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adrian black

Founder and CEO

4186 Profile Views

About Me

Residential Property Expert and Technology Expert

my expertise in the industry

Property Sales, Lettings, Technology and Finance

adrian's Recent Activity

The problems to be solved stay the same. We need to sell homes better and connect supporting best value services and products. This will require people and technology and those that provide the right mix will win. Agents need seller leads and Purple Bricks did a great job of winning hearts and minds of customers and grew very fast. Maybe Boomin will provide what agents should be doing and convince the public that you need a Boomin agent. Then individual agents will spin off and become more "self employed" able to do the job without the corporate overhead and in a world where the Boomin brand is a more valuable instruction getter than than the agent brand... It's going to be a very interesting time.

From: adrian black 09 September 2020 08:55 AM

early investors made a packet.....big ? is can the story stay strong through float, much easier to raise money second time around even if 1st peaked and troughed, the sound bite of the creation of £1bn company (at a point in time) is quite siren, or possibly fabulously enriching....time will tell

From: adrian black 04 September 2020 18:59 PM

all about critical mass of subscribers, if they can get rightmove market share of subscribers then i'm sure they can build the tech for way way (and a way more !!) less than rightmove market cap and if agents advertise through their offices they can save on media spend too - going to be very interesting and what the likes of connells, countrywide and LSL do will be pivotal (maybe they have already committed to the investment ?)

From: adrian black 04 September 2020 17:50 PM

large debts, long lease liabilities, little understanding of technology, low motivation and economic storm, its a tough gig with such a low market cap

From: adrian black 23 July 2020 10:13 AM

CGT on first homes will be a disaster - why would anyone with a potential gain sell and after the tax is paid have less to spend on their onward purchase ? In later years moves are essential for example to move to lateral living. Movers with this need will not move and live in unsuitable homes longer leading to greater accident and injury risk dealing with stairs.

From: adrian black 20 July 2020 08:11 AM

It's going to be a really interesting 6 to 12 months - some very big plays, realignments, revisions of strategies and big strategic partnerships and investments, buckle up those seatbelts !!!

From: adrian black 16 July 2020 07:45 AM

The tools are already available to do this. We have a combination of proprietary and third party tech and deliver exactly this platform in London through YOUhome Property Gurus and platformyou.com and out of London in Bournemouth we are piloting through MUVA and myMUVA.com. We can easily scale by town with operating partners and happy to talk to potential partners.

From: adrian black 15 July 2020 08:09 AM

the most important issue here is to get clarity fast, ifs and buts and maybes will clog the market

From: adrian black 06 July 2020 08:15 AM

Experience is absolutely essential in selling a property - agree that only a little is needed if all an agent does is list a property, but proper selling, giving first rate advice and excellent service and seeing a transaction through to exchange and completion and dealing with all the issues that often arise requires competence, experience and knowledge

From: adrian black 26 May 2020 07:47 AM

it's a good analysis Graham and very sensible focussing on the drivers - and not a % change forecast in sight, thank goodness or perhaps we are sadly just not as clever as all those price projectors (who when you look back seem to have missed the target by quite some margin !!))

From: adrian black 16 May 2020 09:25 AM

that stress test chestnut again - remember the doom and gloom when the Brexit stress test was reported as substantial predicted falls ? lots of noise at the moment and most of it is not useful and adding to the confusion rather than helping guide a way forward

From: adrian black 11 May 2020 08:11 AM

Aren't there a few firms doing this already (and have been for last few years) with varying degrees of functional richness in their platforms ? I would say our platformyou (note the customer centric branding - that we have had for quiet a while !!!) is worth a look at then of course in London there is the tedworth, the london broker, harding green, agent and homes etc....etc... and out of town MUVA, newmans, perry power, etc….etc..and many more.

From: adrian black 06 May 2020 10:21 AM

Isn’t it less as shouldn’t we deduct central costs first, then result to determine by branch ?

From: adrian black 30 April 2020 13:25 PM

surely the issue is the cost disparity - according to Rob S in interview with Chris W largest corporates pay around £500 an office and small independents around £1,500 an office for the same offering - this just doesn't seem right / fair and is arguably anti-competitive - would welcome thoughts on this

From: adrian black 30 April 2020 08:54 AM

end day at 47p, a very successful placement

From: adrian black 17 April 2020 18:23 PM

shares placed at 40p and now trading at 42p - looks like placing well received, but early days !!!

From: adrian black 17 April 2020 09:28 AM

modelling lockdown continuing until the end of August and almost 80% revenue drop - from placement doc - along with the management actions described in the Q1 Trading Statement, enable Foxtons to retain a net cash position whilst weathering a reasonable worst case scenario period of lockdown restrictions in London until the end of August 2020 where the Company has modelled a reduction in revenues for Q2 and Q3 2020 of 78% lower than the same period last year, with a slow recovery in the sales and lettings markets in London by April 2021.

From: adrian black 17 April 2020 08:25 AM

A significant appointment of a highly experienced relevant operator

From: adrian black 17 April 2020 08:11 AM

further evidence, not that we really need it showing that the London sales market has ground to a virtual halt. It will be very interesting to see the price that the additional equity is raised at. £3m a month monthly cash outflow (if I've read it right) from the business post these changes is still very significant

From: adrian black 17 April 2020 08:08 AM

it could get messy for the offices that have signed up if lots of other customers are leaving, they will have a commitment to a contract with a portal with far fewer listings and probably much less buyer traffic, I think they need to come out with a straightforward offer with no lock-in or they and remaining clients could have big issues

From: adrian black 15 April 2020 14:45 PM

Does that mean the other half have given notice ? If so it will be an extraordinary loss of market share for Zoopla.

From: adrian black 15 April 2020 09:13 AM

zoopla's discount is just 29%, (5 months free in 17 month period), rightmove's discount is 75% no strings attached, other suppliers have discounted with no strings attached - and zoopla's own graph shows volume down 70% and likely to fall further !!! Poor judgement from zoopla

From: adrian black 08 April 2020 09:39 AM

I think Nicky is right. I think the highest value add agency will be delivered by platforms and highly competent agents. The empowered single point of contact model is liked by home sellers and it delivers better service and better advice. Modern platforms can support and deliver a lot more than umbrella corporates at a fraction of the cost and agent earning potential is much higher.

From: adrian black 07 April 2020 03:59 AM

It's very sad to say but businesses with high fixed costs are going to be in real trouble - they will all be scrambling to reduce them. It's very likely that revenue except for property management will fall by 70% plus in the next 6 months, and then will take time to build up again. It's also likely that property management revenue will fall too as rent payments are deferred - it's going to be a really tough time, I hope the landlords of offices really help out here

From: adrian black 30 March 2020 08:14 AM

rightmove made the rightmove in the end but it remains to be seen how damaging the initial wrong move is to their business - time will tell and also will depend on further moves as crisis evolves

From: adrian black 27 March 2020 08:19 AM

We have to merge self employed and employed tax treatment - we are all in this together - employed and high commissions may be way forward

From: adrian black 26 March 2020 19:57 PM

just cut charges to costs - rightmove have done the right thing (eventually) - zoopla haven't, don't tie people in to be opportunistic and reduce future competition

From: adrian black 23 March 2020 07:49 AM

Suppliers must supply at cost, landlords must reduce rents and we must get rates relief. We then can operate at breakeven in these terrible times and we can emerge stronger. The government has done their bit it’s now up to the industry in the widest sense to do theirs.

From: adrian black 21 March 2020 18:28 PM

People's QE - exactly the right strategy

From: adrian black 20 March 2020 17:55 PM

I think zoopla should now also make a move to reduce charges to breakeven levels

From: adrian black 20 March 2020 08:18 AM

the right amount to start - they are now breakeven but their customers will be using cash reserves - needs to be reviewed on ongoing basis

From: adrian black 20 March 2020 08:17 AM

its a 75% margin business - shouldn't fees be cut by 75% ? no one should be making money in this crisis, we have to balance everything to survive

From: adrian black 18 March 2020 10:22 AM

The industry is changing fast - Property Gurus will take greater share of revenues working with the best platform

From: adrian black 06 March 2020 08:29 AM

Excellent words of wisdom from michael riley - you have to find the right and best model that understands these issues and also the opportunity offered. Lead generation and sales conversion drive earnings and then individual share follows.

From: adrian black 04 March 2020 10:29 AM

Stamp tax is a very bad tax and it inhibits flow and economic activity, good taxes stimulate flow and economic activity. It really has to be reduced and in many cases stopped altogether

From: adrian black 03 March 2020 09:18 AM

it is true that there is room for everyone, some businesses will grow and others will shrink, I will bet £1 to 1p that the ones that grow will be delivering the best customer experience and sales conversions - my advice to any agent is to join that type of business

From: adrian black 26 February 2020 09:25 AM

makes complete sense - if you play defence

From: adrian black 23 February 2020 16:43 PM

i'd be very interested in seeing on a home listing what the iBuyer price is and what the agent thinks they can get in the market (which as a local agent we all know pretty well)

From: adrian black 19 February 2020 09:37 AM

lots of unprofitable businesses and low earning potential and low levels of trust in the industry - not a sustainable operating approach - model and businesses have to change to much more platform driven with higher levels of transparency - exactly what YOUhome Property Gurus are doing, and have been doing for a while

From: adrian black 13 January 2020 07:43 AM

nice round up - thank you

From: adrian black 21 December 2019 10:25 AM

the founders should have paid more attention to what happened in other industries - technology played properly and giving leverage always wins - studying Amadeus the airline ticketing system would have been very worthwhile - but there again the property industry can take a very siloed approach to its detriment

From: adrian black 20 November 2019 09:02 AM

Prime London and Outer Prime agents should take a look at YOUhome who have led this transition. In addition to high commissions and work flexibility their approach supports lots of energy and a team culture and local focus. Their platform platformYOU enriches and augments skills and increases sales productivity with lots of sold properties proving that.

From: adrian black 17 October 2019 07:31 AM

technology needs to be configurable and customisable by situation and have the ability to be dialled up and dialled down according to need - exactly how platformYOU by YOUhome is built !!

From: adrian black 16 October 2019 07:49 AM

i think it's the product proposition that doesn't resonate and a failure to deliver to local markets and establish a sustainable proposition

From: adrian black 15 October 2019 11:05 AM

3,000 total career Prime London sales done by YOUhome Property Gurus team - highly experienced, possibly most experienced team in Prime London

From: adrian black 02 October 2019 21:08 PM

From: adrian black 30 September 2019 07:43 AM

Prime and Outer Prime London account for around 25% of the total tax take at rates far higher than comparables given here - and no surprise that Singapore has a great liquid property market with the seller pays approach.

From: adrian black 27 September 2019 08:16 AM

Residential is all about the people and the environment. Working with them continuously to improve skills and effectiveness to become Property Gurus and offering the platform to enable and accelerate that. All resulting in greater sales productivity. Commercial is all about increasing the yield delivered by the space.

From: adrian black 18 September 2019 09:23 AM

just do away with it all together - it's a terrible tax

From: adrian black 13 September 2019 08:15 AM

nothing about delivering a better client experience and better sales results

From: adrian black 09 September 2019 07:28 AM

When 1 in 20 homes sell in a year you only have to walk around 4 miles to find £100k a year of business !!! Not hard if you want it.

From: adrian black 05 September 2019 16:57 PM

We have been doing this in London at YOUhome Property Gurus for a number of years. As we say Proptech, Shmoktech - focus on the experience and needs, understand the possible and innovate to deliver that.

From: adrian black 22 August 2019 09:33 AM

Simply heading in the wrong direction. Selling homes is an expertise driven business and expertise driven businesses have never been built offering continuous sales promotions then cross selling other expertise that they don't have !!!

From: adrian black 21 August 2019 07:44 AM

Markets should flow and there is something very wrong when the property market gums up as we lurch from one piece of tax speculation / change to the other. Let's be clear stamp tax is a bad tax, it inhibits flow, reduces transactions and charges buyers for the future privilege of owning a home, all are clearly wrong.

From: adrian black 19 August 2019 07:43 AM

15,000 running sales and 45 post sales advisors, 50% chain checks and 70% conversion instruction to exchange - those home sellers must be very motivated. Also plateauing instructions and increasing recruitment challenges. Lots of change still to come. Purplebricks deserve a lot of credit for precipitating this great new phase in agency. We are at the early stage of a new beginning.

From: adrian black 16 August 2019 08:43 AM

YOUhome are - Will Darbyshire visited and Chris Watkins rates the tech as awesome, James, you are welcome to visit anytime and we will buy you lunch !!!

From: adrian black 07 August 2019 09:07 AM

Our analysis, using land registry and other data sources for prime London, is showing a 35% fall in the value of property purchased Q1 2019 compared to Q1 2018 and a 37% fall Q2 2019 versus 2018.

From: adrian black 06 August 2019 08:12 AM

Stamp tax is a bad tax, both cutting it (or removing it) and / or transferring in to the seller (or a combination of both) will add much liquidity to the market - as we, with others, have been saying for some time. Increasing liquidity does not in itself increase prices, that is driven by supply and demand. I agree that we will see many more sellers and transactions would increase a lot. Stamp tax at the moment is really a tax on the future benefit of living in a property and I thought we were trying to increase home ownership so removing the tax on that benefit would seem a very good first step !!!

From: adrian black 05 August 2019 07:57 AM

Doesn't surprise me in the slightest, and I think the fall is even bigger in London. The business delivery model is wrong and all the revenues are consumed by unnecessary costs and service levels are falling so the value add is dropping. Exactly the reason why we redesigned it. Our agents earn well.

From: adrian black 24 July 2019 09:58 AM

A view we have held for a while and will turn a bad tax into a good one. Will increase transactions and much better solution than idea of capital gains tax on principal residence

From: adrian black 16 July 2019 07:46 AM

Absolutely right that creativity will drive innovation and combined with clear engagement on customer experience will add the value and set the future paths

From: adrian black 29 May 2019 08:06 AM

agree this needs to be looked at in detail - problem with capital gains tax / tax on profits on selling is that will vary by how long people have held homes. Whatever is done and what route is preferred should focus on increasing flow and the number of transactions, that will increase economic activity in many areas and generate much needed and more tax

From: adrian black 23 May 2019 07:59 AM

internet, sminternet; online smonline. It's about being obsessive about customer experience and results. Agents who focus on that will gain market share, those that don't will lose it. Sure there are more and better modern methods to deploy and technology plays a role but clients only care about what is in it for them and not how we do it.

From: adrian black 15 May 2019 08:06 AM

Michael has been the main innovator in beginning great change in the industry for the better and for the good and deserves great credit. Change will continue rapidly.

From: adrian black 07 May 2019 08:02 AM

Good article - It's really tough to turn big oil tankers in property industry waters which is essentially a zero sum game (meaning a fixed or declining amount of revenue / addressable commission) is fought over by an increasing number of competitors against a rightly increasingly transparent market place. Integrated innovation is essential around delivering the current service and client experience AND in adding client value in lateral and connected ways

From: adrian black 24 April 2019 07:57 AM

Good to get this statistic on the agenda - in prime london the conversion rate is much lower - we estimate between 20% and 25 % instructions to exchanges conversion which in a falling market is costing home sellers considerable amounts of money

From: adrian black 23 April 2019 07:32 AM

Can't help feeling that the LPE's are not earning enough per sale for the time required to do research, give great advice and wicket keep the sale if sales progression at HQ is not as effective as needed. It works ok for them if their stock options are increasing in value but real issues emerge if they are not.

From: adrian black 15 April 2019 07:57 AM

Partnering is a very interesting trend - and has gained significant recent traction in other industries e.g. Ocado entering several partnerships including Marks and Spencer. Partnerships will reap rewards if both partners focus on the value add and client experience, make the technology as invisible as possible (it's the service and results that matter) and deliver the human touch integration that is essential

From: adrian black 04 April 2019 07:48 AM

Affinity or promoting group models are a really interesting area in the industry at the moment and in some regards I would include the local and regional hubs and also franchises in that group too - who can provide best brand enrichment, training and technology ? Technology is the area that I think will make an ever increasing and critical value adding element.

From: adrian black 14 March 2019 08:03 AM

Agency is a people business with essentially a seller, an agent and a buyer (I know we know this) so the challenge is how does an agent do everything to get sellers comfortable in selling and buyers keen to buy - in all market conditions. Technology can help a lot here but not in the way many have applied it so far

From: adrian black 07 March 2019 07:40 AM

Home sellers want agents to sell their homes, they want to pay for excellent sales skills backed up by excellent local research and they want to pay for the experience to get the sale done - sellers do not care about the technology or what their agent is called they care about convenience, communication and results - that is the sustainable model

From: adrian black 27 February 2019 08:11 AM

Expensive retail storefronts are no longer required in Prime London Agency. The cost savings that are made can be invested in better property marketing and higher earnings for more experienced estate agents. Both are essential to deliver results in this very tough market.

From: adrian black 26 February 2019 08:20 AM

the environment has changed and businesses are going to have to demonstrate clear revenue growth, points of competitive differentiation and a clear path to sustainable profits to attract funding

From: adrian black 25 February 2019 07:55 AM

Purplebricks is profitable in the UK and is operating at scale and has achieved remarkable accomplishments in a short time. It is its international businesses that are really hurting it. The challenge for them will be to take what they have in the UK and improve it, this is a smaller challenge - obviously if they make the right moves, than the one they have overcome to get going. Let's not write them off yet.

From: adrian black 23 February 2019 11:57 AM

Purplebricks have led the shake up of an iindustry lagging the times - much more will change going forward and with greater speed. We are probably at the end of estate agent change version 1.0

From: adrian black 22 February 2019 08:21 AM

Interesting perspective - and one they tried more than 10 years ago in Surrey. Time has moved on and hubs with the right brand, people, operations and technology combination can achieve a lot more today

From: adrian black 05 February 2019 07:44 AM

I think more like the end of the beginning. The industry is changing rapidly.

From: adrian black 05 December 2018 09:36 AM

All types of agents have challenges. Mostly centralised i.e. the call centre guys (in broadest sense) have way too high customer acquisition costs in a category that is not growing fast enough to justify it; mostly distributed guys (i.e. the longstanding models) have way too high overheads to leave enough to pay producing agents enough and neither is delivering the service that commands the fees needed to deliver a good profit - better models will emerge - YOUhome www.youhome.co.uk is a good example

From: adrian black 10 November 2018 10:13 AM

"total category media spend in the sector increasing 80 per cent” and sector market share growing much much less means established players fighting back and/or new entrants need more rapid product / service innovation

From: adrian black 06 November 2018 07:42 AM

we are coming to the end of version 1.0 - going forward agency will change increasingly rapidly and those agents who deliver great local service and technology with a human touch will lead - we simply cannot rely on inflated marketing claims without delivering at the coalface; local must be local and the value delivered must generate sufficient revenue for good agents to make good livings - they are worth it !!!

From: adrian black 01 November 2018 08:04 AM

YOUhome has some great tools for people interested in Prime Central London http://www.youtrends.co.uk and http://www.youeye.co.uk we also track and report total spend on property – which has fallen to 2006 / 2007 levels

From: adrian black 20 December 2016 08:11 AM

YOUhome have been very accurate for the last 2 years see www.youiq.co.uk - i expect we will issue good research again - hope to help to change your view Graham

From: adrian black 22 October 2016 09:41 AM

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