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Peter Rollings
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It was exactly the same problem when Foxtons opened in the US in the early 2000’s. We went from a premium position in the U.K. charging higher than average fees to a downmarket, cheap and nasty agent in the US. It failed - badly.
From:
Peter Rollings
14 August 2020 08:20 AM
A thought provoking article - thanks James. Your point is well made imo. It’s essential for all agents to adapt and learn -it’s how the industry evolves. At Foxtons (and Marsh & Parsons for that matter) we were always looking for better ways to do things and we borrowed plenty of ideas from ours and other industries. We adapted them to how we worked and trialled them; sometimes they worked, sometimes they didn’t. It’s how to go from ‘good to great’. Thanks again.
From:
Peter Rollings
20 May 2020 09:14 AM
Foxtons aren’t and never have been a ‘luxury property’ agent. Its average sale price is around £450,000 which for the market it operates in is very much mid market — i.e. volume. As and when the market improves (markets always do) I’d suggest that they’ll be very well placed to benefit. The brand is still strong and their ability to maintain a healthy fee percentage remains in place.
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Peter Rollings
04 June 2019 08:59 AM
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20 May 2020 09:14 AM
From: Peter Rollings
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