Online estate agency eMoov.co.uk has secured another £1.5m in financing via a London venture capital firm, Episode 1.
Episode 1's managing partner Simon Murdoch - an early backer of firms including Betfair, LoveFilm and Zoopla - says he was drawn to eMoov because it is obsessed about providing a fantastic service for customers in large markets and that the agency has the team, product and customer-centric approach to succeed.
The investment comes 12 months after eMoov announced a deal with Spire Ventures, a Mayfair based private equity house. eMoov has since expanded its management team with the appointment of chief operating officer Taylor Wescoatt, a former eBay and Time Out product executive, and head of marketing Stephen Jury, who previously worked at Motors.co.uk and Ladbrokes.
eMoov says it has experienced strong growth in the past year and with a customer satisfaction rate of 98 per cent it won the award for Best Online Estate Agent - Customer Service from allAgents.
eMoov has now sold over 3,500 properties and founder and chief executive Russell Quirk says: We've taken the lead position in the online estate agents market which has doubled its market share every year since 2010. This capital injection will fund the completion of our new customer platform as well as enable us to expand our marketing.
Comments
I guess you can't give negative feedback on customer service when it doesn't exist.
Rightmove probably took 90% of their profits.
Oh great - I LOVE word association games.
Here's my starter for 10 -
Investor
Mug
Tell me - what is it like to have a 'borrowed' username that, on a Scrabble board, totals to double your IQ...
Head
Sand
Yes PeeBee here,
Thanks dad. Were stay hidden by hiding our real names. You taught me well. We did 14+2 sales last year and 14+ 3 lets. Please get me a calculator dad. You know adding up is a problem in our family
Oh ha ha - we have a joker in our pack today. A shining wit to delight us all. Luckily, EAT have removed the requirement to add 10 and 4 together or we would have been robbed of his or her presence...
I'm happy with my 12 sales a year. One a month is fine
Some stats for them to look at....taken from their site this morning.
Total properties sold to date 2900
1008 on RM but 261 sold therefore 747 available (throughout the UK)
Of the 747..... 50% been on site longer than 12 months.
They should check their own actuals before spouting forth their "ministry of speak" data
Mmmmmm - like your goodself, I simply can't wait, Mr Davies! ;o)
"...3500 properties at 395 + vat= 1,659,000, and lets round that up to 1,750,000... hardly a cash cow is it"
NOT if you work on those figures, 'P' - but if you consider that probably only 50% of the take-ons sell, then you can double the above... which makes it look almost slightly like a poor impression of a going concern. But - as has been proven time and time again by The Quirkster and his happy band of billshut weavers - you can make "statistics" say anything you want... can't you! ;o)
Does this mean we'll be hearing even more from Russell Quirk, self-appointed spokesman for the property industry Oh joy.
It actually says SOLD over 3500 properties. They consistently sign up over 200 per month and have been operating since 2010 so..... now do the maths
"...says he was drawn to eMoov because it is are obsessed about providing a fantastic service for customers in large markets. "
Oh, dear - today is a bad day for numpties. One can't compose a proper sentence in English; the other can't wait to chuck money down a deep drain.
Bless...
Surely if they were doing so well they wouldn't still be needing these big investments
3500 properties at 395 + vat= 1,659,000, and lets round that up to 1,750,000 seeing as they charge extra for things like boards etc.
1,750,000 divided by the 5 years Emoov have been operating is 350,000 a year. Around the same amount a reasonably successful small branch in the west midlands would make per year.
Emoov is hardly a cash cow is it
It seems someones funds are rapidly running out 3500 properties Sold This in my opinion is a false claim as they probably didnt have that many properties to sell.