Rightmove bosses pocket millions in share sales |
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Monday 12th September 2011
Rightmove managing director Ed Williams has sold 300,000 shares in the company at £12.42, pocketing around £3.7m.
His wife, Joanna Barkwill, also sold 1,600 shares at the same price.
The sales last Thursday, announced in accordance with City rules, mean they sold at a price close to the all-time high.
The total number of shares sold by the couple represented 0.28% of Rightmove’s shares. Williams disposed of 22% of his own shareholding.
However, he still retains just over one million shares and holds options over a further 2.2 million shares.
Also doing well out of Rightmove last Thursday was Nick McKittrick, the company’s chief operating officer and finance director. He ended the day £4.8m richer.
He exercised 388,364 options and sold all the shares immediately at the same price as Williams.
McKittrick retains 129,000 shares and options over some 1.1m further shares.
News of the disposals sent Rightmove’s share price down 1.7%.
It is not the first time that Rightmove’s boss, who has been managing director of the business since it started, has disposed of shares.
In June 2010, he sold almost half his shares in the company for £8m – just one day after Google Maps announced the launch of its UK property search. Days later, his wife bought around £500,000 worth of shares in an apparent gesture to show support.
The share price at that time was about half the current price.
Back in March 2007, Williams sold 300,000 shares.
Connells will be eyeing the latest disposals with mixed feelings: the company sold its 18% stake in Rightmove in December 2008 when the Rightmove share price was on the floor at £1.55.
In the last fortnight, the price has touched a top of £13.07.
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(60) Comments | Report Abuse
Added by PeeBee on 2011-09-17 23:45:09
| 'PeeBee' - obviously not - doubt you could string together ANYTHING more than seven words in length! |
Added by PeeBee on 2011-09-14 12:00:45
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Now then... I don't subscribe to the Gloria Andaluza Fan Club as you all know - so what is coming won't come as a surprise to anyone.
Ms Andaluza and I have very differing views of the role of an Estate Agent. Hers seems to me to be that she cannot and will not sell a property to anyone unless it is cheap enough to be classed as a bargain. Now I don't know this lady, so I am purely going off what she writes here. Maybe she does not give over the right messages; convey her real meanings - maybe I am just being over-critical and I am totally wrong in my assumptions...? But, by her own admission, she would not be able to sell a Ferrari at its full asking price - but WOULD be able to sell one for TEN GRAND! Also, she states that she has recommended her own daughter not to buy property as prices will undoubtedly fall. So - is it just me - or is there a glint of personal interest hidden in there somewhere as to why Ms Andaluza is championing the HPC cause...? |
Added by on 2011-09-13 22:39:04
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No some don't but they do then ring that agent to talk about what they have seen online and then have to meet that agent to veiw, then they have to call in to make an offer, then they might come in (if stupid enough) to see the mortgage man, then they drop in (if stupid enough)to talk about and get incompetent views on fixtures and fittings then they have to come in to talk about moving dates then sometimes call in while they are in town to drop various documents off then call in with a baseball bat to say f***you when the agent has managed the sale (rip them off) for them and dealt with the whole chain and the difficulties that comes with then they have to come in to collect the keys then once they have moved in drop a load of post in for the last owner and some poo in the agent's letter box.
Then a few years later they don't bother to come in they call that agent they didn't liked and he or she visits them at home and gets a proper beat up when he or she tries to advise them on the sale and then calls in with the approved sales particulars to say f*** you again and a marvellously similar cycle starts again Apart from that type of thing people hardly ever call in |
Added by Jay on 2011-09-13 22:10:37
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@Jackiebrown
No some don't but they do then ring that agent to talk about what they have seen online and then meet that agent to veiw, then call in to make an offer, then come in to see the mortgage man, then they drop in to talk about fixtures and fittings then come in to talk about moving dates then sometimes call in while they are in town to drop various documents off then call in with some chocolates or a bottle to say thankyou when the agent has managed the sale for them and dealt with the whole chain and the difficulties that comes with then they come in to collect the keys then once they have moved in drop a load of post in for the last owner Then a few years later they don't bother to come in they call that agent they liked and he or she visits them at home and advises them on the sale and then calls in with the approved sales particulars and a similar cycle starts again Apart from that type of thing people hardly ever call in |
Added by Coolio on 2011-09-13 21:46:54
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@ PropertyHawk
LOL...sweet dreams then...and just dream on... |
Added by PropertyHawk on 2011-09-13 21:37:15
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| An agents role is to get the best price, from the best buyer available in the market place at that given point in time…..a good portal comes into its own by efficiently enabling that market ‘test’ by placing said property under the eyeballs of significant numbers of would be buyers, so good for agents / vendors and good for consumers as portals enable a more far reaching buyer search (87% of property search is on-line). The majority of consumers want and need agents for their local knowledge, negotiation / case management skills….not forgetting assisting those not yet using portals to assist their search (recent survey shows that whilst 77% of UK now on-line we still have 9 million UK residents that have never been on-line)…so the search process is more far reaching today than every before and we are a long way from the skills of a human estate agent no longer being required so we can, at least for breath a sigh of relief and sleep well. |
Added by JackieBrown on 2011-09-13 20:56:46
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| Probably an even more astonishing number of people don't go to/ call his/her local EA to check on available properties. |
Added by PropertyHawk on 2011-09-13 20:30:43
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| Latest MediaTel / UKOM survey shows 51% of portal competitor Zoopla’s audience does not go to rightmove…..a trend that’s increasing, over 70% does not go to FindaProperty and an astonishing 90% don’t go to PrimeLocation……the Friends Reunited v facebook effect occurring in the property portal sector! Yep smart-move to take the cash now!! |
Added by Gary on 2011-09-13 15:41:14
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Some people either have their head in the sand if they think there are not a lot of bad agents out there who routinely overvalue to win instructions.
Or, possibly those people ARE the agents who routinely overvalue to win instructions. |
Added by Anon Agent on 2011-09-13 14:39:13
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@Jonnie
While I do enjoy your posts, your wit and the fact that behind all the humour you obviously know what you are talking about you have just been as cheesy as you can be with the ‘David Brent’ quote about cheese. Shame on you |
Added by Jonnie on 2011-09-13 14:35:42
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……..its all gone a bit off the subject but that’s the way I suppose.
@Gloria – im going to have to side with Ace and Wardy on this one. If you can’t convincingly sell your business to some poor soul who’s been mugged off with a daft price a year ago then you’re doing something wrong…….. Does your slightly stroppy and prickly manner shown here come across to the punters? Now, the nice thing about losing a valuation first time on price for us here at Jonnie & Co (and I suspect Ace & Co, Wardy & Co etc) is when you get them back they are usually ready to stop being silly – the ‘I should have listened to you first time’ lot are good business. As a wise woman once said – ‘The early bird catches the worm but the second mouse gets the cheese’ Jonnie |
Added by wardy on 2011-09-13 14:21:29
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so Gloria Andaluza,
are you saying that after a failed instruction going to market with a rival you still have trouble instructing the very same vendor A YEAR LATER! Alarm bells should be ringing Gloria. |
Added by AceofSpades on 2011-09-13 14:15:07
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Richard - Completely agree.
Gloria - In most cases, the 'negativity' is actually an un-provoked attack directed at all agents - get a grip. Nobody puts a gun to anyone's head to use an estate agent - but and sell privately instead. Simples. Same applies to Agents who moan about RM. |
Added by Richard on 2011-09-13 14:07:54
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| Gloria- If vendors trusted your professionalism you would win, maybe you need to consider retraining?? How about a BE/Hunters franchise perhaps? So much anger! |
Added by Gloria Andaluza on 2011-09-13 13:54:28
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| Sorry, forgot to say, in addition to my last post. I can well understand why a young first time buyer would also learn to despise these crap agents. Their bonkers valuations are helping maintain vendors delusions and lock the market up for everyone, agents, buyers, sellers, everyone. |
Added by Gloria Andaluza on 2011-09-13 13:52:09
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Perhaps Richard, it is because those moronic agents that habitually overprice because that’s the only way they know how to win instructions. In my area I can name at several outfits that there only, and I do mean ONLY, valuation technique is to ask what the last agent valued it at and add between 10% and 30%.
Because of these clowns it’s a nightmare dealing with vendors, the amount of times I have had a nearly hysterical vendor call me up screaming at me that I nearly ‘cost’ them £100k, or whatever fantasy figure a crap agent has given them. Invariably a year later and these properties are still on the market and I am still calling the vendor asking if they would like to come to a decent agent who could have sold their house many months ago on the correct advice. So actually Richard, yes, the sooner these crap agents go out of business the better. |
Added by Richard on 2011-09-13 13:38:22
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Nor sure why so many folk feel compelled to post, happy that someone’s business may collapse all with no gain to the poster or the thread of the story which was about rightmove?
Does rather make one wonder if they have ever actually acieved anything for themselves. Very strange, but then none so queer as folk, bit sad really I feel a degree of pity for them |
Added by Unhappy Chappy on 2011-09-13 12:28:14
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So no article here on the RICs report or inflation figures.
Anyway, its aninterestiing point jonnie makes about fee hikes. Have many EA;s actually increased there fees and if so how do EA's justify this to there clients? Yet on the otherhand bemoan the Rightmove price hikes? Mind you more fool the vendors that accept high fees! |
Added by wardy on 2011-09-12 23:44:28
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sorry Times Up but I fear I may upset you more. You see I set up about 4 years ago so as an EA owner I have never known a good market. Being a pompous idiot I suppose its pure blind luck that we have survived and managed to keep 4 of us in wage packets (reasonable ones as well)
So your assumption of me is wrong and your telepathic skills of judging how I value property has let you down on this occasion. What ever trauma you've had with an estate agent in the past I assure you it wasn't me and maybe if you wasn't such a twit she might even come back. Who knows. |
Added by AceofSpades on 2011-09-12 17:25:03
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Times Up - "I fully expect that those agents still in business who have taken no action to mitigate costs will have exhausted their business and probably personal reserves."
Are you saying that there agents still operating today who have NOT already taken action to mitigate costs? That is laughable. If Wardy is a pompous idiot, I shall not even waste my time in labelling yourself. Although I suspect Wardy has a partner, some mates, a life and a home. I cannot be so sure about yourself. You are a very sad, bitter person. |
Added by Jonnie on 2011-09-12 17:18:20
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@Times Up
You’ve done well here, your post started by sounding a bit ranty and there was a whiff of someone that’s very slightly ill informed but you turned it round right at the last minute by adding the bit about decent agents – nice one. But, remember 2009 was a while back now and those that didn’t get the costs under control have gone / done a prepack and are back up and running and others would certainly done their ‘personal reserves’ long ago so have sold up or gone pop – most of what is left (and privately owned) is making the best of what we have got to work with – also fees have jumped in percentage terms so we are all earning more per sale than the good old days when EA’s were beating the crap out of each other for 1% or less, then there is the hidden boom we are all having on lettings – that’s a lovely consequence of the last couple of years that never gets talked about. However, I think it should be illegal for an EA office to trade if it does not make a profit, that would be a cracking law and im sure lots of the multi branch chains would have to get the white wash out on the odd branch the day that law came in or convert the shops to housing for FTB’s Jonnie |
Added by Times Up on 2011-09-12 16:59:20
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Jay, Most agents have spent the last year steadfast in their belief that any market dip was 2009 style, i.e. short and followed by a bounce. Countless many posters on this site have, with a note of desperation in their voice, verbally lashed out at sensible comments warning them of the danger ahead. But so arrogant were they, so convinced of their own superior intellect and judgement that they disregarded that help and choose to score cheap points instead.
Well now the chickens are coming home to roost, bankruptcy style. I fully expect that those agents still in business who have taken no action to mitigate costs will have exhausted their business and probably personal reserves. Over the next couple of years the reckless lending will not be resumed and unless agents very quickly start getting prices down then we will see regular headlines about the number of EAs going out of business. And when a number of these pompous idiots like wardy go to the wall I will laugh long and hard. I just hope their bone headedness in maintaining fantasy high prices does not lead to decent agents going bust. |
Added by AceofSpades on 2011-09-12 16:39:29
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Added by on 2011-09-12 15:59:04
Rightmove managing director Ed Williams and his wife Joanna Barkwill are cashing in their chips now because they know most of their customers will go skint in the next 2 years. ---------------------------------------- If you have such 'accurate sources', you should be utterly ashamed of yourself if you do not making a handsome figure over the coming years. My opinion is that you actually know NOTHING, are ANOTHER doom-monger and think if you throw enough s***, some will stick. If it was a foregone conclusion that most of Rightmove's customer are going to go bust in 2 years, do you think share prices would be close to all time highs today? What an utterly pathetic and pointless attempt to have a pop. Bore off. Ace zzzz of zzz Sp-zzzz-ades - sorry, you lost me again when I was thinking about your post. |
Added by Jay on 2011-09-12 16:15:19
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Anon,
It should also be noted that the estate agency industry has adapted to a collapse in transactions by about half yet survived, it would be interesting to consider what other industries could loose half of there market in such a short period yet on the whole remain standing. |
Added by on 2011-09-12 15:59:04
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| Rightmove managing director Ed Williams and his wife Joanna Barkwill are cashing in their chips now because they know most of their customers will go skint in the next 2 years. |
Added by Ray mondo on 2011-09-12 15:56:45
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@Really Ray?
By the way who are you? However, what I was trying to say was not a reference to 'asking' prices but to actual 'selling' prices. The generality was also to point out that everyone should stop going on about asking prices and get on with the job as it is. An agent who recommends more than about 10% above the price that they really believe is the minimum (which is normal because it is their job to get the best possible price - one can always come down but rarely can increase) will have most of them stuck for months costing them money. More fool them. |
Added by Jonnie on 2011-09-12 15:52:26
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Nice,
First off, middle of a crash and people in the property business are being made millionaires – feels okay to me. Bit jealous but as ive said before this lot set up around the time everyone else did and just won the market over, it was originally a group of the big agents going in together to take on the dotcommy lot that were having a pop. The industry uniting and winning – a good example for EA’s on many levels? Next thing, and its an old chestnut but for the love of all that’s holy all you agents that don’t like the fees and all that RM bitching you do, just come off RM, stop squeaking on about what a con it is and you’ll feel happier. And last observation from me for the likes of @Squeeze Squeeze Squeeze – bless you sir for your comments – a woman I worked with years ago could take any subject and oddly get the conversation round to sex very quickly, a skill that many posters here on EAT posses, you can take any subject and get it to house prices dropping in a short sentence, brilliant, keep up the good work. Jonnie |
Added by AceofSpades on 2011-09-12 15:48:25
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Billy Bear Sausage - Radar Homes is an example I know of. Not local to me though, its been working (successfully from what I hear) in the South West.
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Added by Really Ray? on 2011-09-12 15:37:35
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“P.S. Stop going on & on about property prices all the time because nothing can be done”
A fascinating comment for an EA to make. It goes to show just why so many are doomed if they truly believe that they, being the ones who advise vendors on the price, are unable to do anything about prices. Until they grasp the nettle and stop routinely indulging vendors, or over pricing to win the instruction they are choking of the volumes they need to stay in business. Nevertheless, the average town does not need 10 EA’s when 3 or 4 would be plenty. I wonder which of you reading will be in the lucky 30-40% after the next five years plays out. |
Added by on 2011-09-12 15:36:27
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I am sure Rightmove managing director Ed Williams his wife Joanna Barkwill would be delighted with your opinion Mr Monday Blues.
Here we have the whole industry of Estate Agency making these two people stinking rich, way beyond most peoples dreams, and seemingly happy to do so! Crack on sunshine! Ed & Joanna believe in you too. |
Added by Monday blues. on 2011-09-12 15:28:40
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"If Rightmove keep squeezing their own customers the Estate Agents, and the Estate Agents stop subscriptions en-mass, the shareholders will be left holding a 'pup'"
It won't happen. Estate agents talk about leaving en-mass but that is all that happens - talking. That is why I doubt Billy bear's story below - if it had already taken place in one area of the country then the rest of us would all know about it by now and be looking to follow suit. |
Added by on 2011-09-12 15:16:57
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The internet was supposed to create vast amounts of competition, because barriers to entry - financial, technical, electronic - were relatively low. How, then, have organisations such as Google, eBay and Rightmove gained market shares that, were they in the old world (media), would soon attract the attention of the competition authorities?
Over a hundred years of trust-busting, everyone from Standard Oil to Microsoft has been put under pressure because of an over-dominant market position, but the internet companies have so far escaped it. It can only be because the impression of chaotic myriad competing sites is still etched into the bureaucrats' minds. Shareholders in these new kings of the internet are laughing at the moment. But it will end. The trick is, knowing when to sell those shares, when to bail. If Rightmove keep squeezing their own customers the Estate Agents, and the Estate Agents stop subscriptions en-mass, the shareholders will be left holding a 'pup' |
Added by HD on 2011-09-12 15:14:53
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I will carry on using RM up until the point it doesn't pay for itself any longer. The value for money is still there for me.
I pulled out of the newspaper ages ago while all the other agents in my town advertise there. Where I think agents don't help themselve, is putting a nice big RM sticker in their window, sticking the RM logo on their letter head, splashing RM logo on their website, on their sales brochure, in the newspapers. Talk about great advertising for them. |
Added by Ray mondo on 2011-09-12 14:29:12
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@Billy Bear Sausage
and @ Chris Holmes Two very good comments. Everyone should stop moaning and do something positiveabout it! P.S. Stop going on & on about property prices all the time because nothing can be done - spend time and energy on something, anything, productive.. |
Added by Monday blues. on 2011-09-12 14:26:26
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“In certain areas, agents have gotten together and all boycotted RM, and agreed to use the same grouping of alternative websites at much lower costs.”
Where is that? It would be of more interest and credence to me and everyone else if you could actually give us the location rather than just hear ‘say. If we can see it happening then it gives us hope and somewhere to hang our hats. If the answer is, as unfortunately expected, going to be a big secret kept to yourself then I am afraid that it is a rather pointless post. |
Added by Billy Bear Sausage on 2011-09-12 14:15:58
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Unless estate agents get wise to the fact they are going to be squeezed for every last penny by RM for years to come, it will continue.
In certain areas, agents have gotten together and all boycotted RM, and agreed to use the same grouping of alternative websites at much lower costs. This creates a level playing field and removes the need to be paying exorbitant RM charges. We need to see more of it to break the monopoly. As agent after agent goes out of business using RM under the impression that they 'can't live without', the more shrewd operators dropped RM years ago and guess what.... They're still in business.... |
Added by Chris Holmes on 2011-09-12 14:05:21
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Interesting and varied comments and I agree with them all, or do I disagree? what would be the right move for me?
One thing that is good advice is for people to stop contemplating their navels. Understand exactly how the other agents in your area are operating, know their costs, personalities, location, image, logos, reputation and if you have not got all their good points then adopt them fast. Learn the difference between confidence and arrogance, between a stuffed shirt and being fresh out the box. Ask the vendor first what they want as opposed to telling them what you can offer them and quote your rates last once you have "sold" you service. If you do not win an instruction ask the vendor why they placed the business elsewhere and take heed of the answer. Finish wishing them all the best for sale and add that if the property does not sell with the other agent then you would be more than pleased to take it on. All very basic stuff that is often forgotten in the daily rush around the business. |
Added by Sibley's B'stard Child on 2011-09-12 13:48:34
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"One day RM will be able to cut out the middleman and do away with EA’s all together. But until they are ready to do so EA must fund their further development. At that time buyers, vendors and RM will not mourn the loss of EA’s but they will be grateful for EA’s having paid for the thing that replaced them."
That made me chuckle. |
Added by Ric on 2011-09-12 12:23:00
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As for "Anytown Properties" the outcome would simply be the person who becomes the leader, someone will have to step to the plate and lead i.e. be the owner.....they will simply sit back after year one, gaze at their total market share and say......I want more.
More more more.....and how do I get more, ermmm....I remember that RM company...they had a good plan, I will just ad £10 a month this year to the subs...so on so forth! Everyone will be okay, its cheaper than RM was anyway. There is no way any one stop shop property portal will ever be the perfect alternative to RM as eventually they will all look to make money FACT! and to make one as well known and used as much as RM is, it will cost money so the subs will have to be right from minute one! and thats not cheap. INVEST IN OUR OWN COMPANY WESBITES would be the right way forward in my opinion! buyers would if NO CHOICE type in a few extra web addresses to find all local property, we are making it a bit to easy to be a victim of our own desires by all wanting another one stop shop website to compete with RM but cheaper. We might as well all share an office together on the high street soon and really save some cash. |
Added by Unhappy Chappy on 2011-09-12 12:19:46
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Yes EA's have the choice of using Rightmove or not there are other property search engines available.
"Perhaps we agents should all charge to go to market (I understand Palmer Snell Countrywide now charge £100), & charge a monthly fee to be on market to go towards our costs, but then charge a lower fee on sale? " I have said before that in this market the EA's are going to have to get creative. Wardy - I agree with you re those comments |
Added by Ray mondo on 2011-09-12 12:07:53
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A repeat of part of one of my previous posts a few weeks ago......
.....the Rightmove influence. With most agents unqualified free support from the beginning – but now of necessity - It would seem that Rightmove, is well on the way to being a property Tesco if they so wish. I can see nothing to stop them - the horse has bolted. They will provide everything that the agent needs and what is required by seller or buyer. The subscription costs will be such that they will be afforded only by agents with a high turnover and good cash flow. Size will increasingly matter. Time to stop gazing at navels folks. It is possible that small independents could bury their differences and probably merge their individual offices in some way into multi-offices under an agreed name ( if in a viable geographical area ) but their main advertised ‘headline banner’ will be increasingly RM? |
Added by on 2011-09-12 11:41:18
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Chris, Given the functionality of RM I find it highly unlikely that ‘Anytown’ could replicate that development with their own portal.
RM is clearly the market leader in terms of traffic and the quality of the service. If anything they are considerably underpriced, there fees are only going to go up by quite a lot over the next few years. Any agent at any time is free to walk but they never do, for the simple reason that buyers and vendors have to suffer EAs, because they dominate the market. One day RM will be able to cut out the middleman and do away with EA’s all together. But until they are ready to do so EA must fund their further development. At that time buyers, vendors and RM will not mourn the loss of EA’s but they will be grateful for EA’s having paid for the thing that replaced them. |
Added by AceofSpades on 2011-09-12 11:18:13
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| Chris - Any attack on RM is unfair when you consider the cost of newspaper advertising - what a gulf in quality and a big difference in pricing. |
Added by AceofSpades on 2011-09-12 11:15:37
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"Multiply that up a few times and you might start to get close to what a lot of ordinary people think of Estate Agents. "
I am bored of saying this, but it is so true. You think agents are a waste of money? Yes. You clearly do not like them? Yes. How about using other means to buy and/or sell a house? You will never have to deal with an agent ever again. You want all the benefits of using an agent, but for a cheap price. Get a grip. And the agents that want RM's benefits at a cheaper price, not going to happen. It is worth the money, or it is not - you decide. |
Added by Chris Holmes on 2011-09-12 11:14:59
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It seems fairly straight forward to me. EAs seem to universally complain about Rightmove so why dont all the agents in a town / area simply agree to withdraw from the service. By doing that they will all save money and have the cash to advertise locally and maybe even set up a website "Anytown Properties" which they could fund for a fraction of Rightmoves fees I am sure.
Broadbrimmed Steel helmet now firmly strapped on for reactions to this! |
Added by Michael on 2011-09-12 11:09:54
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Its all true!
Many vendors don't like paying an agent to sell their home, and many agents don't like paying Rightmove to help them do so. I'm unhappy at an obligatory 10% increase in my Rightmove costs, but reluctantly have to acknowledge that I need them & they do a good job. Their model is better than ours though, they get paid month in month out. I have recently had a series of people have me put their house to market & change their minds about selling when I get an offer or a serious viewing. Remarkable, suspicious & a waste of my money. Perhaps we agents should all charge to go to market (I understand Palmer Snell Countrywide now charge £100), & charge a monthly fee to be on market to go towards our costs, but then charge a lower fee on sale? Methods seem to vary across the country, but I reckon I could take a lower fee if I took a monthly service charge, like Rightmove. |
Added by wardy on 2011-09-12 10:38:32
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| The two posts below are laughably pathetic. Please guys go and find a house price article to get lathered up on or better still find some porn. |
Added by Right on Rightmove on 2011-09-12 09:52:52
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“We have also had a letter demanding an increase more than double the rate of inflation. In my 30 years of business across several sectors, I have never detested a supplier more.
Their continuing greed and arrogance just beggars belief.” Multiply that up a few times and you might start to get close to what a lot of ordinary people think of Estate Agents. If you are upset by RM fees going up, then sell more houses to cover the cost, it’s that simple. If you can’t convince vendors to lower their prices then you should not have overvalued to win the business in the first place. |
Added by Squeeze Squeeze Squeeze on 2011-09-12 09:45:18
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Funny how taking 2.5% of the value of someone’s home for 2 or 3 days work throught the bubble times was considered by perfectly called for and moral, but RM proving an excellent services day in day out after significant and expensive development is considered uncalled for an immoral??
There is a purge of EAs happening. They are being squeezed by low transactions in a crowded market; many of them will go to the wall over the next few years. Sad for them, but they played their own significant part in ramping up a bubble, so must suffer the bursting of that bubble too. Hopefully a few will realise before it is too late that prices are too high, and only by steadfastly pushing down prices with their vendors can any hope to survive. Sadly many will be blinded by their own BTL portfolio and will face bankruptcy and repossession before they face facts. |
Added by Rip Off Rightmove on 2011-09-12 09:11:09
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We have also had a letter demanding an increase more than double the rate of inflation. In my 30 years of business across several sectors, I have never detested a supplier more.
Their continuing greed and arrogance just beggars belief. |
Added by Ray mondo on 2011-09-12 09:09:56
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".....RM have just written to us advising our subs are going up in two months time!.....
This, coupled with the sale of shares? For years agents have been were warned that RM is a profit making company for its shareholders - not for subscribing EA's - they will do whatever is required to maintain that position. As long as EAs understand this they should have no complaints. |
Added by sell sell sell on 2011-09-12 07:35:33
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| Trouble in the camp??? RM have just written to us advising our subs are going up in two months time! they really do need to look after their loyal subscribers an increase i think at this time is immoral and totally uncalled for. |
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Editorial Contact Details - Rosalind Renshaw
rosalind.renshaw@estateagenttoday.co.uk
Editorial Contact Details - Rosalind Renshaw
rosalind.renshaw@estateagenttoday.co.uk
0845 075 0152
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