 30, 2018 The only two real life bankrupts I know are both scumbag EAs. One guy I went to school with and the other guy was maybe 20years our senior and was his mentor taught him everything you could know about the scumbag EA game. Quote Link to comment Share on other sites More sharing options...
jiltedjen Posted September 30, 2018 Share Posted September 30, 2018 would love to see a historical chart of estate agents being created and closed down. I would assume there would be a base average of increasing estate agents as the population grows (fair enough), but would love to see how out of whack we are with that average historical level. Could be a good indicator or when things are in deep bubble territory and about to roll over. Quote Link to comment Share on other sites More sharing options...
Saving For a Space Ship Posted September 30, 2018 Share Posted September 30, 2018 (edited) Perhaps we need an Ea version of an old hpc fave the Mortgage Implodometer EA-Implodeometer ? http://mortgageimplode.co.uk/ I know a guy who does house clearances. He appears to have cleared the contents of a shop of https://www.humphreysofchester.co.uk/ (website still live ) but i'm not sure if they re-located & bought new contents . They cleared the plastic window display & lights . These are expensive new Edited September 30, 2018 by Saving For a Space Ship Quote Link to comment Share on other sites More sharing options...
chronyx Posted September 30, 2018 Share Posted September 30, 2018 There's no mention of a crowd funding support scheme. I thought i should address this serious omission Quote Link to comment Share on other sites More sharing options...
spyguy Posted October 1, 2018 Share Posted October 1, 2018 15 hours ago, DarkHorseWaits-NoMore said: Lettings business took up the slack for many with the fees and tenant churn. This. ~80% of the cash coming into Gyles Purplecords is lettings now. Totally fuxed when fees are banned. ~15 years ago, EAs sneered at letting business. When the EEs started turning up in their 100k in ~2004ish a lot of EAs had signs 'We do not do lettings' ~10 years, letting scams have given EAs most of their cash. Quote Link to comment Share on other sites More sharing options...
No One Posted October 1, 2018 Share Posted October 1, 2018 19 hours ago, Tes Tickle said: There's a chance that this could just be churn - i.e. some close, new ones open. I thought EAs would have all gone bust a decade ago, but it's just not happening. The great British public seem to have great trust and respect for these property professionals. They wear suits, charge loads and talk rubbish so that's enough to persuade most people to hand over £1000s to them. People are suspicious of someone charging less - they think there must be a bad reason that they're so cheap in comparison, as that reputable local agent needs to charge much more. We're currently in the process of selling ours via an online agent but we're in a tiny minority. I almost never see them on the houses I'm looking at to buy. A recent Radio 4 programme about this very topic reckoned online agents accounted for 7% of the market, which feels about right or even too high compared to what I'm seeing. This is all while online agents often charge 90% less than a high street agent, we were looking at £100 vs £5000 for selling ours, so a 98% saving to use an online agent. People here must be looking at houses - how often do you see online agents on houses? Almost never from what I'm seeing, even despite the huge amounts that have been spent on advertising Purple Bricks, Tepilo, Yopa and the rest. People are, for some weird reason, contininuing to choose to hand vast amounts of money over to these people. That may have been the attitude, not now. I was at a friends house for a birthday party, and housing came on as a subject. No one respects this profession anymore, nor the fees they charge. Evryone talks of the online EA and the low fees Quote Link to comment Share on other sites More sharing options...
Tes Tickle Posted October 1, 2018 Share Posted October 1, 2018 Everyone talks about it, but search for houses on RM or elsewhere and the high street agents still dominate massively. It seems that people's minds are changed when it comes to actually selling. From what I've seen they're not even competing on price, they're still charging a high percentage and are still driving round in flash cars. The only reasonable explanation is that the great british public are stupid. Quote Link to comment Share on other sites More sharing options...
spyguy Posted October 1, 2018 Share Posted October 1, 2018 41 minutes ago, No One said: That may have been the attitude, not now. I was at a friends house for a birthday party, and housing came on as a subject. No one respects this profession anymore, nor the fees they charge. Evryone talks of the online EA and the low fees I dont know if he online agents have a profitable bisiness model. However the affect its had o nthe bricks n mortar is easy to see - FB ads and posters sying '£600 off our commission' and the like. High street agents are royally fuxed if people come to expect a fixed, £600 comission for selling a house. Quote Link to comment Share on other sites More sharing options...
houseface2000 Posted October 1, 2018 Share Posted October 1, 2018 Online agent Hatched.com owned by Conells has just closed due to being 'commercially unviable' Quote Link to comment Share on other sites More sharing options...
Dorkins Posted October 1, 2018 Share Posted October 1, 2018 17 hours ago, jiltedjen said: would love to see a historical chart of estate agents being created and closed down. I would assume there would be a base average of increasing estate agents as the population grows (fair enough) As EAs are paid per transaction I think it depends more on transaction rates than population growth. The evidence is that homeowners are moving less frequently now than they did decades ago e.g. https://www.bbc.com/news/education-43992782 Maybe some of the drop in transactions will be counterbalanced by EAs charging a larger real price with inflated house prices because of the fee being a % of the sold price. And as was said upthread, EAs have done well out of tenant fees and churn in the private rented sector. Quote Link to comment Share on other sites More sharing options...
Tes Tickle Posted October 1, 2018 Share Posted October 1, 2018 £600 is a heck of a lot of money for anything. Nobody would pay that in listing fees to sell some old tat on ebay but the actual base cost of selling a house isn't actually that different. I know there's normally an "in person" element, but even so any agent could photograph and measure many houses in one day so the cost should be under £100. When I was checking around at online vs offline I found an EA's discussion board where EAs were saying that online EAs were charging less than they have to pay RM alone. If that's the case then it's possible that online EAs are not running at a loss but that RM have different rates for different businesses - basically as much as they think they can get away with. It probably costs RM £1 to sell a house in terms of server space and maintenance, the rest is pure profit. Making comparisons to other industries, you can get a heck of a lot of work done for the money that EAs charge. I paid a bloke £200 to plaster two rooms in my house, including materials. He was running around and sweating for 1.5 days for this. Why should someone unqualified in anything practical get £100s or £1000s for pressing a few buttons? None of it makes any sense. Quote Link to comment Share on other sites More sharing options...
Monkey Posted October 1, 2018 Share Posted October 1, 2018 The day Rightmove/Zoopla/etc allow the seller to list directly for a nominal fee, cuttings out the need for an estate agent will be game over for most of the EA's. Is there a reason/law preventing this? Quote Link to comment Share on other sites More sharing options...
user not found Posted October 1, 2018 Share Posted October 1, 2018 Family friend worked in a letting agency ... Last year went balls deep in mortgage debt to buy large 5 bed detached. I remarked (not to them) it was risky, told I was negative and they're allowed to want their dream house! He's just been made redundant. Now him and 2 young kids surviving on wife's low wage. I wonder how long that will last. Quote Link to comment Share on other sites More sharing options...
spyguy Posted October 1, 2018 Share Posted October 1, 2018 1 hour ago, Tes Tickle said: £600 is a heck of a lot of money for anything. Nobody would pay that in listing fees to sell some old tat on ebay but the actual base cost of selling a house isn't actually that different. I know there's normally an "in person" element, but even so any agent could photograph and measure many houses in one day so the cost should be under £100. When I was checking around at online vs offline I found an EA's discussion board where EAs were saying that online EAs were charging less than they have to pay RM alone. If that's the case then it's possible that online EAs are not running at a loss but that RM have different rates for different businesses - basically as much as they think they can get away with. It probably costs RM £1 to sell a house in terms of server space and maintenance, the rest is pure profit. Making comparisons to other industries, you can get a heck of a lot of work done for the money that EAs charge. I paid a bloke £200 to plaster two rooms in my house, including materials. He was running around and sweating for 1.5 days for this. Why should someone unqualified in anything practical get £100s or £1000s for pressing a few buttons? None of it makes any sense. Purple brick etc will be bulk buying access to RM. Gilse Purplecords has to stump up £x per seat/EA. Purplebricks will pay several million to have unlimted access. The online agents are just more efficient and have scale. Bricks n mortar. having previouly hada cosy cartel. now have serious competion. What do you say to a Bricks n Mortar EA these days? . . . . Ill have the burger without the pickle. Quote Link to comment Share on other sites More sharing options...
Tes Tickle Posted October 1, 2018 Share Posted October 1, 2018 Online EAs are nothing new though, they've been around for well over 10 years. Logic is not on the side of high street EAs but hasn't been for years. Yet they still keep going, and they're selling the vast majority of the houses I'm looking at - easily 9 in 10 that I'm seeing. If they were going to become extinct due to the invention of the internet it would have already happened. I know there's been a bit more advertising recently, but it doesn't seem to be changing much, and the ones that have the biggest campaigns also have fees that aren't that different to a high street EA anyaway, presumably due to the cost of all that advertising. Letting agents are possibly in trouble, although they existed before tenant fees became the norm. Perhaps they're making stupid amounts now and will just revert to just making lower profits. I don't see any big change that's going to make them all suddenly vanish. Quote Link to comment Share on other sites More sharing options...
spyguy Posted October 1, 2018 Share Posted October 1, 2018 16 minutes ago, Tes Tickle said: Online EAs are nothing new though, they've been around for well over 10 years. Logic is not on the side of high street EAs but hasn't been for years. Yet they still keep going, and they're selling the vast majority of the houses I'm looking at - easily 9 in 10 that I'm seeing. If they were going to become extinct due to the invention of the internet it would have already happened. I know there's been a bit more advertising recently, but it doesn't seem to be changing much, and the ones that have the biggest campaigns also have fees that aren't that different to a high street EA anyaway, presumably due to the cost of all that advertising. Letting agents are possibly in trouble, although they existed before tenant fees became the norm. Perhaps they're making stupid amounts now and will just revert to just making lower profits. I don't see any big change that's going to make them all suddenly vanish. Yes they are. Theyve only got traction in the last 5 years. Quote Link to comment Share on other sites More sharing options...
No One Posted October 1, 2018 Share Posted October 1, 2018 16 minutes ago, Tes Tickle said: I don't see any big change that's going to make them all suddenly vanish. Lower volumes, tighter pockets, higher IR's... Quote Link to comment Share on other sites More sharing options...
Tes Tickle Posted October 1, 2018 Share Posted October 1, 2018 3 minutes ago, spyguy said: Yes they are. Theyve only got traction in the last 5 years. Try a quick search of an area and tell me what percentage of online EAs you see in the search results. I bet it's less than 1 in 10. This is the sorry state of affairs after Purple Bricks, Tepilo, Zoopla and the rest have been throwing money at advertising. Almost nothing is changing. Their advertising spend can't be sustainable, as soon as they stop spending they'll vanish. Quote Link to comment Share on other sites More sharing options...
spyguy Posted October 1, 2018 Share Posted October 1, 2018 24 minutes ago, Tes Tickle said: Try a quick search of an area and tell me what percentage of online EAs you see in the search results. I bet it's less than 1 in 10. This is the sorry state of affairs after Purple Bricks, Tepilo, Zoopla and the rest have been throwing money at advertising. Almost nothing is changing. Their advertising spend can't be sustainable, as soon as they stop spending they'll vanish. The online agents are nationwide, not limited to an area. BS on nothign chaged. Id guess 30% of the signs I see are online agents. Quote Link to comment Share on other sites More sharing options...
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