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sanjay merchant
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James, you can say all you like about Purple Bricks but the fact is that one of the best performing fund managers in the country over the last 20-30 years (Woodford) has put his money where his mouth is. He will have done a serious amount of due diligence to throw the best part of £70m at the company and take a 30% stake. He (Woodford) will have a serious influence on how the business is run going forward. The fees agents charge have been reduced because house prices have gone through the roof over the last 20 years disproportionately to the real rate of inflation. There is no way the upper levels you have quoted could be justified in todays market, especially in the South East. You talk about regulation, look at the barriers to entry for both IFA's and Accountants. I think you will find the regulation placed on Estate Agent's is nowhere near as rigorous as the aforementioned professions. Put this into perspective, I worked for an accountancy firm who wouldn't charge an SME anywhere near the fees for filing an annual tax return that a London Estate Agent would charge someone for selling a pretty standard property. Same for setting up an running employee benefits package for a firm that employs 20 people. I just think the estate agent profession needs to have a serious reality check, look at what you charge for what you do and it is totally out of kilter.
From:
sanjay merchant
30 January 2016 17:29 PM
Daniel, a local accountant charges up to £150 per hour for his expertise. An IFA similar levels. What expertise does a local estate agent offer? Having local knowledge doesn't justify the price tags your profession commands. Essentially selling a property for £300k is no different to selling one for £700k. So why is the fee a % of the value rather than a fixed fee dependant on the property value? Only when Estate Agents come into the professional world, have formal qualifications that verifies their levels of expertise and there is a regulator that holds unscrupulous agents to account for any unethical behaviour, can they have the right to charge a fee that is reflective of a professional status. Quite frankly I don't want to and wont pay a ridiculous amount to a salesman who can talk a bit. When the average man in the street realises how poor value for money estate agents really are companies like purple bricks (and there are others out there too) will thrive.
From:
sanjay merchant
20 January 2016 15:48 PM
Terence, the properties down this road sell for £650,000 on average. By my estimations a local agent would charge in the region of £6-£7k for what? Listing the property on an established property portal, having the property details displayed in their shopfront , valuing a property, arranging for viewings, liaising between seller and buyers (solicitors, surveyors etc) and probably not a lot else. So is the agent likely to be doing much more than 40 hours work for each sale, doubt it somehow. My alternative is to use a company like purple bricks and pay an up front fee that is much less than 30% of the cost of the bricks and mortar agent, hell yeah I will take a punt for selling my house and keeping the best part of £5k in my pocket. Sometimes I think it's the estate agents that live in la la land. No professional qualifications, no regulator with a bite but an eye watering fee for not a lot of work. Nice if you can get it! Going back to Purple Bricks and its sad that the only commentary on this company on the internet is on an estate agency website. No surprise people don't want this company to succeed ehh! I genuinely think this company has something to offer a market that still lives in the dark ages, and will look to pick up some shares around the 50p mark.
From:
sanjay merchant
20 January 2016 14:44 PM
As I said earlier, if Purple Bricks are doing anything its highlighting how much bricks and mortar agents are overcharging their customers - as house prices seem to know no bounds at the moment. A house that this year has increased in value by 50% over the last 3 years doesn't cost 50% more to sell!
From:
sanjay merchant
20 January 2016 12:41 PM
It's easy to pick out dud investments from any fund manager no matter how good or bad they are. Woodford lives by his reputation, his Invesco Perpetual High Income Fund for many decades outperformed both his peers and indices. Purple Bricks is an innovative company, perhaps it has been overvalued by having the Woodford association - but there is no doubt that traditional estate agents should be worried. When you charge £6-£10,000 for putting up a few billboards and advertising on an national online portal such as rightmove, people start to question what exactly you do for your money !
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20 January 2016 12:38 PM
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