Humberts has reported “positive news” at the end of its first eight months under the ownership of Matt Spence.
Spence, who founded self-catering business Natural Retreats, bought long-established Humberts out of administration eight months ago.
Changes made include pulling Humberts out of its high street branches in favour of hubs, and launching a concierge service.
Humberts has now declared that the risks it took last year are paying off.
In a statement it referred to agencies across the property industry finding themselves “compelled to restructure or close under the pressures of a failing market, and after especially quiet trading during December and January”.
Humberts said it has seen a 50% increase in buyers registering and a 200% rise in vendors registering via its website, which it relaunched on Feburary 1.
It added: “Overall efficiency in instruction to exchange ratio has increased by 13%; the number of viewings per sale has decreased significantly and the Humberts workforce is being empowered to offer a full management service under its new lifestyle arm, Humberts Living.
“Fully-integrated into the business, this service allows Humberts’ Property Consultants to execute a holistic service for their clients: from arranging the re-insulation of roofs to gardening, painting and basic cleaning.
“Genuinely providing a service that goes beyond anything the market currently offers, [it] enables staff to be better at their jobs, happier in their roles and allows the company to reach new capabilities at an exponential rate.”
Humberts said it has been commissioned to project manage the refurbishment of a property that it has recently sold in the Lake District, adding that such work will “provide a new and profitable arm for the business”.
Humberts continued: “Naysayers questioned Spence’s bold actions in 2018 – taking the vast majority of shops off the high street to be replaced by seven high-tech high-touch hubs, servicing wider areas than were previously possible.
“Spence however believes that innovation is key in the property market and that shaking up the traditional way of how business is being done is crucial.”
The statement also quotes chief operating officer Tim Simmons, who said: “The future of the market needs dramatic and immediate change in order to create more opportunities for growth and we are delighted to see the huge risks we took in 2018 are paying off more than we could have possibly imagined.
“We plan a similar approach in 2019 and driving Humberts continuously onwards and upwards.”
Comments (8)
I think the model is a very interesting one. In time – and I do mean in time – I can see office hubs becoming far more common practice. I guess their audited accounts will be the acid test. I wish them and their excellent staff luck.
They appear to have far fewer instructions locally. People selling upper end properties want office based agents in the main. And they appear to be advertising less as well. Traditional estate agents will be watching this story develop with keen interest!
Tim SIMMONS
Chief Operating Officer
Yeovil, Somerset, United Kingdom
… who said: “The future of the market needs dramatic and immediate change in order to create more opportunities for growth and we are delighted to see the huge risks we took in 2018 are paying off more than we could have possibly imagined!
Beware any PR puff that only talks in percentages and not real numbers. You can mask anything with percentages.
Humberts has faded in its Dorset heartland. Only 6 properties in Bridport which was its most successful branch year after year, almost nil in Sherborne, 2 in Blandford and none in Dorchester where its hub is based.
Is this really the industry leading story of the day!
I agree, without figures in £’s the 13% could mean less instructions so less exchanges but then if there were a good flow of exchanges they wouldn’t have gone into receivership so measures against what?
Whilst I wish them good luck they are only PR img what we all do as a service aside from the project managing but with less viewings you should have time on your hands to stand around and point at the builder.
I’m reading PR, nothing about how it has translated into profit