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Neither will it stop agents competing on fee with their competition in the mistaken belief that "market share" is the golden ticket. None of which prevents shoddy / poor agents operating in the marketplace. you have to be a member of a regulatory body and sign up to their codes, you have to have Client Money Protection, you have to have PI, you have to register with ICO, with HMRC, the list goes on and on. Show some respectĭo you really think "regulation" will be anything other than another cost for agents and agencies to strip out even more profit? Regulation is not going to be a shortcut to less competition, neither will it result in higher fees.
#POCAHONTAS VA PROFESSIONAL#
After 25 years of estate agency I am also getting out and doing another professional that will make me alot better off without the hassle or race to the bottom on fees.
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Not every estate agent is in an affluent geographical area or in an area that does not care about how much it costs to sell a property. How do you expect any business to run if a hybrid with a "local agent" working from home comes in and does a fixed fee of £999 (which includes vat) undercuts you by a few hundred pounds? Do you think in this economy with fuel increases, household increases and debt rising a client cares if you will call him daily or weekly if he/she can save a few hundred pounds by going with an hybrid agency that advertises on the same portal sites at much less cost because there is no over heads. I also have employee wages, rent, heating, electric, fuel, pensions, HMRC compliance, insurances to cover which all take a certain amount of money to cover. If I operate from a bedroom or a garden shed then i would need less revenue to operate as my outgoings are much less. We provide a high street service which means high street costs and outgoings, to manage such outgoings (like every business) we need a certain amount of revenue that we need to generate, without that revenue business cannot operate. “I hope those that have dealt with us over the years know how hard we have worked to deliver an experience that was different from many other agents.Īre you for real or just plain ignorant or know nothing about business? As an estate agent for 25 years, running my own estate agency for 15 years I totally understand and sympathise with this former business owner. “Having being involved in over 10,000 local property transactions over the years and being very much part of our communities, I would personally like to thank every single client that has supported us over the years, and to every single member of our team that have worked so hard to deliver a high-class service and genuinely caring for every client they have dealt with.
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“Despite our best efforts to diversify into new markets including new home sales, we have been unable to produce the incomes required to sustain the business. The agency shut a fourth office in the city back in 2019, with the intervening period being a struggle according to Blacklock, who is quoted: “It has seen our model come under extreme pressure as a traditional estate agent with high street locations, paying not only rents but business rates and employing staff. With new competition and new models we have seen massive pressures on fees being reduced, at a time we have seen rising costs and a serious lack of property stock post the pandemic boom locally. Having formed the original business in 1994, me and my team have grown the business over the years employing nearly 300 staff since its formation.” “This decision, as you can imagine, has not come lightly.
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Maitland Estate Agents managing director Andy Blacklock is quoted in the Western Evening Herald as saying he was “devastated” and “deeply saddened.”