The new owner of easyProperty has promised changes and expansion at the hybrid agent.
It comes after Evolve – which acquired easyProperty in 2019 - entered creditors voluntary liquidation.
The move means the easyProperty brand has been return to the easyGroup.
The easyProperty software and client base has been sold to Charles Hancock, who runs business advisory business within the group called easyCapital.
It provides investment banking services and is a brand name of Anglo-Suisse Capital.
Asked about his plans for the brand, Hancock sent a short note which said he was “busy assessing the situation” and there would be changes, although not to the overall business model.
The note said: “Costs under control then rapid expansion. Early days.”
Hancock is described in his easyCapital profile as a senior investment banker with more than 30 years’ experience in international corporate finance.
He is no stranger to volatile industries.
Hancock has been involved with complex transactions including Argyll’s £2.5bn hostile bid for Distillers against Guinness, then the largest UK take-over bid.
He also advised the large German conglomerate VEBA on its European joint venture with Cable and Wireless, including a purchase of £896m shares in Cable and Wireless, then the largest ever stock market transaction.
Prior to Anglo-Suisse Capital, Hancock worked for Samuel Montagu, Morgan Grenfell and NatWest Markets. He was Chief Executive of London quoted Anglo Asian Mining PLC and Managing Director of LII Europe GmbH, a large German chemical company.
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Investor hubris. The graveyard of property failures is littered with investment bankers thinking they understand estate agency. The biggest surprise is the failure to look at the list of investors in that graveyard. Unless he thinks he can do a quick turnaround and flip it for a profit to another speculator.
Training is full of people who just talk about eA
Haven't we heard this all before with this brand? I think it would be kinder on all parties to let it die. I can't imagine there is even anything to be gained from those investing in the business. It's never going to succeed unless something changes radically. As Charlie says above, the only reasoning can be that he's hoping to sell it on quickly for a profit. But is there anyone left who would want to buy it?
All business models can be changed and success can follow. With the correct management team in place, a dying dinosaur - Countrywide PLC for example, had its assets sold off and the Connells group turned its fortunes around in a year.
Given easyproperty is a tiny franchise, with the correct team and focus in place it is not a big ask to turn the business around.
Regarding hubris, excessive self confidence - I see a lot more of that in the start up world - and it is needed to charge forwards, but with Charles Hancock I think this tag is questionable, his talents are altogether on a different level.
At Proptech-PR a consultancy for proptech founders, we are increasingly getting involved in exits startegies and M/A plays and funding, and we firmly feel that capital powers all. From MVP stage to series A and beyond, cash is a blunt instrument but allows market fit and scaling. Franchise agency businesses are no different to the laws of commerce too. Get market fit and scale.
Resdential agency is really a simple model, list inventory, agree a sale, get sale to exchange, repeat. Lettings is the same, list inventory, get tenant, repeat. Yes there are processes at all stages, but basically it is a service industry.
And easyproperty is a hybrid service, which given how for example the car buying and selling industry is going allows consumer choice as to how they do business.
Has everyone noticed how different brands of car retailers now are offering a buy a car from the showroom, or online service. Why because increasingly buyers like tech to do their shopping.
And in the second hand market why did the ex-owner of Zoopla, Mr Chesterman dream up Cazoo, because buying second hand cars had been done in the same, slow, old way and could be done quicker using tech and re-plumbing the car buying model.
Anyone who can not see what is coming 'down the road' mixing the metaphors for property sales, must be living in on another planet, estate agency is going to change as the 'consumer' hates slow service - and digital transformation of realesate gives them a nano-second ride to their destination.
Hybrid and online agency is not going away, it is evolving, and as we tick towards 2040, and consumers demand instant purchasing solutions for property powered by AI and ML, Big Data etc, will it be tech enabled agents on the frontline, or agents in gold fish bowl pane glass showrooms on the high street leading the charge?
Andrew seems to miss one crucial point.....service.
Why does Estate Agency have to be 'slow and inefficient' or 'fast and techno'? This is a service industry and isn't the personal contact important? does that preclude the use of technology to make it as efficient as possible? Time will tell how the market goes.
Andrews is playing with himself over connells again
and himself in the mirror
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