Franchise giant Martin & Co says there has been “very limited take-up” of a no frills estate agency service that it launched a year ago - and that vendors seem to prefer “the traditional service.”
In the annual review of chief executive Ian Wilson, he says that Martin & Co has successfully moved from its pre-2012 branding as a lettings specialist and was now expanding in the sales sector, increasing the number of homes it listed for sale in the past 12 months against the market trend.
However, Wilson then says: Since Martin & Co launched a “no frills” online estate agency service in September 2014 there has been very limited take-up with less than five per cent of listings and one per cent of estate agency revenue generated from this source. Prospective vendors given a choice between a traditional, no-sale no-fee commission-based estate service, and an upfront fixed fee “no frills” online service appear to continue to prefer the traditional service.
Martin & Co offices increased the number of properties being listed for sale - 3,079 in the first half of 2015 compared to 2,161 in H1 2014 and 1,060 in H1 2013.
Its financial report shows Martin & Co now having 284 trading offices - up from 193 a year ago, mainly thanks to acquisitions - with another seven preparing to open.
Revenue increased by 48 per cent to £3.4m and interim dividend increased by 38 per cent.