For those of you who don’t know, Ivy Gate is a new estate agency that myself, Stuart Ripley and Matt Martin launched three months ago with the backing of James Caan.
There has been some confusion about who we are and how we do things, and I’ve been asked to explain why the US realtor model will work in the UK when others have tried and failed.
However, let’s be clear, we do not operate a US realtor model, just a US model in terms of its philosophies.
As with most new or different ideas, it takes time for the message to get across, particularly within the industry. I have never said we’re going to operate a multiple-listing based service.
The lessons I’ve learnt from studying the US model and some other models around the world is that their levels of customer service and customer interaction make the UK industry look amateur and slapdash.
I have a friend who is a very successful realtor in Australia; his business has gone from strength to strength and he is now the market leader in his area. I have spent time with him and it’s clear that most of us know nothing about decent customer service in the UK.
His level of interaction with clients is mind-blowing; he never sends formal communication other than legally required documents. He prefers Skype, text messages, Twitter and other social media. The clients love it. He’s always interacting with each one, every day. And he regularly sends messages on a Sunday night before a new property is launched on the Monday.
This is real customer service. So is this a US model? No. But is it US-style customer care? Yes.
Those who use Ivy Gate will deal with one person from start to finish – someone who has been in the industry for five years or more. They get a premium service estate agency experience for a fraction of the cost of a premium estate agent.
Although we have no high street premises, first of all I’d like to clarify that we are not an online estate agency and we don’t have any plans to be one. We just feel there’s no longer a need to be on the high street. No one walks into a front office any more.
Back in 2005, I piloted a model with a well-known London agent. We ran the whole of Surrey from a desk in west London, and we sold and let more property and made more profit than with the conventional model that we launched a few years later. And for the nay-sayers out there, the market was stronger when we had the front offices. It’s not about cost-saving, it’s about cost-management. We prefer to spend the money on exceptional people, not our offices.
Vendors like an experienced team and we deliver that. If I see the trend changing, I’ll open an office or two, but for now we are getting the same number of inbound enquiries as a high street estate agency.
Final word
I think we will succeed because I believe in it, and because everyone we have done business with tells us that it’s a refreshing change and that we have a fantastic level of service.
Don’t take my word for it – have a look at the testimonials on our website. 100% of our customers who provided feedback would recommend our service to their friends.
We’re only small, we won’t challenge the big boys yet, but estate agency is changing whether we like it or not.
Jason Tebb is managing director and founder of estate agency Ivy Gate
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Comments
Well....
Audio tours: Useless IMHO, sounding out the property description rather than letting punters actually read a brochure, let alone a chat with an agent about schools, locality and the like is only any good if your blind.
Why not get a video camera out and give a proper tour. (cost probably)
Premium listings: Ive been playing with these lately and let me tell you 60% increase is not even close to realistic. In fact a premium listing surrounded by other premium listings can do more harm than good, sometimes better off without one if you want to increase CTR
Photos: Interesting that you liked the photos, I thought they where poor at best.
So its OK to be an internet wiz if that's your USP, but at least get that bit right.
" It's about exceptional staff. people who can overcome objections."
Yet you fail/refuse to even attempt to address those that I have raised here. And I am to all intents and purposes a bystander - not one of your competitors who actually have something to gain by knocking you.
Says it all, methinks...
sounds like a decent model to me, the high street is dead. My latest 'virtual office' is out performing some of my high street branches. The business is changing and the sooner we realise it the better.
Just slightly disappointed that 'hello' hasn't responded to the points I raised on Monday. Was quick enough to have a nicely wrapped dig at my first post, so thought the second would receive similar - but clearly their view that my first posting warranted flushing down the proverbial pan is still valid for the second.
Pity, really - as the points I made were I believe extremely valid.
Who knows - maybe 'hello' is still busying him/herself coming up with answers that actually address the points...
'paullambert' - strangely enough, I don't see a single post on this thread that backs up your statement.
Hopefully, there won't be any. But if there are, I'm sure that 'hello' can deal with them in a succinct and satisfactory manner.
I'm not sure why there is an innate wish for others to fail in this industry, personally I wish anyone who has the courage to start something new for themselves the very best of luck.
I hope you make it a success. Best of luck.
'hello': Thank you for your response.
I didn't set out to be eloquent. Just realistic. No misdescriptions or flowery prose from me - I just call a spade a bl00dy shovel - and it gets the job done.
Now to your response. I'm quite pleased to hear your reassurance that the first post wasn't a fit-up for the second. Firstly because if it was, it was poorly executed, and secondly because it would have been quite naughty to use a competitor's property (even if it were already SSTC - and yes - I HAD noted that fact when I posted...) to attempt to boost your own image albeit by the faintest of degrees.
SO... the poster asked you if you could do a better job. You said yes. No 'ifs', no 'buts'. But the property is already 'sold' - so please tell me how you could improve on that? The job is done. The fat lady is already singing her heart out. HOW can you possibly trump that?
You presumably knew nothing about the property (or we're back to the 'fit-up' scenario...); how long it had been marketed; at what figure had a sale been agreed or any of the multitudinous 'other factors' that make the transaction - so how can you possibly claim to improve on what may have been to all intents and purposes a 'perfect' sale?
Now then - in your highly eloquent response to me, you state "We don't aim to undercut others with our fees - we simply offer a premium service for a fair fee structure" So WHY, then did you state "...Then cut your current commission structure with your local agent by 50%..." Sounds and reads to me like a prima facie case of "aiming to undercut" if I ever heard one...
You go on to state "Is it about our web presence or use of the portals? - no, of course not. It's about exceptional staff. people who can overcome objections."
So, WHY, then does NONE of the above appear in the response to 'Rayhan'? Instead, you bang on about increasing CTR and adding fancy widgets that can only be seen online. How can an audio tour overcome an objection, pray tell? Where within the Premium Listing box does it mention the exceptional staff waiting to 'sell' this property?
You CAN'T reinvent the wheel, 'hello'. It was perfected by your great-great grandfather's great-great grandfather. You can't even make it run smoother - the road it travels dictates the ride and that isn't in your control. You CAN, however, polish up some of the spokes and I'll give you several out of ten for doing a bit of a job in that respect.
I appreciate its work in progress - and will watch with great interest. You have the opportunity of being something special - of actually delivering what you state you can.
For the sake of the industry I hope you do - but there will be many who will love it if you don't.
And if my second posting to you is given the same degree of attention that you intend to give my first - then I have just wasted an hour or so of my life trying to give you the benefit of doubt and something to maybe - just maybe - make you look at yourselves through the eyes of others.
It's an interesting view - trust me.
Thank you so much PeeBee for your kind words and suggestions. Very eloquent.
This isn't a 'set up' as you suggest, as the property has already 'sold' which you will have noted if you were to have looked at the link. The other post author will confirm this. Their question was asking 'think you could do a better job?' so we were merely pointing out a couple of things we would do differently. There is no value to a 'set up' as in case you hadn't noticed this is an industry website (the title may give it away) so the set up would be to estate agents only. Pointless.
Such angst in your response is somewhat surprising but I appreciate your forthright comments. We don't aim to undercut others with our fees - we simply offer a premium service for a fair fee structure, which in central London is sometimes excessive, and sometimes not. It depends on the agent.
Is it about our web presence or use of the portals? - no, of course not. It's about exceptional staff. people who can overcome objections. People who can talk about the economic fundamentals in London and South East to extract offers at the right price. People who are professional and dedicated to looking after their clients and exceeding their expectations.
I am pleased to inform you that we very much consider ourselves at the top of our tree, that's why beneath the 'hype' as you put it lies a small team of property professionals working as hard as they can to build a business they believe in. We are proud of our brand, and proud of what we stand for.
Innovation isn't always about re-inventing the wheel PeeBee, it's about making it run smoother. This is what we do, and all of our clients so far agree. We're only small, but we are growing and people seem to like what we do.
So, PeeBee, thank you so much for taking the time to respond to the blog with such sage and intelligent remarks about bodily functions and such like. We shall of course give them the attention they deserve.
In my opinion the comments below stink of "set-up".
If THAT is an example of how this or any other Agent aims to be 'different' - then I wouldn't personally ask them to offer a vacant loo cubicle in a diarrhoea ward.
THEN, you look at the content of the response to the ridiculous 'question':
"...although the photos are pretty good, we would have added a 3D floorplan and an audio tour to increase click through rates by 60%. Then advertise as a premium listing..."
Oh - so your USP is to chuck more at t'internet. No actual SELLING comes into your super-duper service, then...
"Then cut your current commission structure with your local agent by 50%, so your'e left with more in your pocket after the sale."
Ahhh - that old cherry. You value your own service so little that only by undercutting can you justify yourselves as viable candidates for the job of selling someone's largest, most expensive personal possession. Really cuts it for me - NOT.
Shame, really. I thought you guys were at the top of your tree - according to the hype you have banged out - and not tangled in the roots of the bigger, stronger forest...
looks like it's already sold so well done, but yes we could have, although the photos are pretty good, we would have added a 3D floorplan and an audio tour to increase click through rates by 60%. Then advertise as a premium listing on rightmove and zoopla. Then cut your current commission structure with your local agent by 50%, so your'e left with more in your pocket after the sale. Then give you £1000 cash for every new client you personally refer who sells or lets with us. #estateagencyischanging
Good 'ole customer service - great to hear some differentiation based on providing clients with more value.
Think you could do a better job of selling my home? http://www.rightmove.co.uk/property-for-sale/property-39845608.html