An agent instructed by Countrywide on a repossession lost out after Countrywide learned that the firm would be listing with OnTheMarket.
Thomas Morris in St Neots, Cambridgeshire, was instructed as a “key-holding agent” by Countrywide Corporate Property Services – Countrywide’s asset management arm.
In an exchange of emails seen by Eye, terms were set out by Countrywide on Monday relating to a telephone conversation about a property that is due to be repossessed today.
As a key-holding agent, Thomas Morris would have attended the actual repossession and taken charge of the keys when the locks were changed.
The agent was also asked to carry out an appraisal and upload photographs to the Countrywide property portal. Possibly – but not confirmed and only suggested in the email from Countrywide – the agent might have picked up the instruction on the sale.
The Thomas Morris branch manager replied by an email on which the recently changed footer showed the OnTheMarket logo.
The agent selection supervisor for Countrywide Corporate Property Services swiftly replied saying: “We have reviewed this and for this client we are very keen to ensure all properties have maximum exposure over internet portals.
“Therefore with the OnTheMarket portal requiring exclusivity from at least one of the major two portals (Rightmove or Zoopla) we are not in a position to ensure the best possible outcome for our client when using agents committed to this.
“Sorry to have wasted your time this morning but please close the file on this one.”
Simon Bradbury, partner at Thomas Morris, said: “Frankly, I’m amazed that Countrywide have taken this stance.
“Throughout the entire year our St Neots branch have been in either number one or number two slot for market share in both sales and instructions … and we’ve not been on Zoopla since November.
“Presumably we were originally selected by Countrywide to help them with this prospective sale because of that outstanding track record. That must be the case if they are truly acting in the interests of their clients and are seeking the very best agent to instruct.
“We have been consistently selected by Relocation Agent Network in St Neots as their agent of choice and have just been awarded Gold in the ‘Sunday Times’ Medium Sized Estate Agent in the East of England.
“The only thing that does impress me with Countrywide is their ability to read an email footer, which is, I assume, how they identified that we will be using OnTheMarket.”
Last night Richard Freedman, managing director of Countrywide’s Corporate Services business, told Eye he was completely satisfied that the case had been handled correctly.
He said there was a duty, on behalf of the clients, to ensure that any possessed property had the best possible exposure.
In order to achieve that, his business had to seek out the best local agent. In this particular case, Thomas Morris and the Countrywide brand of Taylors were in close contention.
They were, he said, “neck and neck” but with Thomas Morris “slightly ahead”.
What made the difference was the amount of portals exposure and the fact that Taylors would advertise on both Zoopla and Rightmove. He said: “Our only job is to deliver the best possible outcome.”
Thomas Morris has strongly denied that Taylors runs it a close second, citing Rightmove data for St Neots.
Comments (39)
Please don't make me laugh and mention 'Movewithus', stopped them wasting our time a long time ago, with there so called trained negotiators, who expect exchange of contracts within five minutes of putting the property on the market. And when you do sell and complete on a property you get pennies. NO THANKS waste other agents time not ours
And while the bickering has been going on I have looked at all my listing on OTM and found everything to be spot on, I am very very impressed. 26th is a winner. Shame the doubters are going to miss out, for it is you who will have to explain to your customers why you are not on it, for those that are have you at a disadvantage. And I can't resist this over all the garb I have read over the past month or so about best service to customer "Yes, you will not be providing CPR exposure if your not on OTM".
"for it is you who will have to explain to your customers why you are not on it, for those that are have you at a disadvantage." Out of interest, based on what criteria/facts do you make this statement? User/visitor stats, public brand awareness of OTM or another barometer?
How about number of properties/agents on it in a local area!?!
Im sure that all the vendors will be delighted that theres a load of property on a website theyve never heard of …
Oh ok its convenient to forget about all the prime time tv adverts booked for February is it?
Come on guys where have you been these six months? Try looking in agents windows for a start, then read a few major tabloids and just you wait and see what happens on the TV come 26th, not forgetting the thousands of estate agents offices pushing it hard. And of course the counter argument is thousands of agents , taken their marketing away from either RM or Z that will have less properties for them to view, who will be asking where they have gone … actually they won't, they won't be bothered one bit when they seem them on OTM..
Considering the number of anti OTM equates to 3 or 4 on PI with no crediable argument after 6 months of poohing a good idea, is not very representative of estate agency in the UK with nearly 5,000 signed up to OTM, a number of fence sitters waiting to jump when the nerves stop. That leaves only the corporates and web only sellers out in the cold ….. a minority in estate agency business.
As others have stated, Ric is bang on the money here, repossessions are a false prophet that absorb more time than they are worth. One of my offices turned down an instruction last week that came from one of these corporate sources desperate to find an agent who would work for 1% including VAT! with further reductions in commission if the buyer didn't use their corporate deal for mortgage provision and conveyancing! I remember General Accident having to close offices in the early 90's because they dealt with so many repossessions that in some towns their office became associated with these cheap properties and private sellers wouldn't go near them thinking they would undervalue their property. I think Thomas Morris can count their blessings here because for an instruction, probably worth a couple of grand, it would have ended up costing them far more than that.
"One of my offices turned down an instruction last week that came from one of these corporate sources desperate to find an agent who would work for 1% including VAT!"…Agreed, my policy since our companies inception was to never take on a split, we've never deviated from this, as other wise you can easily spend half your time running around for nothing/peanuts. Any good agent can win their own instructions and then deliver with results, if not why are you in business.
At that is the basic principle in business, YOU stay in control.
IMO Ric has hit this one bang on the head. What agent would do at least 5 hours of work just on the off-chance that they get instructed? I'm happy to give a "free" verbal appraisal and take my chances in competition with others, but I'm sure as hell not going to spend hours attending a repossession, filling in on-line forms with details of all the comparables I've used, providing current figures and possibly retrospective valuations (which CW could possibly use in litigation against the original the original mortgage surveyor) on the vague implication that I might get the job at a reduced fee … just because it's CW. Why doesn't CW just use CW agents? I was recently asked to provide a retrospective valuation for a local property. In preparation, the company concerned posted me copies of on-line forms which 3 other local agents had all completed when the property was repossessed. Every form showed the retrospective valuation figure, which must have taken hours to prepare and justify. IMO agents completing these on-line forms are just being used.
Bravo Taff. being saying this for years. Agents made a rod for their own back hoping they win an instruction, but for every one that does often two or three wasted their time. Now companies like Movewithus want agents to pay £200 a month for the privilege to do that valuation with no guarantee they will be instructed. Utter nonsense.
Couldn't agree more. I know sometimes needs must, especially for provincial agents scraping the barrel to stay afloat. The sooner though, some developers and the likes of CW are told to stick their formwork where the sun doesn't shine, the better – and as for those who put you on a cheque run waiting for payment weeks after completion – stick that work too!
Good grief, how can so much emphasis be put on the importance of property portals? Portals are purely a marketing medium, I think some people have lost sight of that. There is so much more to being a great estate agent than all these arguments over where we advertise.
Because your restaurant can produce the greatest food in the entire world but if it's off in some obscure rural place it will never drive as many customers or as much hype as Gordon Ramsay sitting there in Prime Central London.
Is that why the Hand in Flowers in Marlow has a two year waiting list then??
Oh I see, silly me, for a moment there I thought Rightmove was the largest portal? I thought my local press advertising was pretty impressive. I thought my board presence was good. I thought my mailing list was of a good size. I thought my 24 year reputation in the town counted, along with my High Street presence and my excellent team of proactive estate agents! I guess none of that (and much more) counts.
Like Padstow? Mr Stein does has a problem selling Cod and Chips for £20 a pop.
At best I see OTM fragmenting where properties are fiund and poss becoming no. 3-4 or 5 placed portal in 2 years with listings only found OTM if its agents pull totally off RM and Z. …… To get ebay or Amazon content you have to go to them. OTM content for some time will be in other higher rank sites. You either need to drop the one portal rule or change it to a no other portal rule fast.
Clearly you are not as fan of OTM. Yet I keep on hearing more competition is healthy for the economy. You can't have it both ways. As for the lead story, the corporates have had a strangle hold on repos and alike long before the web came along. I deal with a lot of Repos and HM Revenue and all are happy with OTM. Just a case of Countrywide niffed they didn't get the £30 per month deal with AM, I haven't stopped laughing and we are taking properties off them left right and centre …….. "How long have you been with (countrywide agent) and it hasn't helped you sell on RM!" Those that are anti OTM need to get off this band wagon that OTM is inferior for your time is up.
Trevor how about you stick to the headline of the article without boring everybody with your unique (yawn) incites and predictions about the failure of OTM….you know what, we get your point by now!….Just to remind you the article is about Countrywide and their choice of agent, have you anything so say about that?!
Real Agent needs to get in the real world. The picture is much bigger. Many of the industry back end backers your never of heard of. But many have interests in different parts of the pie. Many parts have consequences elsewhere.
What on earth was that all supposed to mean. Please don't insult my intelligence by trying to make some cryptic comments demonstrating inside knowledge. My post to you was quite simple. Read the story headline and if you have a comment to make on that topic then no problem make it, just stop with the hijacking of stories to continue down the same boring OTM won't work path. You've said it and we've all heard you say it. And while I'm at it just not agreeing with your point of view does not mean I am not in the real world, its simply means I disagree with you. I appreciate you need forums like this to pretend you are relevant but do try and keep your ego in check old boy.
Yes but Trevor your approach seems to be to lie down and take whatever to keep the status quo so as to not upset a few people who'v got a few quid to burn. If we all had that approach then none of us would have set up our own business due to being worried about what the market leader/comp may do to us. Most entrepreneurs leave the worrying to other people.
Paul H – The power will be there in 4 days zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz
grow up and start living in the real world
I'm looking forward to month one AM figures. Leads, site visits (no doubt including AM agents doing lots of clicks/visits to get numbers up a little) – idea boys! It's about the only way your get some. GoCompare.com vs RM/Z month 1 etc. Mystic meg sees small numbers!
Wake up agents. Countrywide has shares in RM and Z. Further behind them are investors who have $billions in assets under management (Oaktree Capital) with shares also in RM and Z. OTM supporters are about to play conkers against other parties that will be using bowling balls on strings. For big investors to protect their investments maybe they throw another £30-40m at it. RM and Z have deep pockets. Where will AMs next £30-40m come from. Outside VCs who'll want ever increasing returns?
All the money in the world will mean bug*er all if there is no stock on either RM or Z. The power is now in the hands of independent agents.
4 days !!!
BUT RM launched in the first place as it had a big stock of listings from the corporates. OTM hasnt got those corps listings. RM and Z have. RM and Z have also got mass seo verticals and consumer awareness.
All the stock in the world with minimal / small amount of site visitors, doesn't sell property.
The stock will attract visitors so that argument is flawed. Would you sit and wait on one website for the item you wanted when it was out of stock or go else where?
You must have to replace the slabs outside your window and your office carpet every month James ? Loads of stock in the window , people must be queuing up to visit your branch and stand in the rain waiting for their chance to look the stock ? Simple fact is that Autotrader has three times of Ebay motors and Ebay motors has double the stock , reason being is that great British public use Autotrader,Autotrader don't charge dont charge them for coming on site and the great british public couldnt care less if you can sell your car cheaper through Ebay then you can Autotrader.The same argument to properties "its the biggest investment you'll make, people will visit three sites, its all just noise….
Countrywide with their 1000 or so branches need to tread very carefully and not put themselves in a perilous position especially as there are far more than 1000 independent agents not tied into Rightmove for 5 years at a heavily reduced rate.
I'd be a little concerned about the knock on effect of this as many of the 'corporates' particularly countrywide, are gate keepers to many if not the majority of repossessions/corporate instructions. Whilst the may not be being completely truthful in their reasoning, it cant be escaped that, if acting in the best interest of their clients, RM and Zoopla, are, at the time of instruction, the top two portals in the UK. That will hopefully change very quickly but its a concern none the less as what damage may be done in the interim?
What damage, look at the work you do for repo's, multi listed, winner takes all, weekly reports, spoken to like **** and then for a fee less than what their Brand agent would have been paid if they had achieved the sale……… let CW/LSL have the repos, keep em busy and if the portal power switches perhaps Banks will come straight to us one day and we can get paid more for doing more work rather than less because CW/LSL strip a load of our fee out before it gets to us……..and paying an admin fee so they can process your fee 2 months after completion…….WT*……
The sooner everybody gets off R and Z, leaving them as portals full of just corporate agents and the odd independent, the sooner words like 'best possible exposure' can be rammed back straight down the throat of the likes of Richard Freedman. And every gelled up Billy Plonker running their branches would be on the phone to the likes of Mr Freedman whinging they are not hitting their targets because they are not on the portal that matters.
Headline read no more required….. shock news CW support CW agent in CW listing……… spin it how you want, I am gobsmacked CW use non CW agents anyway…. other than for the fact they know they will get a better service than their own lot……We stopped taking CW valuation instructions years ago….. let them run around like headless chickens for a few quid.
"We stopped taking CW valuation instructions years ago….. let them run around like headless chickens for a few quid."…..Have to say, we came off their "panel" as well……along with new homes part exchange, LSL, and Movewithus. A lot of running around and time spent for less than 1% which isn't viable for us.