It is interesting to see how non-traditional agents are performing, on the basis of their own data.
New estate agency league table firm Get Agent has put together analyses of three – Tepilo, eMoov and Purplebricks.
All relate purely to the area within the M25, Get Agent’s current area of operation, and so are essentially studies of how the three firms are doing in London.
Tepilo has listed 40 properties in the last six months (now either sold or removed from Rightmove and Zoopla).
It achieved a turnaround average of five weeks and an average sale price of £501,237.
Tepilo currently has 53 properties.
The properties listed in the last six months are detailed by postcode area. The N/A column means that Tepilo has not sold anything in that postcode in the last six months, but has a current listing there.
eMoov has listed many more properties within the last six months, 214, either sold or removed.
The firm currently has 166 properties in the London area.
Hybrid agent Purplebricks, launched in April, has listed 22 properties in the last six months, either sold or removed. It currently has 26 in the London area.
The figures in the links were correct as of yesterday evening but may have changed slightly today. And, as we say, they essentially only apply to the London market.
Comments (7)
Splendid, not the research, that isn't a Suprise, small cut of the market and all that. Interesting bit is the new definition, 'Budget Agents' sums the sector up, suits them…….saving the consumer money, disrupting and all that, suits the customer that wants to cough up up front to get on the portals / DIY market and suits silly old goats like me that charge for a job well done at the end – Jonnie
Valuation requests (let alone take on's) in London have come to a grinding halt in the last three months, i'm sure the rest of the UK will catch up sooner or later.
These online models are really going to find out what estate agency is all about in 2015.
Ahhh… another free plug for what I have already flagged up could be misconstrued as a newly-formed online dating site, which appears to be called GetaGent.
Okay – talk me through this please:
"…listed 40 properties in the last six months (now either sold or removed from Rightmove and Zoopla)." So – the "OR" could mean that NONE of the properties actually sold…?
"It achieved a turnaround average of five weeks and an average sale price of £501,237." "Turnaround" being EITHER sale or withdrawal? "Average sale price" calculated HOW, exactly?
IF the 'data' – which, according to the previous story run on 20 October is "as accurate as agents make it” – is flawed, skewed or simply manufactured (which we all know can easily be done…) then it's of no use to man nor beast.
Luckily, I doubt anyone will be looking at it anyway – well… not unless they're looking for lurve, that is… ;o)
In all honesty this is just Get Agent sending out another press release looking for coverage. In itself the figures are meaningless as firstly, none of these firms have a business model targeting one particular area and secondly Purple wotzits haven't even rolled out a launch in London. At the last count there are about 15 of them operating in the market I am close to and yet their market share has barely increased by 0.5%. So given trading conditions have invariably tightened, and the instructions they are still getting are as a result of the lag with the selling public catching up with that fact, I think all will be in for a tough 6 months. It will be interesting to see the winners and losers.
Agreed, a 5 minute task seeing how many they have sold, added, etc, it's all down the left on RM's site.
In fairness – the newest of the lot is Easy property who would be at the top of this list.
Some simple mathematics shows that these companies emoov tepilo and purplebricks must be really struggling with income. If they plan to stick around then they will need even more outside investment, because the targets that all these 3 told investors and press they would achieve are nowhere in sight at present.