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Robert May
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The penny is beginning to drop, agents will either need to become culpable for the information they are required to provide to even the most ambivalent property tyre kicker applicant or they need their principal to engage with their conveyancing firm or service from the outset of marketing. Agents will begin to use MI as a weapon where any lapse in providing true and accurate information will be used to punish competitors who fall short of full compliance. I've seen two cases so far that are going to escalate badly because information provided turn out to be incorrect. There is a lack of strategic and cohesive thinking with fragmented solutions only partly solving the problems agents now face.
From:
Robert May
13 March 2024 17:25 PM
"lost it's way" You don't get lost driving down a no through road, you're just going the wrong way
From:
Robert May
26 May 2023 06:57 AM
Seriously? Dear Gods!!!! Did anyone think to check the numbers quoted?
From:
Robert May
31 December 2022 09:17 AM
Given the quantity, quality, calibre and experience of the staff who are part of the consultation process I personally think it's a VERY BOLD thing to claim service will not be affected
From:
Robert May
02 December 2022 12:18 PM
3178
From:
Robert May
06 May 2022 15:11 PM
It's not scandal as such, the business model is wrong; taking any Joe Blow and giving them a title expert set them up to under deliver. At their peak the had about 750 listers who were attempting to compete with 5 Nests of #local agents. That's about 30 agencies who were known and respected, who had a track record of selling property. "You don't know me but I'm an expert- honest! and I'm cheap" is fine until the public understand the reality behind the claim. We're cheap for a reason!
From:
Robert May
04 April 2022 08:55 AM
"Since 2014 EAT has been transformed from a three-times-a-week publication, with just a few stories per day, to a five-days-a-week service, also reporting on breaking industry news outside office hours too." With respect that is not correct. I was properly retired from 2009 to 2015 and 5 mornings a week would look forward to the stories Ros Renshaw had researched and published. From 09 to January 14 that was on EAT and then I followed her to Eye.
From:
Robert May
16 March 2022 15:28 PM
Since 2004 I have been suggesting the portals are regarded as data holders for the purposes of SA105 Land and Property to enure all landlords pay all tax due on private rentals. At the moment SA105 is an opt in tax that not all landlords opt in to
From:
Robert May
15 October 2021 14:36 PM
@= EAT has a Mary Whitehouse filter that dislikes the swearword "B@be" seriously
From:
Robert May
09 July 2021 11:45 AM
0630 They say we're young and we don't know Won't find out till we grow Well I don't know why that's true 'Cause you got me baby, I got you B@be, I got you b@be, I got you, b@be How did that work out for you Mr Desmond?
From:
Robert May
09 July 2021 11:43 AM
It is ridiculous to claim anyone is jealous of Purplebricks, what has caused raised blood pressure is the audacity of the claims it has made against what was achievable or ever likely. Without investor cash Purplebricks has to become financially viable and make a profit, there is only one way to do that; provide a service that competes with it's competition. Plonk it on the portals agency isn't new now, the public understand they have a 50/50 chance of selling, an evens chance they'll just be adding another fee and delay to their time on market before an estate agent sells their home for them. With those who do sell achieving about 5% less than traditional methods achieve it is hard to see how all of that will be glossed over by 'La La I'm not listening to any of that actual, factual stuff' marketing. There isn't any substance to this article that marketers like Stephen Jury and Chris Welch haven't said or tried in the past 8 years
From:
Robert May
21 March 2021 07:14 AM
"identified some years ago by trade bodies and subsequently criticised by portals" Portaljuggling was spotted by an agent -Ben Cade, investigated, evidenced and 95% stopped by rummage4 against the will and assistance of NTSELAT, the trade associations, redress schemes and the portals themselves who it turned out reportedly had staff showing agents how to do it. There were 15 methods of common portaljuggling identified ,most of which breached CPR regulations but some were confirmed breaches of BPR, especially those used to falsify an agent's performance statistics
From:
Robert May
09 March 2021 10:32 AM
"identified some years ago by trade bodies and subsequently criticised by portals" Portaljuggling was spotted by an agent -Ben Cade, investigated, evidenced and 95% stopped by rummage4 against the will and assistance of NTSELAT, the trade associations, redress schemes and the portals themselves who it turned out reportedly had staff showing agents how to do it. There were 15 methods of common portaljuggling identified ,most of which breached CPR regulations but some were confirmed breaches of BPR, especially those used to falsify an agent's performance statistics
From:
Robert May
09 March 2021 10:30 AM
"Beeny still regards Tepilo as a success: she says on her website today that the operation was known for “saving customers millions of pounds in fees and disrupting the industry.” Reactive portal selling by passive intermediaries or FSBO might have saved about 2.5 in 100 successful vendors about £2500 in agency fees but on the other hand 2.5 in 100 vendors got nothing at all for the £1000 they spent on a portal listing they could have bought elsewhere for £99 Was the industry disrupted? disruption went from about 2% FSBO to a peak of 7.5%, its dropped back to 5% now. Average agency fees reduced from 1.4% to 1.2% during disruption but that's mainly down to too much competition in the market. The selling public now have enough experience of list it and leave it agency to understand that an average 5% undersell to save 1% agency fees is mad maths that costs them on average £12,000. FSBO will always have a place in the industry but to claim disruption was anything other than an investor subsidised group-think punt is a little self justifying.
From:
Robert May
06 March 2021 05:50 AM
OTM isn't in 3rd position, It doesn't have the legacy issues ZPG has to contend with and it hasn't irked the connectors and influencers who will be hard pressed to forgive ZPG getting involved in the skirmish between OTM and Connells. Not sure who fed Mr. Hosking his insight but it fails to consider the full landscape of the industry and the innovation OTM is able to avalanche into the sector. Mr. Tebb has every opportunity of strategic alliance that could devastate both Rightmove and Zoopla
From:
Robert May
04 March 2021 08:21 AM
How does a fall through cost an agent £4k, surely it just delays when its received
From:
Robert May
26 February 2021 08:43 AM
Currently all of the stories on all the trade sites are submissions that have an introduction sentence and a conclusion added to what's been supplied; Top'n tail press release. There is no reported 'news' and there hasn't been for a lot of months. Had it been left to any of the sites to have a product run through, question and write up an independent view of this you wouldn't be reading much about anything.
From:
Robert May
18 January 2021 08:48 AM
Unless you hadn't noticed Rightmove are proper busy right now changing things and catching up. They are sweaty and tired like an ageing heavyweight, keeping their head down hoping no-one will notice they are 12 months behind the curve. I've noticed I am documenting and recording the changes as they happen. Rightmove have not only blinked but they've winced too!
From:
Robert May
08 October 2020 09:45 AM
where properties are effectively rendered un-saleable because of cladding concerns each redress scheme should prohibit agents or passive intermediaries from taking fees from vendors who will be unable to conclude a sale until cladding and onerous lease term issues are resolved. Mortgage lenders are very EWS1 aware now so blagging or forcing an exchange is very unlikely.
From:
Robert May
02 October 2020 08:20 AM
this is the same organisation that allowed the main four competing portals to merge in 2012, to be controlled by two parties with the inevitable consequence that a duopoly would be created I posted that Rightmove ARPA would rise to £1000 a month when the story broke on here in October in October 2011, when the merger was first made public. I wasn't wrong! CMA need to decide on a fair policy for all and stick to it
From:
Robert May
11 September 2020 06:31 AM
has your property turned up yet Paul? When I couldn't find it you were going off to check
From:
Robert May
07 September 2020 19:43 PM
Just looked through 3 pages of 2 bed flats in Bishop's Stortford, I cannot find a listing by Free. Rayhan is a mate so I wanted to see what he's been up to
From:
Robert May
01 September 2020 14:56 PM
"we couldn't find what you're looking for right now" unless there is a special way to see the Free listings I cannot find any. Please can you let us have a link to just one? ( it doesn't have to be yours)
From:
Robert May
01 September 2020 14:08 PM
It's far simpler than that. 10 people view a property, 1 can buy. 30 view a let, 1 can rent; in two transactions 28 people have had an agent choose someone else over them. Its the agent's fault. People struggle to accept runner up, also ran at the best of times so admitting the real reason for their resentment isn't something that will come easily. The opportunity to air an opinion about people who've done them wrong isn't one many will let pass them by. Acting for the vendor, negotiating the best deal for their client leaves a tinge of resentment with buyers too. Agents can't win because it's the job they do. Given the opportunity of 10 years to change the way they deal with agents 95% have opted to pay agents well over the odds and ignore the savings available to them from disruption. As soon as there is an opportunity
From:
Robert May
29 August 2020 12:44 PM
Where has the " unnamed senior agency director from Essex" been for the past 4 years? The TPO issued guidance on disclosing VAT on fees in September 2016. Perhaps in his agency staff are taught to misinform the public but the vast majority of the industry is complying with the regulations that govern the industry. Obviously the redress schemes need to address that their message to agents isn't getting through.
From:
Robert May
28 August 2020 06:54 AM
the game was changed months ago on Duopoly Friday. I remember having a conversation about it at the time with Simon Whale and what it meant to have Rightmove and Zoopla in competition with each other rather than being a supporting double act. Rightmove isn't a bad company they simply did what was logical and obvious in October 2011 when Zoopla- Prime- Finda merger was first mentioned. As I posted on the story in EAT "if this merger goes ahead it will remove competition from the sector and allow Rightmove subscriptions to rise to £1000 a month" Al that has happened since is because the Duopoly is broken. Without doubt Boomin will be something significant but what is likiely to happen is that the 3 existing portals will react to whatever it is, copying the innovation and income model and fitting it it with their brand awareness. What is going to be interesting is what happens to ZPG- Zoopla could end up very much disadvantaged- 5 legacy CRM's and a replacement system that's rapidly becoming legacy tech. One thing is certain now, finally change is being forced on Rightmove
From:
Robert May
27 August 2020 07:10 AM
I called this right in 2014 when they first emerged, I have been consistent, correct and accurate. UBS ought to be asked how 7.5% is going to be possible when the 10% prediction was supposed to have been achieved in 2016. ( 15,000 for 2014, 85,413 instruction for 2015 and 100,849 instructions – equivalent to 10% of all transactions for 2016) The public are now familiar with the business model, the upsides and the down sides. Their potential contractors know the score too. 6 years in, everything is established and familiar so what is UBS predicting is going to change to take them from where they are now to where they're reckoning? I'm not having a go at Purplebricks I am challenging the analysis which appears to be words with no support or substance. After 10 years of this nonsense I feel it is about time it stopped.
From:
Robert May
17 August 2020 07:45 AM
This has already been introduced and is operational in the more enlightened service solutions to the industry. Its a way of individual service solution providers collaborating together to provide the next generation of integrated #PSP (property sales platform) the stuff that's challenging the portals and legacy CRM systems.
From:
Robert May
02 July 2020 06:29 AM
....and here-in lies the nonsense of advice on value systems. evem the most recently reported completions at land registry were completed before CV19 took hold, they were sales agreed months before that and listed months before that and valued before that again. As we've all been reminded a lot can happen in a month so the valuation lag inherent in valuation modelling needs to be considered in the light of the market of the time and circumstance
From:
Robert May
04 June 2020 09:15 AM
BIG Respect from me. David has always demonstrated a a mature, intelligent and professional approach to his leadership of F7C. it was always a pleasure to hear him address an audience. I wish him well in whatever it it he is going off to do.
From:
Robert May
29 May 2020 13:21 PM
The duopoly is broken and because of that Rightmove now stands alone. It is a legacy system that is complacent for all, expensive for most and lacks basic business manners and respect particularly for smaller firms If OTM want to take advantage of the opportunity they have been gifted they cannot rely on being 65% agent owned, 65% of something isn't a measurable number that can be measured against those who haven't joined and won't join. 6000 agents have a register that doesn't support their portal spend, that means a platform like Homesearch could be a safe haven for 6000 agents who contribute disproportionately to Rightmove profits. this is all going to get very interesting to watch
From:
Robert May
22 May 2020 13:37 PM
1. You don’t want to be a portal, yet you will be listing all the properties from all your agents - so you will be a portal A portal is something that centres on itself, for itself. Its a BIG data system that pools the data it gets from its customers to provide opportunity for itself. The new stuff that is coming trough is #PSP (property search platform) that allow multiple platforms to co-exist and collaborate. If agents in the Lake District want a #local portal they can have one. If the agents in South Wales want one they can have one. #PSPs are small data systems that operate at a fraction of the cost and work as a system that bridges the gap between CRM and the turn of the century concept of an aggregating portal
From:
Robert May
22 May 2020 13:14 PM
My calculations suggest at £272 ARPA suggest (without furlough) Rightmove are making normal profits. Surely a firm who is reduced down to a 20% profit margin shouldn't need any assistance given they are only doing that for 4 months
From:
Robert May
28 April 2020 09:22 AM
They have to, the duopoly is broken, that was the only thing that supported the runaway ARPA.
From:
Robert May
22 April 2020 13:36 PM
It has been overdue since 2008 (Fannie Mae) but GMGPS failed to execute the opportunity they had with Think property
From:
Robert May
22 April 2020 08:46 AM
Please don't mistake what I've said as being anything other than what I believe Rightmove HAVE to do if they want a business that can generate them normal profits (£50m- £60m) once this global crisis subsides and allows whatever the new normal is. That interview is what I would take back to the board if i were Miles or Harry having spoken to agents of all sizes and business models. " It will cost us about £3.93m a month to give Rightmove free to agents until the crisis is past and the mark establishes itself, 12 months is going to cost us £47m- that's 1/4 of last year's operating profit, if we don't do that 35% of agents won't be with us because they're no longer in business, 15% generate of agents contribute about 5% of our profits so we really have to be nice to the the likes of Powell, Manning, Bent, Sargent, Prescott and co who'll determine what the other half of the industry do. If we don't we are ....really going to struggle to have a business at all."
From:
Robert May
22 April 2020 08:44 AM
Didn't age well!
From:
Robert May
24 March 2020 06:16 AM
not sure where the £1200 came from rummage4 is £100 plus vat per branch per month, please amend
From:
Robert May
10 March 2020 09:56 AM
That's actually quite funny and quite ironic too. Rightmove is firm wholly reliant on something it doesn't own and cannot readily replace; the property listings supplied by a customer base it's in a coercive relationship with. It's £6b market cap is supported by just 5% of revenues from agents and builders without whose stock Rightmove does not exist. 95% of the company's value is fragile and vulnerable to someone coming along and doing a better job for less. Of course Rightmove could try to buy such a competitor out of the market but if that competitor isn't for sale at any price, they can't. Any attempt to buy into the supply chain to protect the Duopoly CMA created when it allowed Primelocation and Findaproperty to be rolled into ZPG will be met with an industry awareness that didn't exist in 2011. Making Rightmove sticky to its customer base and retaining the BIG DATA that gives it it's value will probably only realistically be achieved by sacrificing the £300m revenue it takes from agents and builders. It is a great brand, well known in the industry but sadly it is now a legacy list system that is reliant on its reputation for what it was rather than what it is and will become.
From:
Robert May
05 March 2020 07:17 AM
When we were looking at the numbers for the Michael Bruce 88% claim, we looked at everyone, it was evident that Foxton's niche was under huge pressure because of the elections, referendum and Brexit uncertainty. Low interest rates and help to buy have pushed prices of the sort of properties Foxtons sell well beyond trend so I suspect this story has implications beyond 'Mr. Watts is retiring'
From:
Robert May
20 February 2020 07:42 AM
"most importantly the Regulation of Property Agents" I understand the comment and the reinforcement of the message, and as one of the few agents with qualification beyond what is being suggested won't disagree that training is a commercial benefit to an agent, but what I do not understand is why none of the trade journalists are questioning what regulation of property agent will do, what problems are going to be solved and which parts of the housing crisis are down to un-regulated property agents. There is established case law precedent that impose quite onerous obligations on property agents; the duty of care and skill that effectively says- do a good job for you client or you don't get paid could not be any more clear or demanding.
From:
Robert May
14 February 2020 08:20 AM
The anti agent sentiment was explained to me at my interview in 1986- Robert - you will show 10 people round a property, 1 will be able to move in the other 9 won't, expect resentment. People will blame you that they weren't the best purchaser for that property. Don't take it personally and find them something else.
From:
Robert May
03 February 2020 09:22 AM
Windows 98 technology that constantly drives applicant enquiries back to a list of aggregated listings from competitor agents is great as an entrainment channel where consumers can browse away the hours when there's nothing on the telly or while away a commute but when you look at the traffic stats portals are a nonsense that do not make competitive sense. Traditional, pre technology estate agency could be reliably measured. 50 applicants would yield 10 viewings with the best two buyers determining the best price/deal for the vendor. For each category of property sold by an agency there was a running 50 applicants that would deliver; a sale, at least 3 valuations, and at least 1 instruction. the instruction replacing the one just sold. Portal technology was a point in time era that allowed consumers to get their digital details from one place, it was easy to remember a single URL of a portal rather than on average 6 website addresses for the agents that typically cover an applicants search area. It is not ideal that agents share their applicants and enquiries with their competitors; their successes at winning instructions is diluted by the applicants those instruction attract being shared with their competitors. Two comments in the past 3 weeks have confirmed to me things are about to change; "Robert, I get this, I do, I get it" " I don't really want to be sharing my buyers with other agents do I?" It is now possible to give consumers the aggregated listings they demand but at the same time satisfy an agent's need to keep an ever declining register of applicant/ buyers and potential vendors as close to their agency as possible.
From:
Robert May
09 January 2020 12:41 PM
Good morning Mr. Lawson. Because an agency has about 50 applicants for each distinct category of property they sell and established kpi's mean 10 of the 50 will be interested in having a look at the property. There is usually competition between the 10 of them as to who will be able to secure the property. With react to a portal listing the competition is spread out and sporadic so effectively does not exist. Vendors employ agent to create a competition not to simply secure a buyer.
From:
Robert May
28 August 2019 08:58 AM
The thing Mr. Mitchel is over looking is that a portal selling system, one that passive intermediary firms are wholly reliant on, doesn't have the competition element of an agency sale. Because finding a buyer through the portals rather than an applicant database is ad hoc , unstructured and largely down to who happens to find a listing based on just location and price, potential buyers don't have any effective competition. No matter what the asking price is buyer can effectively pay what they can get away with. The lack of effective competition means a 'react to enquiry' sale will rarely achieve the best price, sometimes achieve a good price but most often all a passive intermediary/ internet listed vendor can hope for is an ' it's not we were hoping for, an it'll do" figure that averages according to Gavin averages about 5% less than an estate agency sale. Free when you're 5% down is actually quite expensive; 5% of the average transaction price is worth about (£14,500)! so a net £10,000 less after fees
From:
Robert May
28 August 2019 06:24 AM
Great article Sam The portals were a place and time service that helped agents get on to the internet back when it was hard. It's not hard to get on the internet now but many agents have delegated their job to the portals.; It is easier to receive viewing ready/ offer ready applicants into a crm system. than working an applicant register. That is changing; while consumers want on place to find all listings conveniently that's not what agents need or should promote ahead of themselves. A portal only serves to introduce applicants who are not aware of an agency; anything beyond that is an indication that the firm's primary brand awareness is failing.
From:
Robert May
25 July 2019 11:19 AM
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