Jump to content
House Price Crash Forum
Freki

Emoov goes bust

Recommended Posts

Quote

Boss Russell Quirk says potential buyers did not come through with viable offers

Hopefully echoing the market it sought to serve, then!
 

Quote

Emoov went into administration today - just months after merging with TV property star Sarah Beeny's Tepilo.

While I don't harbour any particular dislike of Emoov I hope its demise might affect the company it recently merged with, and it's idiot founder who seems to have made her living off the promotion of rocketing house prices..

Share this post


Link to post
Share on other sites
1 hour ago, Ghostly said:

So Tepilo is also gone? 

No, read the article - they agreed to merge then Tepilo didn't pay.

I don't understand how a company charging £895 for doing next to nothing can go bust, I can only assume they blew the lot on glitzy offices and overpaid staff.  OK, they charged less than a high street EA but we all know that they make stupid amounts for doing only slightly more work - many EAs must often be on £500+/hour for many sales at the end of the process, so undercutting them profitably should be child's play.

I would have thought that most paid using a credit card, so will be able to reclaim if they know how.

The online agent I'm using charges from £99.  They're a fairly new startup, and I've no idea how they look financially, but they at least think they can run a profitable business at this price.  I've checked out their office on streetview and it's certainly not glitzy, which is a good thing in my view.  So doing the same for more should be easy - IF they were finding customers of course, perhaps the issue was that Emoov's prices were too high.

The sad (and wrong) lesson that many may learn from this is that there's some fundamental problem with online agents which, from what I've found, there definitely isn't.  I hope this isn't the news that makes people flock back to the safety net of paying thousands to the hair gel and BMW Mini mob.

Share this post


Link to post
Share on other sites

 

1 hour ago, Tes Tickle said:

The sad (and wrong) lesson that many may learn from this is that there's some fundamental problem with online agents which, from what I've found, there definitely isn't. 

Cl;early on line does have a problem they are dropping like flies soon only PB will be left at this rate - if they are going bust they are not charging enough to cover costs or not being careful about costs - I have no idea which that would be speculation

Share this post


Link to post
Share on other sites
4 hours ago, ftb_fml said:

Hopefully echoing the market it sought to serve, then!
 

While I don't harbour any particular dislike of Emoov I hope its demise might affect the company it recently merged with, and it's idiot founder who seems to have made her living off the promotion of rocketing house prices..

same here. I was hoping this would bring down that impossibly annoying woman and all the damage she's done with her condescending tones. I detest her even more than that other unmentionable one. 

Share this post


Link to post
Share on other sites

I suspect that the real issue is Rightmove's absolute dominance of the market.  If you want to sell houses you have to pay their fees, selling by other websites can be a useful accompaniment but definitely isn't a viable alternative.

Isn't it about time that regulators got involved in looking at RM's dominance?

It really shouldn't cost any more than listing some old tat out of the loft on ebay - it's basically a few photos and some words.  It could be done for under £1, the fact that it costs so much more means that there isn't a competitive market, and RM are fully taking advantage of the situation.

Edited by Tes Tickle

Share this post


Link to post
Share on other sites
2 minutes ago, Tes Tickle said:

I suspect that the real issue is Rightmove's absolute dominance of the market.  If you want to sell houses you have to pay their fees, selling by other websites can be a useful accompaniment but definitely isn't a viable alternative.

Isn't it about time that regulators got involved in looking at RM's dominance?

It really shouldn't cost any more than listing some old tat out of the loft on ebay - it's basically a few photos and some words.  It could be done for under £1, the fact that it costs so much more means that there isn't a competitive market, and RM are fully taking advantage of the situation.

ebay should move into selling houses to prop up their failing sales.  That would give RM a run for their money. 

Share this post


Link to post
Share on other sites
40 minutes ago, stuckmojo said:

same here. I was hoping this would bring down that impossibly annoying woman and all the damage she's done with her condescending tones. I detest her even more than that other unmentionable one. 

I am on the fence regarding which is the most annoying but agree that they are VERY annoying.

Share this post


Link to post
Share on other sites
1 hour ago, Tes Tickle said:

It really shouldn't cost any more than listing some old tat out of the loft on ebay - it's basically a few photos and some words.  It could be done for under £1.

I don’t think it could be done for £1. You’ve got to design the website, building in other data like maps and sold prices. Then you’ve got to have enough hosting bandwidth for thousands/millions of users. Then you’ve got to pay for the energy to run it. Then constant updates for security weaknesses, compliance issues like GDPR, etc.

Share this post


Link to post
Share on other sites
4 hours ago, Tes Tickle said:

No, read the article - they agreed to merge then Tepilo didn't pay.

That’s not how I read it. The article says the merger happened. The guy does say they expected a certain amount of money on the Tepilo side but it must not have performed as expected. Plus the Tepilo website has Emoov branding on it.

Share this post


Link to post
Share on other sites
2 hours ago, stuckmojo said:

same here. I was hoping this would bring down that impossibly annoying woman and all the damage she's done with her condescending tones. I detest her even more than that other unmentionable one. 

L O L!  a race to the bottom.

Your choice of most unmentionable used to tell the punters they'd have made more money if they just left it to the rising market and not bothered with their fancy renovations.

This makes me think she might know something, whereas the other one appears to know nothing about anything other than that Xmas sh1te she's currently putting together on TV. Well, and self promotion I guess.

To me, she's almost everything that's wrong with Britain rolled up into one person. 

But each to their own, of course.

Share this post


Link to post
Share on other sites
20 minutes ago, Ghostly said:

I don’t think it could be done for £1. You’ve got to design the website, building in other data like maps and sold prices. Then you’ve got to have enough hosting bandwidth for thousands/millions of users. Then you’ve got to pay for the energy to run it. Then constant updates for security weaknesses, compliance issues like GDPR, etc.

OK then perhaps £2.  Not £895, definitely not the £1000s+++ that high street EAs want.  It's a website, like any other.  Probably far less traffic than many other websites too, high numbers of visitors cost money, not high value items.  I would bet that there are more people viewing say fruit on Tesco's website than there are viewing houses on Rightmove. 

In the past I've read about the sort of fees that EAs have to pay to RM, I forget the amounts but it's seriously substantial.

Share this post


Link to post
Share on other sites
15 minutes ago, Bluestone59 said:

L O L!  a race to the bottom.

Your choice of most unmentionable used to tell the punters they'd have made more money if they just left it to the rising market and not bothered with their fancy renovations.

This makes me think she might know something, whereas the other one appears to know nothing about anything other than that Xmas sh1te she's currently putting together on TV. Well, and self promotion I guess.

To me, she's almost everything that's wrong with Britain rolled up into one person. 

But each to their own, of course.

https://www.heart.co.uk/lifestyle/parenting/kirstie-allsopp-ipads-as-punishment/

 

i do like the comments 

"Everything in this benighted land comes down to class - and for our property-porn queen the Honourable Kirstie Allsopp the price of an iPad is so trivial and incidental they can be smashed and replaced to make a point."

 

Share this post


Link to post
Share on other sites
2 hours ago, longgone said:

Not properly setup though or advertised. They should just corner the market  they already have the infrastructure in place already. 

It's weird isn't it... Very half hearted. 

Share this post


Link to post
Share on other sites
5 hours ago, Houdini said:

Not really ebay looks at the global market and hence doesn't focus on things that they don't understand.

Mind you there are plenty of chancers on ebay look at https://www.ebay.co.uk/itm/11-Bedroom-House-for-sale/183548235842?hash=item2abc53d042:g:lAUAAOSwDaBb9fj2

ebay is failing. every week is either list for £1 or save 15% or 20% with promotion codes.  

i fail to see what there is to understand listing a house is no different than listing a urine stained mattress.

Share this post


Link to post
Share on other sites

Ebay are looking like the old codger trying to be the cool kid these days, they're the old guard now really.  There are loads of places where anyone flogging their stuff can do so for nothing, so their business model is floundering.  Their current strategy is to let private sellers sell for little while fleecing all the small businesses that sell there, many are really feeling the pain of their fees but again it's down to dominance - just like Rightmove dominates houses, ebay dominates for random bits of tat.

I seem to remember that ebay had a fair old go at flogging houses once many years ago but decided to retreat.  I know that Rightmove won't allow people to list directly, and also insists that its agents (supposedly) physically visit each house listed and check IDs.  I'd assume that there are issues relating to false advertising and money laundering.  Having said that, RM has some seriously ropey stuff listed, but presumably any liability stops with the listing agent not them.

According to this...

https://en.wikipedia.org/wiki/Rightmove

Rightmove makes extremely fat profit margins, so they're clearly not behaving like a competitive business, they're just fleecing the public via estate agents.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 261 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%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.