An American real estate organisation is to launch in the UK after a master franchise agreement was signed by the Guild of Professional Agents and its successful offshoot, Fine & Country.
Intero, headquartered in California, was founded in 2002 and began franchising in 2004. It decided to go international two years ago, targeting territories in the Americas, Asia, Europe, Middle East and Africa.
The launch of Intero UK follows the launch of the first Asia Intero franchise, Intero Shanghai, and the opening of the Intero Hong Kong location.
Intero describes itself as one of the premier real estate brands in the US and has some 1,800 agents in its network.
The parent company of the Guild of Professional Agents – co-founded by Bill McClintock – and Fine & Country is a company called GPEA.
If it makes a success of Intero in the UK, it will have made considerable headway: well established US realtor brands have notably failed to make the huge impact promised on the UK industry, although Century 21 and RE/MAX do successfully maintain operations in several areas.
Generally speaking, US models tend to be very different, relying on self-employed agents working together in offices, who contribute to their franchisor’s overheads, the franchisor in turn paying the master franchisor. It is not yet clear precisely how the UK version of Intero would work.
In the UK, former Fine & Country chief operating officer Mike Bidwell has moved over to launch the UK Intero brand as chief executive, and he sounds upbeat.
He said: “My intention for bringing the Intero brand to the UK is to revolutionise real estate. The Intero presence in the UK as a leading brand will provide quality services and solidify exceptional relationships.”
Malcolm Lindley, of the Guild of Professional Estate Agents, said: “My commitment to maintaining a higher standard in global luxury real estate is perfectly suited to the Intero brand and the people who stand behind it. The systems, training, technologies and unmatched executive team all contribute to an extraordinary approach to real estate that will find great reception in these new markets.”
Gino Blefari, CEO of Intero, said: “Our continued expansion represents the Intero commitment to a global brand presence – a necessary element to thrive and innovate in a real estate business.”
Intero’s arrival in the UK is part of a two-way traffic across the Atlantic. It echoes Fine & Country’s new launch in the US, where the master franchisor is British agent Sean Newman.
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Comments
Thanks (2nd Richard on 2011-04-12 12:49:00
) you obviously know nothing about MLS or INEA. If you did you would understand we are not trying to be a portal. What we have under the bonnet is something very different that gains agents more listings and higher fees.
There is a good reason why MLS hasnt worked in the UK in the past other than before pc's. As such, once addressed with hi tech IT there is every reason why it will work, so be it we can keep the idiot agents like (2nd) Richard out.
Haven't laughed so much for a long time. What nonsense in parts. Multi listing isn't new and it doesent work here or anywhere else othen than for the franchise company getting hold of others hard earned or lack of cash. If it did we would never have sole agency. The internet was the knife in!
When I was in the USA the biggest problem with multi listing was the hundreds of thousands of part time realtors making a right pigs ear of the markets. Not only were many corrupt, they put in a half hearted attempt for pocket money. AND they are licenced. As for higher fees, yep 5% not unusual but then that covered splitting with the other parties agent to cover everyones fees including the conveyancing. The selling agent was in fact making the same if not less here.
Multi listing died when the internet arrived and big property portals.
Estate agency anywhere in the world is a people business. Vendors and even buyers have been known to choose an agent, they want to do business with, trust and get a damn good service from. They soon get wise to poor service and don't go back (that keeps the anti agent lobby happy?). There is no mircale cure to selling property. I wouldn't loose any sleep over multi listing and franchies. Its been here and faild miserably.
Guild of professional estate agents ....... ha ha ha. I know some of them and I wouldn't put them out if they were on fire.
Mildly amusing blog I have to say. Malcolm Lindley is trying something different, so good luck to him. If it works it works and we'll all be jealous, if it doesn't, it won't have done any harm. Not certain why it should make everyone hot under the collar though. Will it create a better market for selling houses? Is the current UK housing market something that an enterprising agency should invest in, at this particular point in time? Was dear old Bill McClintock really a co-founder of the GPEA? Probably not.
Well, it’s all very nice and ‘global’ but so are lots of things, terrorism being one of them………………..and warming.
The important thing for chaps like M Hall is will it make him money and it will only do this if the customers get it, Hall is, by my tried and tested ‘Look at Rightmove’ measure doing okay and is a good example of a F&C franchise, probably to the point that he’s got his Suffolk deal for nothing, poke a bit more and he’s probably there to promote it to other franchisees / be an ambassador for it…………….whatever, im going off the point.
So – multi listing US style widgets are the way forward? Fronted by a man called Gino Blefari, (cool name, sounds like he designs Alfa Romeos) and called Intereo, while im in childish mood is that something the Italian Secret Service do to prisoners or is it what our Alfa designer calls the inside of the car?
No matter, can you imagine being the main selling agent with loads of half baked viewings that you have to do from the others agents? Can you imagine the multiply appearances on the portals..........it goes on but, ill stop here.
Like American cars, nice in their own country but just don’t work here mainly because we don’t have seller’s agents and separate buyer’s agents, a fundamental difference as important as the steering wheel being on the wrong side.
It’s a non runner
Jonnie
Why, Anna - I am FAR too much of a gentleman to step in your path.
After you, young lady... after you! Allow me to just hold the door open... ;o)
(was it anything to do with hallucenogenic substance abuse? His post would suggest so...)
PeeBee- ask Mr Halls MRICS what he got fined for at his Seatons agency?
M Hall MRICS: I don't know what they put in your coffee when you went to see them - but it has DEFINITELY f****d with your mind!
Do you remember having posted any of this, perchance?
INTERO Real Estate Services will easily succeed in the UK
Multi - Listing will follow in Years to come
We need to assist the public & work even harder
You have to see it to believe it
We at Fine and Country Woodbridge have just signed up to the Suffolk Licence of Intero
We look forward to being of service
blimey
hands up who thinks will hicks mrs sha**ed an estate agent?
jonnie
How can it be a strong brand when the average person will forget the name 'intero' in a heartbeat.
The INEA web site is a pathetic as the organisation that tries to get free publicity by posting here. That should be stopped.
The site has little coverage because the membership are the worst of the agency world, small stock, no class. I would be embarrassed to associate my brand with that of theirs.
Look at Norwich, for example, unknown agents with 3 or 4 property for sale, laughable really.
Isn't 'multi listing' a bit old hat. Handy years ago if I went into a TEAM office in (for example) the West Country and I could see all the properties for sale in all the local TEAM offices. But, of course, they didn't have all the properties in an area for sale.
Whereas, err, RightMove does.
Surely multi listing is redundant as a concept? Almost every punter uses Rightmove to search and, if it isn't listed on there, it may well not get viewed.
Just as an aside, that INEA web site is a really ugly looking site.
Will Hicks ; I made that comment on the basis of your earlier and previous postings that you hope Estate Agents go out of business.
Your in the wrong place to be preaching that my friend. If you are going to come on here 'Agent hating', then expect to get something back.
@Will, why do you assume EA's have no qualifications? May I ask what you do for a living?
Several agents marketing your property smacks of desperation and possibly losing the deal. Problem is that US conveyance and UK version are worlds apart. I know - I watched Desperate Housewives.
"C21 went bust and Remax, save perhaps in Scotland, are hardly setting the EA world alight. "
Well, I live in Scotland, so perhaps I have a different perspective on it ....
Remember, the american model and the British one are worlds apart and travel over the Atlantic about as successfully as the Titanic.
Our most successful agency brand in terms of marketing, aggression and technology was Foxtons - they went stateside. That went well.
Look at all the American Realtor concepts that have taken us by storm....... if you can find one.
C21 went bust and Remax, save perhaps in Scotland, are hardly setting the EA world alight. If it not Burgers or Chicken, American franchises don’t deliver! Remax model was to open an office , rent floor and desk space to the best negs in the City, taking the best staff from the opposition, they are not doing that are they?
HD. How wrong you are. That's like someone assuming you
failed to get decent qualifications and ended up as
a chinless EA bull sh1tting a living.
Well its nice to know that all those Fine & Countey Agents and Guild members have lined Malcom Lindleys pockets enough for him to sell them all out! Have they been told to rebrand yet! I think I'd be getting out and fast...
"I am lost as to what an unknown brand, with no knowledge of the English system is going to add that the failed Remax and C21 have not?"
Well, they say they're bringing it to the UK, not just to England
Could you define 'failed' in this context?
MLS ... several agents, in principle, better than only one.
In practice, several agents marketing your property on a shoestring, afraid of investing in your marketing in case one of the other agents swipe their material and the deal.
Try getting the British public to agree to pay an EA as much as 5 to 6% of sale price which is the USA rate? - whatever service they are offered. It will be an uphill struggle indeed.
Agree with Trevor Mealham - this could change the UK market for the better.
The US model is very different to the UK model, in many ways the US model is superior. This US franchise may well fail, but it could introduce some ideas that get picked up by UK agents.
Will Hicks clearly another bitter victim of not saving his pocket money, and spending it on booze and lads nights out
I am lost as to what an unknown brand, with no knowledge of the English system is going to add that the failed Remax and C21 have not?
Are they marketers and dreaming up new ways and levels to fool the public like F&C or the Mayfair office??
and if by any slim chance it works, how long before Haart copy it?
Great news. In the US and Canada the market runs better via MLS (multi-list). US and Canadian agents and brokerages can achieve higher commissions by up-selling greater office coverage. ie instruct me - and you get these other offices too. The owner gets greater coverage, thus more viewers through the door = better offers faster.
If the Intero model is true to MLS then its a very good thing. At INEA we encourage agents collaborating and have created a true MLS platform now supported by 32 of the 50 main UK software houses. In the next few weeks in readiness for PPS we will be able to automate MLS listings to any independent agents who wish to sub and share listings together. MLS will change the UK market.
Will Hicky- what a useful, informed post.
Will Hicks: "...especially the ones that fail to accept the gap between [joke] asking prices and reality."
WHICH "[joke] asking prices" and WHICH "reality" are you referring to?
Clearly they've seen the a gap will be appearing in the market soon, as more an more EAs go to the wall; especially the ones that fail to accept the gap between
[joke] asking prices and reality.
It does bring into question what the Guild game is, are all those who trade under the F&C brand going have to rebrand, or have they got this dumbed down brand for the rest of their set up in the Guild who are not up to F&C brand???
Second best, great motivation that
That is an awful lot of part time semi-retired, self employed realtors working out of those offices. If they are going to try the self employed agent working out of a brokers office in the UK, then I do not expect them to be any more successful than Remax or Century 21. UK real estate is VERY different to US real estate.
1800 agents in 40 offices in California, according to their website - I can think of two other American brands who already have more than this number in the UK alone......
"1800 agents" makes it a leading US brand?
I presume that an Intero branch will not be operating in any of the areas in which Guild members already operate???