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TheCountOfNowhere

An Estate Agent Closes...

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This has really made me laugh:

http://www.northantset.co.uk/news/Estate-a...o-be.3871896.jp

"Raven and Steel, in Rockingham Road, is set to shut its doors. Owners say it has been a casualty of the credit crunch."

"We got to a point where we weren't advertising and we owed more than was coming in."

"We owed the Inland Revenue and have debts of up to £50,000."

"Mr Seaby said: "It was about December when we thought 'hang on we could be in a bit of trouble here'."" :lol:

"We thought January would be a better month but things got worse." :lol:

""However, as we have not been in this situation before we are not totally sure of the way forward, but will now be looking into whether anyone else wants to buy the business." - I almost pi**ed myself at that classic.

"Of course we never wanted any of this to happen and I imagine my partner and I will now part ways." :lol:

"Raven and Steel's demise comes after Rothwell-based Cream estate agents went under last summer. Camerons estate agents in Montagu Street, Kettering, also went into liquidation last year with debts of more than £230,000 and leaving many customers out of pocket."

Im sure we'll see plenty more of this...maybe none so comical though.

:lol:

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""However, as we have not been in this situation before we are not totally sure of the way forward, but will now be looking into whether anyone else wants to buy the business." - I almost pi**ed myself at that classic.

Where can I sign to snap up this tasty investment :rolleyes: Over £50K of debt to the IR and a non-functional business, and all this in an area of business where all you need to start up is a small shop front and a smart suit... :lol::lol::lol:

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This has really made me laugh:

http://www.northantset.co.uk/news/Estate-a...o-be.3871896.jp

"Raven and Steel, in Rockingham Road, is set to shut its doors. Owners say it has been a casualty of the credit crunch."

"We got to a point where we weren't advertising and we owed more than was coming in."

"We owed the Inland Revenue and have debts of up to £50,000."

"Mr Seaby said: "It was about December when we thought 'hang on we could be in a bit of trouble here'."" :lol:

"We thought January would be a better month but things got worse." :lol:

""However, as we have not been in this situation before we are not totally sure of the way forward, but will now be looking into whether anyone else wants to buy the business." - I almost pi**ed myself at that classic.

"Of course we never wanted any of this to happen and I imagine my partner and I will now part ways." :lol:

"Raven and Steel's demise comes after Rothwell-based Cream estate agents went under last summer. Camerons estate agents in Montagu Street, Kettering, also went into liquidation last year with debts of more than £230,000 and leaving many customers out of pocket."

Im sure we'll see plenty more of this...maybe none so comical though.

:lol:

How can they possibly run into trouble so soon? what about the 10 boom years they must have made a fortune.

Estate agent must understand better than anyone that when times are good you put money away for the lean years.

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How can they possibly run into trouble so soon? what about the 10 boom years they must have made a fortune.

Estate agent must understand better than anyone that when times are good you put money away for the lean years.

My thoughts exactly ! Is this some sort of national disease I've (fortunately) not been a party to ?

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I would point out these guys were in Corby, which would need a hell of a lot of "regenerating" before I lived there.

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How can they possibly run into trouble so soon? what about the 10 boom years they must have made a fortune.

Estate agent must understand better than anyone that when times are good you put money away for the lean years.

Why? Isn't better to pay yourself a fortune, run up a huge tax bill, go bust leaving taxpayers and customers out of pocket, sit on a beach somewhere for a few years, then open up a new agency when the next house price boom comes along?

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How can they possibly run into trouble so soon? what about the 10 boom years they must have made a fortune.

Estate agent must understand better than anyone that when times are good you put money away for the lean years.

From the article:

"Director Richard Seaby, who opened the agency in 2003 with partner Shane Balmer, said the company had consulted lawyers about going into receivership."

Sounds like they are relatively new to the game. The probably spanked their cash on fast cars and cheap suits.

EDIT: It seems not...according to their website http://www.ravenandsteel.co.uk/about.html:

"About us

As one of Corbys newest estate agents we at Raven & Steel would like to tell you a little about ourselves.

Directors Shane Balmer and Richard Seaby set up the company in February 2003, both have many years of top level managerial experience in both the corporate and independant estate agency fields.

Shane first started in estate agency in 1980, Richard in 1990, both rose from trainee negotiator to their respective managerial positions gaining enviable and diverse experience in all aspects of the profession through the decades.

Our prominent office on Rockingham Road is situated on a busy thoroughfare with ample parking in the immediate vicinity. The location was chosen because of its proximity to local shops, local amenities and local business, the deciding factor was the main road position with parking available.

The staff we employ are of the highest calibre, we consider the most important factors when choosing the right staff to be their morals, integrity, professionalism and overall maturity."

They shoulda known better.

They had the experience, so I guess they just spanked the money.

Edited by TheCountOfNowhere

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Why? Isn't better to pay yourself a fortune, run up a huge tax bill, go bust leaving taxpayers and customers out of pocket, sit on a beach somewhere for a few years, then open up a new agency when the next house price boom comes along?

Yes you are probably right.

They have made their money and the next few years are going to be a dead loss so go get into the next big thing

which is probably debt collection.

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From the article:

"Director Richard Seaby, who opened the agency in 2003 with partner Shane Balmer, said the company had consulted lawyers about going into receivership."

Sounds like they are relatively new to the game. The probably spanked their cash on fast cars and cheap suits.

EDIT: It seems not...according to their website http://www.ravenandsteel.co.uk/about.html:

"About us

As one of Corbys newest estate agents we at Raven & Steel would like to tell you a little about ourselves.

Directors Shane Balmer and Richard Seaby set up the company in February 2003, both have many years of top level managerial experience in both the corporate and independant estate agency fields.

Shane first started in estate agency in 1980, Richard in 1990, both rose from trainee negotiator to their respective managerial positions gaining enviable and diverse experience in all aspects of the profession through the decades.

Our prominent office on Rockingham Road is situated on a busy thoroughfare with ample parking in the immediate vicinity. The location was chosen because of its proximity to local shops, local amenities and local business, the deciding factor was the main road position with parking available.

The staff we employ are of the highest calibre, we consider the most important factors when choosing the right staff to be their morals, integrity, professionalism and overall maturity."

They shoulda known better.

They had the experience, so I guess they just spanked the money.

Thinking about it, these are just the sort of people to be found skinny dipping when the tide goes out. :rolleyes:

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How can they possibly run into trouble so soon? what about the 10 boom years they must have made a fortune.

Estate agent must understand better than anyone that when times are good you put money away for the lean years.

Lean times? What are you talking about? This is the "new" economy...no more boom and bust...people will always need and homes and property only ever goes up...spend, spend, spend, and don't bother saving for a rainy day because Gordon Brown abolished them in 1997.

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Thinking about it, these are just the sort of people to be found skinny dipping when the tide goes out. :rolleyes:

More like...these are just the sort of people who see the ocean tide suddenly go out half a mile and run out to see why...then the Tsaunami hits :-)

Maybe the House Price Crash should be renamed the House Price Tsaunami :lol:

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Our local independent EA has just SOLD UP to INVESTORS (*** :lol: ***) from the midlands.

Great move. Sounds like the investors are going to have a problem.

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How can they possibly run into trouble so soon? what about the 10 boom years they must have made a fortune.

Estate agent must understand better than anyone that when times are good you put money away for the lean years.

Because the directors have been taking all the cash out over the last ten years, don't worry they'll walk away ok & probably start up once the market impoves, unlike the poor employees left on the dole with no job skills to offer employers.

I've seen this happen over the last few years with several independant EAs

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Why? Isn't better to pay yourself a fortune, run up a huge tax bill, go bust leaving taxpayers and customers out of pocket, sit on a beach somewhere for a few years, then open up a new agency when the next house price boom comes along?

Good point, well made.

Afterall, no one, least of all the government, banks or regulators, gives a stuff about Moral Hazard. Why should the little guys?

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Estate agent closures= lets clean up the neighbourhood.

Personally, I am waiting for EA at the top of my road to close.

I am also curious which local EA will actually survive. I don't exactly know how many there are in my part of town, but there are lots and most of them are going down. It is a dog eat dog world, where the life of an EA is "nasty, brutish and short"

Alice

Visit My Website

Edited by Alice Cook

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Surely Estate Agency failure is more indicative of market stagnation than HPC? :unsure:

A lot of people say that distressed sellers will drive down prices.

But, If you ran an estate agency and you had no turnover of property sales, which your business depends on, what would you be doing right now ?

Answers on a postcard please ?

Edited by TheCountOfNowhere

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I would point out these guys were in Corby, which would need a hell of a lot of "regenerating" before I lived there.

I strayed into Corby one night by a mistake... everyone speaks Scottish there, totally bizarre, like a bit of Glasgow in the middle of England.

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I strayed into Corby one night by a mistake... everyone speaks Scottish there, totally bizarre, like a bit of Glasgow in the middle of England.

Houses in Corby have always been cheap because it was a rough place, until recently that is.

When house prices crash people who have paid high prices for a house in Corby are going to wonder what the hell

got into them.

But must admit Corby is a lot better than it used to be.

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  • 295 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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