Russell Quirks’s online agency is today looking for its future.
Emoov, which now includes Tepilo and Urban, was last night said to be up for sale, but with sources predicting to EYE that former Daily Express owner Richard Desmond, who is the biggest backer of Emoov with a large minority stake, could pre-pack the business, come out owning the whole thing and then sell it on.
Founder Russell Quirk was last night silent but sources said that the business was in a precarious position and suggested that the rug has been pulled.
Our sources said that despite recent fund-raising, there was not enough money to run the business, and that the chief investor had “shrugged their shoulders and folded their arms”, with £5-£10m needed immediately to keep going.
Tepilo, part of the deal, was founded by TV property presenter Sarah Beeny, who is still an investor.
The source said: “They have hung us out to dry.”
Another source told us last night that Emoov is “completely screwed”.
Quirk had been planning to float Emoov. In the summer of 2017, Emoov raised some £9m in funding, valuing the business at £40m. It is less than four months since Emoov completed a merger with Tepilo and Urban, which resulted in Desmond’s stake in the new entity.
Another investor is Channel 4’s Commercial Growth Fund, which provides free airtime in return for equity stakes.
Separately yesterday, Purplebricks shares sank in price to finish the day at 177.7p. The misery was not confined to the online sector with Countrywide’s shares dipping below 10p for the first time, although finishing at around 10.5p.
“Please sir, may I have some more”
“MORE?!”
Guess the begging bowl is empty this time.
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Basic common sense. They all spend more then Tesco on advertising when average person sells house every 8 years.. Tesco customers need food every other day. Investors should get money back. Ponzi online schemes are as bad as pay any way model..
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I heard yesterday the average time per move is now at 19 years!
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So the trust fund kiddies are finally no longer being indulged, welcome to the real world, brats.
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How do you get to a stage when you need £10m to keep going?
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When you weren’t using your own money in the first place.
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If anyone has £10m to invest in agency please call me. I promise that you can have £9m of it back in one year. Which seems a far better deal than you will get with online only agency investment!
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Through fear of collectively repeating ourselves, the Online model……………
DOESN’T WORK!
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Further proof that this model is fundamentally fooked. Its about time those agents who have lacked imagination and had a robust enough offering, took this as the perfect time to properly invest in their businesses and starting with their whole digital offering as that’s what the customers like, but with the ability to trust an actual expert to do the job properly and pay a proper fee. The other onliners can only survive by a churn and burn of upfront fees – in Brighton alone at the moment PB have 330 properties available for sale – nice work on an upfront fee, but 330 vendors unlikely to achieve what they set out to achieve who then become disillusioned – why aren’t agents getting strong messaging and creative campaigns and strategy in place to take advantage of 330 motivated sellers which exist in this market alone let alone across the UK. The industry needs to take a long hard look at itself and get creative and embrace the balance of creating a menu of services that clients can choose from as this is open hunting season for great agents.
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True. But a spurned purplebricks customer is like a brexit supporter. Won’t admit they are wrong and can’t lose face by changing agents. This is why asa_uk should be banning pay any way .
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Who would buy a bleeding ox?
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A bleeding idiot!
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The call-centre agents as a group were and remain as disruptive as a flock of seagulls that fly into a fishmongers. Lots of squawking, flapping and noise then find their way out leaving s h 1 t everywhere while they look for another free fish supper. A potentially good business model tarnished by false promises, half-truths and, in some cases, downright lies.
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No they havent been screwed or had the rug pulled, they are a failed business idea. At some point investors want to see some return. How long should they wait for a business to start making money. Emoov has been going for what, 6-7 years now, and is probably further away than ever from being a profitable company.
Also these companies are not run by people who know how to run a big organisation, they are run by people who have had their head turned. The Brucies are now enjoying the lavish celebrity lifestyle and seem to have little interest in running PB, instead spending their dosh on boyhood dreams, Quirky enjoys the London media circus, called on as some sort of expert.
I feel sorry for the normal employee, who was sold the dream that they would make a fortune and the “hybrid” sector would thrive and dominate the market. Many of us said this wouldn’t happen and this looks like it is now coming home to roost. Estate agency is about great service and selling property. Emoov are the latest example of a company who seemingly failed to do both.
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A great many good people have invested time, money and family aspirations in these firms and have suffered financially and emotionally as a result. A few big winners at the top of the pyramids but not many.
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In my opinion this whole situation needs looking into thoroughly. When crowdfunding if claims cant be substantiated is there any legal recourse for the investor? Does crowdfunding need to be regulated, otherwise it is just a wild west way of raising money.
The public think that estate agency is easy, plonk a property in the internet and it will sell itself blah blah. Hopefully this situation highlights the fact that it isnt easy, like anything that is done properly it is hard work, requires diligence and good staff training. I do feel some sympathy for the investors, but if they couldnt be bothered to do their research before investing or where “persuaded” by the sale pitch, then this sympathy is not too great.
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If Assad in Syria asked for crowd funding he would get it. Seems anything that needs crowd funding is the hero in any business..
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Bless You, I wish you would leave your politics out of your rants. If you are easily lead by the media then you are no different to those investors that have been sold down the river by these pay anyway outfits.
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This was always inevitable. The High Street rules ok!
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The recent Crowdcube raise was overfunded so investors were led to believe that this would keep the wheels turning at least until the proposed IPO . No mention of other investment required . If that is the case they were seriously misled
Questions raised and answered on Crowdcube
“Now the pitch has overfunded, do you plan to use the additional funds in the same % split as detailed in the investor deck, or do you plan to use the additional funds on specific items?
Thanks
A, Predominantly for marketing so that we can grow bigger faster.
In fact the monthly revenues flagged upon Crowdcube only a few months ago should have been sufficent to oil the wheels
Monthly revenues are £650,000 and therefore an annualised £7.8m currently however we expect this to grow to an annualised £13m by the end of our financial year (April).
Were these overstated?
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Agency is changing and needs to change ! However the discount upfront fee model where vendors pay an estate agent before they have found a buyer and the vendors does the viewings is simply not working. Their fee structures are not sustainable and their agents can not make a living and are not incentived to do the best for their clients. Being an estate agent is not just about listing a property on the portal sites and hoping for the best! Pricing, customer service and experience are key.
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Haaa ha ha ha ha ha ha ha haaaa. Haaaaaa ha ha ha ha ha ha ha ha ha haaaa!
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With regulation and education on the horizon maybe the high street agent will be around a lot longer than many thought. A personal, face to face service, provided by a professional. Despite the often love hate relationship, I know most conveyancers prefer dealing with high street agents.
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What’s that you say, the Emperor is in the all together…
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All Ponzi schemes. There is no profit in selling a house for under £1000. We all know that.
Why does PIE give this Russel chap airtime? It was only a fortnight ago he was lecturing us on Rightmove.
F. Off.
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Russell is good for reads and comments.
I am sad for Russell, I’ve enjoyed being the Yin to his disruptive Yang. I hope he gets through this so the disruption debate can be concluded as a clean victory for estate agency service over investor subsidised disruption.
Gnawing each other to death is going to be unpleasant to watch but the reality of “what have we gotten ourselves into?” is simply answered by …. a very expensive mess.
If all of this is correct thee problem for Mr. Desmond, the single consolation for Mr. Quirk…. Mr. Desmond just destroyed the fight and the passion that made Emoov worth anything at all.
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>I am sad for Russell, I’ve enjoyed being the Yin to his disruptive Yang. I hope he gets through this so the disruption debate can be concluded as a clean victory for estate agency service over investor subsidised disruption.
Emoov have never even been relevant in the time I’ve been paying attention (since January 2017) so their demise hardly answers that question.
The only one that matters is PurpleBricks and they are the only one who have spent heavily on TV advertising. The commissery campaign apparently resonating well with homeowners. But that seems like 100 years ago.
PurpleBricks, still the only “online only”/hybrid of any relevance and still growing market share, albeit rather slowly.
.
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In my opinion Purplebricks are a passive intermediary FSBO listing service. They are not estate agents in the honest sense of the definition, they are a convenient package for those that want to sell their property themselves. About 2% of sellers have always wanted to do that.
Bruce and Woodford have provided that FSBO package better than anyone else in the sector but in doing it the way they have they have left themselves with a massive vulnerability.
The job title local property expert is, in many cases, a misleading misdescription, it is not possible to comply with an agent’s case law obligation to their clients across multiple #local areas – estate agency does not work that way.
Whacking a listing on the internet at a price dictated by a vendor is not estate agency and it is not a service that should cost over £1000- the diary and offer functionality that lifts the service half a notch above a purely passive service might add some value the offering but that is the bit that blurs the line between an agency service and a listing service.
True estate agents have onerous liabilities to do something and to make sure all they do do is in the best interest of their client. 700 listing reps can not have #expert #local knowledge of 3500 individual selling centres. That alone defies logic and scrutiny. The widely accepted definition of ‘expert’ (anything) demands about 10 years experience. It is not possible to have 10 years knowledge of selling homes in Sidmouth but then have expert knowledge of selling in Seaton, Lyme Regis, Budleigh Salterton, Exmouth, Axminster, Honiton, Ottery St Mary and all of the other towns in East Devon and West Dorset.
Getting it right, getting it professional and getting it not negligent in any one of those #local area is hard enough but to claim negotiator, senior negotiator and occasional manager level agents can truly be expert in multiple centres is misleading.
Liability for loss because of negligence when the losses have the potential to be so large (especially in a market that’s falling away) ought to be a real concern. From your own sale and the tale you have documented listing at £700k to achieve £27,000 less than the local agents advised, means you have 6 years in which to fall out of rose tinted love with them and join all those who could easily decide the listing service wasn’t proper estate agency like the advert claimed.
Richard Desmond has seen through the liability and losses, because of that it won’t take long before other large investors realise just how sector naive they have been.
Agency hasn’t been disrupted, FSBO has been mechanised with grateful thanks to quite a lot of sheep investors trotting along behind high profile investors.
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PB and the like are nothing more than private sale through the back door and in breach of Right Moves terms and conditions.
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Hello Robert,
If I may,
Purplebricks are not passive intermediary and I would like to explain why,
Legally the passive intermediary connects the homeowner with the buyer very much like an ebay or Autotrader and takes no active role other than providing a For Sale board, Social Media Support and a property page which is managed by the homeowner.
With PB they work on a three sage process with the sales team collating property particulars and presents the finance agreement when once signed or payment received before listing on Righmove to complete the PB experience which is then supported by Customer Service.
I would be interested to know where you sourced the information for the 2% of sellers wanting to do-it-themselves. I’m a shareholder of a passive intermediary and the data from the Government documents sated:
In the 1970’s twenty five percent of all properties sold in the UK were sold privately without an Estate Agent.
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Finally one of the Emperors is to be seen in all his glory…
PB – You’re up next shipmate. Can’t see anyone offering to lend you a coat either. Dotcom rinse & repeat…
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The reason I believe that this article is totally fake is because it said ‘Quirk remained silent’ …
However, good entrepreneurs always treat failure as learning to become better and always bounce back. Hoping not too many families have a miserable Christmas over this, but then again people think our job is a walk in the park and anyone can do it. #mistake
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Maybe a doomed business however we’ve had a wake up call to start delivering service and value again
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The **** agents have, yes.
The biggest wake up call I’ve had from all this is the realisation of how many idiots there are out there that think running a company without making a profit, is somehow innovative and disruptive… go figure.
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There are plenty of those around
Turnover is vanity – oh and so are award shows
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https://www.crowdcube.com/companies/99home-co-uk/pitches/qDmePl
Quick everyone, pump your money into another one!
Oh wait, it’s fully funded already. WHO ARE THESE PEOPLE!?
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Dear Russell
For one who has been so vocal and confident I am certain this news is correct it will be very painful and embarrassing for you.
The big boys play and work hard and do not give two hoots about the likes of you/us.
Maybe just maybe the future lies in being better; not cheaper.
Good luck.
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I was sold the dream last year, started working for Emoov as a local agent in January and month by month it’s gotten worse and worse. Lie after lie, terrible management decision after terrible management decision, Quirk being more interested in being on telly than actually running his business, a National Sales Director who is about as talented as a wet flannel and worst of all – minimum wage for local agents with zero commission until you sign 8 clients up in any given month. No wonder it’s going to hell.
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emoov1
Start your own independent business up, giving the best personal service possible, and 8 vendors a month, at say £1,995 average per completed sale… less overheads and costs obviously, will give you a good reward for all the time and work you will have to put in. Also you will attain enormous job satisfaction and get to meet loads of people.
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Oh dear. Whether by hook or crook, EWE have been led to the slaughterhouse along with all the other sheep by Mr Desmond, a wolf in sheep’s clothes. Did I get enough puns in?
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Ewe did but this is Emoov not Ewemove
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I have just gone scarlet. What a plonker I am. So embarrassed.
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:0
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It was always going to happen! The market turning, peoples pockets feeling the strain, the gamble of money upfront to sell your home -v- the let the agent stay motivated to get the job done… finally catching this lot out and the big backers thinking “we need billions forget millions to make this work”
I think the authorities need to seriously look at the Crowdfunding sector ASAP as some innocent people may be parting with cash, due to ill informed advice.
I can’t feel sorry for any of this lot, as to be fair every one of them slated the industry rather than politely saying here is an alternative, some will like, some will not. There is a place for the High Street and a Place for Online. People’s business Estate Agency and when the going gets tough, people want to talk to people! Our doors have never been busier with people coming in and chatting.
UpTheHighStreet.
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The best bit is the market has only just started to tighten, Wait another 6 – 12 months these poorly run agents an onliners will really find the bite then.
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This reflects badly on the whole industry .He has pushed himself forward as a spokesman for the whole industry consulted on all thing property whilst the fires were burning back at the ranch requiring ever increasing buckets of water to dampen
A sophistical rhetorician, inebriated with the exuberance of his own verbosity, and gifted with an egotistical imagination that can at all times command an interminable and inconsistent series of arguments to malign an opponent and to glorify himself.”
The poor investors on Crowdcube enticed into a company with an overblown valuation of £100m+
The Pepsi to Bricks Coke!
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Dear Russell,
When we started chatting, I believed you when you said you wanted to genuinely change the industry for the better, but when it came time to crunch numbers, your greed came out in an instant, wanting to grab money off the table before it was even there to take.
The reason it didn’t work out for us, is now perfectly clear.
The principals of Amazon making a loss for years before it made money just don’t apply here.
I am still in the market for a platform so I can keep growing my pilot, so please drop me a line when you get a chance.
Kind regards,
Jason
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There is no money in changing the industry for the better, not even enough to cover the cost of crossing the Severn to vistit NTSEAT, any such claim is group-think spin.
Our industry is over populated with agents, many are expensive office based passive intermediaries who offer clients no more service than firms like Emoov. Grabbing market share from such weak poor value a agents should have been easy.
In the past 5+ years I’ve been countering the claims made by disruptors I’ve been confident I understand enough about the pychology of winning instructions to know it is not possible to compete with #local withou a massive, consistent and ongoing awareness spend.
£10m please quantifies the burn rate these firms have. The previous version of Emoov (in Stephen Jury’s day) was burning £53k every week, Purplebricks were £252k every week. That is simply unsustainable especially as the 16% tipping point predicted for 2016 where online agency would tip, is now 2 years and 11% off track.
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Being 11% off 16% means they have market share of around 14%. Is that what you mean?
From everything I’ve seen, online only accounts for about 7% of the total market, so 14% is a huge jump. Can you clarify Robert?
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Shaun 77
I think Robert means it is 11% less than the 16% i.e. currently about 5%.
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16% minus 11% is 14.24%, but I see where you’re coming from.
If Robert’s data suggests the onliners are now at 5% it appears they’re actually going backwards in spite of the enormous ad spend, PR etc.
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I prefer ‘stable at where they’ve been for about 12 months’
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Who wants to buy a ‘pig-in-a-poke’? Hopefully, Foxtons have more sense.
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It will be very interesting to hear Mr Quirk’s delivery at the Negoiator Conference.
He will be there – won’t he?
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The online agencies have met one of their objectives – but it’s all negative for the industry I’m afraid. They wanted to shake up the high street agencies ( who are probably all online with website presence and therefore could be deemed Hybrid anyway) and knock agency prices. As far as I’m aware we have had to respond to the cheapies even though we know their service model is **** and they will probably not deliver the best negotiated service a seller could get but we have still had to try to win business against them. Joe punter will generally take what looks like the cheapest and best option, a large amount of the population are driven by cost and some folk are easily led by a lot of rubbish words.
Very short term for the industry and hopefully the government can see the long term damage this can do in putting good reputable businesses out of business and when the PB’s and Emoovs are all in the gutter we will have to work twice as hard to get our industry reputation back. Bring in more stringent regulation and make sure estate agents have a professional “badge”
Shame it’s industry people who really see all these news items and not Joe punter, they really don’t have a clue what’s going on apart from what the nonsense adverts on TV tell them.
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>Shame it’s industry people who really see all these news items and not Joe punter, they really don’t have a clue what’s going on apart from what the nonsense adverts on TV tell them.
Although this one did make Sky News (possibly just online news).
If Emoov go down the toilet and it is widely reported it will be interesting to see how it affects PurpleBricks’ business.
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Their share price is rising so far today.
One less competitor !!!
A third of its peak still though
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Dead cat?
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It obviously runs in the family. Didn’t HouseSeller.com, brainchild of a certain Anthony Quirk, have similar problems back in 2015?
Running ads on X factor with just 50 listings to their name.
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Well that comes as a shock. To no one.
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People like dealing with people. This is why this model was never going to work. Buying or selling your house is one of the biggest events in your life why put it in the hands of a robot? People NEED trust and WANT a great service, this is exactly what independent estate agents honed in on long before these online agencies came around. If the independent agents are willing to change/adapt to technological changes online they will once again reign supreme!
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So, recent fund-raising; any disclosure of financial woes! I would expect those in the know were aware of pending doom.
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It’s game over for Emoov and the DIY Vendor businesses.
IT JUST DOESNT WORK!!
They won’t be able to “pre pack” and sell on, as the business model doesn’t work and investors are beginning to realise this.
RIP Emoov.
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Lamb chops for tea!
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and what about all the vendors that have paid up front????….Whoops!
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Hadn’t thought of that. What a nightmare!
Perhaps the industry needs to create an ATOL equivalent for such cases. Given the demise of Hatched, Emoov and Tepillo it certainly looks like paying up front is an even bigger gamble than we all thought it was. Not only do you need to worry whether the online agent will actually sell your home and in a timely enough manner to achieve its true value, you now need to worry about whether the company will still be trading the day after you’ve instructed them!
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The On liners need to have an insurance policy, not the whole industry who do not take peoples money upfront.
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Emoov being REmooved? No loss to Our Industry.
As others have alluded to…. take stock, focus on your own business and on what you can do better, and how to serve clients better.
Tough times lie ahead so leave the Onliners Only to their fate and let’s get on with what “real” High Street Estate Agents do best.
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Home page says, High Street Estate Agents Commission is daylight robbery………
Not quite, maybe it is calculated based on time spent, a good customer service, local marketing and ultimately to make a profit!
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On the one hand we are told AI/IT is the only way forward. “Innovate and upgrade your IT and try out this Virtual world and see what the future holds!!”. Admittedly streamlining and automating workflows and tasks does help-but at the core of selling homes-whether as an estate agent or as a Solicitor-are human beings and that requires empathy and humanity and interaction.
Too often the conveyancing process is seen as a process that can be/should be rushed through. (We were criticised recently by a purchaser for not doing more to make the seller sell his home??).
In truth it involves people and humanity and empathy-something no IT or AI can give. The sooner this is promoted (and understood) by everyone in the process, the better.
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“Founder Russell Quirk was last night silent” that doesn’t happen often!
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Oh dear, what a shame. They fleeced investors and sellers alike out of their hard earned cash on nothing but lies and bullsh*t, and it’s finally come back to bite them on the ****.
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I said it a few years ago and say it again although i was slightly wrong. I felt for 2-3 years the online agents will have the day and take a lot of instructions and put the squeeze on the high street, then people will realise online aint what it cracked up to be. This part is happening now. The third part was that high street agents willraise their standards and fees once the others have gone undewr as there is no real alternative!
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No new properties added so far today on Zoopla by either Emoov or Tepilo so they need to find a buyer/investor as quickly as possible before it quickly unravels Certainly need someone with £15m+of loose change to stand any chance.At least Foxtons dont have any debt
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Lookout all you dinosaurs.. PB are now making a profit in the uk
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Yes they are but although Aug.Sept and Oct showing about 15% increase in instructions from last year maybe the ceiling is close to being reached ? Unfortunately todays valuation still factors in success overseas which is by no means guaranteed
In OZ they are already showing they couldnt give a XXXX about Bricks with a wholeload of LPEs leaving and the viewing assistants taking over as”experts “Even porting staff from the UK in a desperate move which must put the locals noses out of joint
USA
A brief romp through Zillow show that a number of Bricks realtors have no listings at all
Meanwhile Chief rollout seems more concened with N Irish football Nothing to do with dinosaurs its that the management aren’t up to scratch .
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3xx4b
And the true profit (not EBITDA) is how much? And how does that compare percentage wise to the amount that has been invested in total so far?
Also what is the true percentage of completed sales by this Lister out of the properties for which it accepts a fee to ‘sell’?
We would all be interested to know these figures 3xx4b.
BSOS23PC
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What’s that saying? Ah yes. ‘Empty vessels make the most noise.’
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What’s the saying? Time will tell. It was all based on an idea, one that people had tried and failed many, many times in the 1990’s dotcom boom and bust. Investors were pumped with grand ideas, returns, false claims, misleading PR and mega valuations of on-line businesses with no assets, which just about everyone in the business could see was never a realistic business plan, that a bank manager would have laughed at and thrown you out. Simple business maths, if you spend every penny you earn on overheads … you are a dead duck. If you spend every penny of someone else’s money on overheads and provide no return … criminal. And that is in the good times, when the market drops … light come on yet? The business model was flawed from day one, the only winners the fat cat directors taking a high salary and cashing in on share prices while the times are good. Would have been a different matter if they had to provide securities, I would venture to say they wouldn’t touch their own business model with a barge pole!
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Why haven’t we got a word equivalent to Schadenfreude? T’would be perfect to describe the sheer pleasure I’ve had reading this article and all of the heartfelt comments.
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The Germans really do have a word for everything. It’s ‘Alles’ 😉
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Drier than a desert!
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I have no sympathy for the people who invested as many here seem to have, if the high street shut down and they made a few quid out of it they would have been happy, they played the game and lost, mr quirke obviously had a better poker face than them
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