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Guest Charlie The Tramp

Tesco's Estate Agency Partner Pulls Out

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Guest Charlie The Tramp
A key estate agency partner of Tesco's online estate home-selling site, launched yesterday, is pulling out of its contract Times Online has learnt.

Joe Slavin, chief executive of fish4homes, the biggest portal signed up to the site told Times Online that he had "terminated" his contract with tescopropertymarket.com, a move that will result in Tesco losing out on tens of thousands of referrals from about 7,000 estate agency branches around the country.

Spicerhaart, one of London and the South East's largest group of agents and a member of the fish4homes network, has already pulled all online advertising of its housing stock from tescopropertymarket, Mr Slavin said, over concerns that that Tesco site would conflict with its business.

Well that was a very short marriage ended even before the honeymoon. :)

Tesco's new home-selling website has been hit on its first day by its key estate agency partner terminating its contract

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When I looked yesterday all the links that I looked at were Fish4 ones.

Seems like some of Fish4 agencies didn't like the prospect of Tescos getting a flying start. Lets see how bad losers Tescos will be, they'll either have to drop it or hammer the service like mad to build up a database of properties.

Maybe they can swing a few deals to list all the repos banks are going to have landing on thier doorsteps. :lol:

Edited by OnlyMe

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I think they're better off without including other people's listings. If I wanted to see what was on fish4 then I could look at any number of syndicated local newspaper sites. If I were Tesco I would offer the service for free for 6 months to build up a large database of properties - it would probably cost them about the same as a couple of TV adverts during Coronation Street - then when the site becomes a must-visit they start charging.

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I should imagine this is a minor blip in the grand scheme of things. Tesco has very deep pockets, they will throw money at this thing as it's a prime candidate for disintermediation. In fact one of the last few remaining ones.

My money is on this being a longer term play; they get it running whilst the market in in its downturn, wait while the estate agents go through a thinning and consolidationary period, then come out strong and ready at the other end kicking ass.

Moreover during the downturn home sellers will become increasingly cost sensitive.

They'll make this work, just you watch.

Edited by BrownField

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So Tesco wants to join the HP party. Does this mean that they know something that we don't :unsure:

Maybe its just one more pie they want to get their dirty paws into.

It'll start off slow - just like their insurance, banking etc but over time I see them becoming huge..... and they'll swat fish4 like a flea on their giant cahones

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This is VERY intersting for us because our new service is exactly the same as what Texco are doing :) They have pipped us to launch by a few weeks although their site is still in dev to be honest with lots of bugs still apparent!

We have planned not to make any money for two years while we fill our DB!

Mark.

Edited by Soul Reaver

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When I looked yesterday all the links that I looked at were Fish4 ones.

Seems like some of Fish4 agencies didn't like the prospect of Tescos getting a flying start. Lets see how bad losers Tescos will be, they'll either have to drop it or hammer the service like mad to build up a database of properties.

Maybe they can swing a few deals to list all the repos banks are going to have landing on thier doorsteps. :lol:

I wonder what would happen if Tesco started running with the following marketing strategy.

Suggest to people that they choose a traditional EA and also choose Tesco as the second agent on a dual agency deal. Regardless of who finds the buyer the vendor only pays £200 to Tesco and 1% to the other EA.

In a very slow market I wonder how many traditional EAs could afford to refuse a dual agency fee of 1% if Tesco were the other agent and only taking £200. I bet they would all hold their noses and sign up. Vendors would too as they would be getting a cheaper total cost than a traditional single or dual agency deal.

Vendors would of course be free to choose Tesco as sole agent for £200 if they wanted to save even more.

Within 6 months I am sure that all the banks would be putting repo business with Tesco at least on a dual agency basis and many vendors would be willing to give it a try too.

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This is VERY intersting for us because our new service is exactly the same as what Texco are doing :) They have pipped us to launch by a few weeks although their site is still in dev to be honest with lots of bugs still apparent!

We have planned not to make any money for two years while we fill our DB!

Mark.

give us a sneak preview Mark ;) 'PM' me if you want..

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give us a sneak preview Mark ;) 'PM' me if you want..

I would love to but you'll have to wait :) I called a meeting yesterday with my partners and we all agreed that whilst ours is good we have missed some of things Tesco have done! So yesterday I wrote a new requirements brief to add in all the extra functionality and have just given it to the dev team for a timescale. We were 8 days from completion but I guess the little lot I have added in will take a few more days on top. I would rather do that though and launch with all the bells and whistles than a half hearted offering!

We are in it for the long haul as I said but it has pleased me greatly that Tesco have also had the same idea as us (or us them) because they will create a market for us now whereas before it was us against all the EA's alone :) My ace is that whilst they can compete with me on internet traffic I am already an SEO expert so dont have to pay someone fortunes for them to rip me off :) I can do our SEO myself!

I like the way they are tying in the valuation tools although when I did a test advert on my mums house it gave me a valuation of 457 grand ROFL and this is in PE2 ROFL! So as I said they have lots of bugs still which I would expect with a complex site like this although I would not have launched it without a thorough test effort to be honest!

This is one of my main sites by the way

http://www.15dn.com

Mark.

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Good luck with the site dude, im sure you will be able to offer HPC some valuable inside info in the coming years...

We'll all be interested to see how it works, on one hand I think EAs ask a lot of cash for what they do, on the other hand they do add value imo. I found them very helpful (just dont trust 'em!).

But I think a site that is more than just a portal sounds good, but aslong as you have the back-office to back it up. Get it right and it should be a winner. Always good to see peeps putting their money where their mouth is. With luck you wont be worrying about how to buy that dream house.... ;)!

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I should imagine this is a minor blip in the grand scheme of things. Tesco has very deep pockets, they will throw money at this thing as it's a prime candidate for disintermediation. In fact one of the last few remaining ones.

My money is on this being a longer term play; they get it running whilst the market in in its downturn, wait while the estate agents go through a thinning and consolidationary period, then come out strong and ready at the other end kicking ass.

Moreover during the downturn home sellers will become increasingly cost sensitive.

They'll make this work, just you watch.

I couldn't agree more. Tesco has very deep pockets & is bigger than any estate agent cartel out there. They'll make it work as no estate agent can match the offer of £199 that's why agents are already throwing their toys out of the pram.

Edited by It is different this time

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Good luck with the site dude, im sure you will be able to offer HPC some valuable inside info in the coming years...

We'll all be interested to see how it works, on one hand I think EAs ask a lot of cash for what they do, on the other hand they do add value imo. I found them very helpful (just dont trust 'em!).

But I think a site that is more than just a portal sounds good, but aslong as you have the back-office to back it up. Get it right and it should be a winner. Always good to see peeps putting their money where their mouth is. With luck you wont be worrying about how to buy that dream house.... ;)!

Thanks fella. Yes we knew when we sat down and wrote the first set of requirements that it's a risk but decided to try anyways. As I said I think it's good for us that Tesco have also done this because they will through their large pockets create awareness of the product and we will be there now offering an alternative :) We have to offer ours for free because the EA's wont give you their portfolios (we tried), so initially I think it will be slow getting the DB filled but gently gently catchy monkey and all that :)

Mark.

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I couldn't agree more. Tesco has very deep pockets & is bigger than any estate agent cartel out there. They'll make it work as no estate agent can match the offer of £199 that's why agents are already throwing their toys out of the pram.

I reckon we'll get a fudged, ruffle no feathers, political fix TBH. I reckon they'll thrash it out at the next 'stonecutters'* meeting <_<

* obscure Simpsons reference

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This is one of my main sites by the way

http://www.15dn.com

Mark.

Here's a tip for you. Get someone with a grasp of English to proof-read your site.

Home page ...

"Greetings! You’re internet search compass has led you to 15Degrees-North"

The mind boggles. Anyone with a decent education will instantly dismiss you.

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Here's a tip for you. Get someone with a grasp of English to proof-read your site.

Home page ...

"Greetings! You’re internet search compass has led you to 15Degrees-North"

The mind boggles. Anyone with a decent education will instantly dismiss you.

Your a looser :P

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Yawn

That site has only just been redesigned and is constantly going through page and copy edits. But thanks for pointing that small mistake out :) Even the best proof readers miss things!

Mark.

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Your a looser :P

Actually the 'looser' will be the guy who runs the web site. He'll 'loose' or 'fail to gain' business from a lot of people when his home page contains simple errors like that.

A friend of mine who owns a fair size business now gets younger job applicants to sit a multiple-choice English test to determine if they know the difference between 'your, you're' and 'there, their, they're' etc.

The reason? He has had a few clients forward emails to him that have been sent to them by his staff - with comments like 'what kind of idiots are you employing these days?'

Maybe it's all part of the boomer conspiracy.

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Actually the 'looser' will be the guy who runs the web site. He'll 'loose' or 'fail to gain' business from a lot of people when his home page contains simple errors like that.

A friend of mine who owns a fair size business now gets younger job applicants to sit a multiple-choice English test to determine if they know the difference between 'your, you're' and 'there, their, they're' etc.

The reason? He has had a few clients forward emails to him that have been sent to them by his staff - with comments like 'what kind of idiots are you employing these days?'

Maybe it's all part of the boomer conspiracy.

I run that website and I can assure it's made me plenty of money and does so on an ongoing basis :) It is one of MANY sites we run as a group.

As I said when you have had ALL your page copy re-written mistakes are inevitable and are gradually being replaced as we find them. But I do want to thank the friendly people on here who pointed out such a glaring error and of course helped me avert my online financial ruin and ultimate demise :)

Mark.

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Yawn

That site has only just been redesigned and is constantly going through page and copy edits. But thanks for pointing that small mistake out :) Even the best proof readers miss things!

Mark.

Well you can yawn if you like ... but it doesn't take the 'best proof reader' to spot such an obvious error.

Here's some more ...

"Our specialty is custom web site design"

"and internet marketing slighly off centre"

"excel at search engine optimization (SEO) Not only that, but" (full stop missing)

"look at is a designers worst nightmare" (apostrophe missing)

"are not to dissapointed"

Let me know if you want the whole site proof read and the copy shortened. You really should fix the bug on the blog page.

Edited by Lets' get it right

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If Tescos does succeed in destroying the EA's revenue stream,

there's not going to be a great deal be left.

A good portion of shops now are either EAs or letting agents.

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