A Newcastle-based property company says it has acquired the listings of Emoov and Tepilo.
It has emailed and texted vendors to say it wants to help them get their properties back on the market.
The company is Pattinson which has 27 branches and works in partnership with others across the UK as Pattinson Auctions.
In a flyer seen by Estate Agent Today and sent to vendors of Emoov and Tepilo, Pattinson says “We are hoping to assist all customers who have been affected. We are able to help market your property, and it can be back online very quickly. We are offering our service for FREE with the added bonus of £750 on completion of sale.”
The agency says it offers accompanied viewings, feedback, sales progression “and a complete estate agency service.”
Pattinson’s publicity material aimed at stranded vendors says: “We appreciate that you will have a lot of questions and we will be in contact over the next few days. Please bear with us as we will be attending to all Emoov and Tepilo customers as a matter of urgency.”
Emoov, the online agency led by Russell Quirk, collapsed officially last Monday week but had been in cash troubles for some time before; it claimed to have run out of money because investment pledged during its merger with online agencies Tepilo and Urban in the spring had not arrived as expected.
EAT has asked Pattinson for its comments.
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Hmmm, what does it say next to the asterisk? Got to be an auction lot generator.
Something is not right. How can you do this for FREE (not cost to the seller) and give them £750 cash back when they sell.
If this is the case I close tomorrow and pass all my property to them and make £75000 for doing nothing else!!!!
I SMELL A RAT. lol
I’m guessing they will put them all through auction, buyers premium of 5%? That will easily allow them to give the vendors a £750 cash back. No risk to Pattinsons but most wont sell at auction so what do the vendors do then? As Pattinsons are Newcastle based there is no way they can look after property nationally.
That explains a lot. Thanks
Auctions are not a big thing in Scotland or certainly not in Fife.
Its a glorified ebay! I suspect it will data scrape details onto their CRM and stick them on their online timed auction site, no need to visit the properties, simple....you never know, one might sell!
ToB from their website
Upon the fall of the hammer the buyer shall...
• Exchange contracts on the fall of the hammer. Special conditions may apply
• The sale must complete within 28 days
• A 10% deposit must be paid to a minimum of £3,600
• Pay an administration fee of £780 (inc VAT)
Conditional Lot’s Reservation Fee*
Upon the fall of the hammer the buyer shall...
• Pay a non-refundable 5% plus VAT Reservation Fee (to a minimum of £5,000 plus VAT)
OMG.
Happy Days!
Good news as vendors now have help!
Stuart Forsdike
Partner @ PCS Legal
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