New research has found that Purplebricks outstrips its nearest online competitor by well over six times, easily topping a new ‘top ten’ of online estate agency brands.
In the 12 months to August 28, Purplebricks took on 66,125 new listings, up 31% from the same period the year before.
Yopa is in second place with 9,183 new listings, well behind Purplebricks, but showing greater growth of 119%.
In third place is Express Estate Agency (6,999 new listings, up 40%).
Emoov is in fourth place with 4,310 new listings, up 17%; EweMove took on 4,053 new listings, up 44.5%; and Tepilo listed 3,920 new properties, up 14.2%.
Housesimple’s figures were 3,662 new listings, a fall of 39% from 5,999.
Doorsteps’ new listings grew 183% to 3,420, up from 1,209; and Springbok Properties saw its new listings fall 25% from 3,806 to 2,850.
House Network grew its new listings 27% from 1,976 to 2,514.
In the top ten, there is no sign of brands such as Settled or easyProperty.
The study, which shows EweMove as the UK’s fifth largest online agent, also shows it as the UK’s 37th largest agent based on new instructions.
On EweMove’s ‘patch’ – ie, in the places where it operates – the study found it was the second fastest online agent to sell subject to contract, and was also the fastest to complete, beating Purplebricks.
It found that EweMove took an average of 146 days from taking on an instruction to completion; Springbok took 148 days; Doorsteps and Yopa both took 161; Purplebricks took 162; followed by Emoov and Tepilo (both 177 days), Housesimple 178, House Network 179, and Express Estate Agency 200.
The study puts all UK new instructions at a total of 1,644,481 in the year to August 28, with online agents listing 117,440 of them.
Both sets of figures are up on the same period for the previous year, when there were 1,472,436 overall instructions, of which online agents listed 93,154.
The growth in new listings market share by online agents was 26%.
The study was commissioned by The Property Franchise Group, which owns EweMove, and was carried out by an independent research firm, twentyea.
So to confirm in a years the call centre share has grown from 6.3% to 7.1%. This of course is based on the fact that all their “new” listings are different properties and not the same ones banged on R & Z 2,3,4 times which is possibly the case.
Also most importantly no data on what % of these “new” instructions any of this lot actually sell? Looking at Zoopla it is a hell of a lot less than half, closer to a third in some cases.
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Love the way zoopla allow yopa to take up so much space on their agent directory.
YOPA
22 Arlington Street, St James’s, London, SW1A 1RD – We also cover LN6, LN8, LN9, LS10, LS11, LS12, LS13, LS14, LS15, LS16, LS17, LS18, LS19, LS2, LS21, LS22, LS24, LS25, LS26, LS27, LS28, LS29, LS5, LS6, LS7, LS8, LS9, LU1, LU2, LU3, LU4, LU5, LU6, LU7, M1, M11, M12, M13, M14, M15, M16, M18, M19, M20, M21, M22, M23, M24, M25, M26, M27, M28, M29, M3, M30, M31, M32, M33, M34, M35, M38, M4, M40, M41, M43, M44, M45, M46, M5, M50, M6, M7, M8, M9, ME1, ME10, ME12, ME13, ME14, ME15, ME16, ME17, ME18, ME19, ME2, ME20, ME3, ME4, ME5, ME6, ME7, ME8, ME9, MK10, MK11, MK12, MK13, MK14, MK16, MK17, MK18, MK19, MK2, MK3, MK4, MK40, MK41, MK42, MK43, MK44, MK45, MK5, MK6, MK7, MK8, MK9, ML1, ML10, ML11, ML2, ML3, ML4, ML5, ML6, ML7, ML8, ML9, N1, N10, N11, N12, N13, N14, N15, N16, N17, N18, N19, N2, N20, N21, N22, N3, N4, N5, N6, N7, N8, N9, NE1, NE10, NE11, NE12, NE13, NE15, NE16, NE2, NE20, NE21, NE22, NE23, NE24, NE25, NE26, NE27, NE28, NE29, NE3, NE30, NE31, NE32, NE33, NE34, NE37, NE38, NE4, 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SW12, SW13, SW14, SW15, SW16, SW17, SW18, SW19, SW1H, SW1P, SW1V, SW1W, SW1X, SW2, SW20, SW3, SW4, SW5, SW6, SW7, SW8, SW9, SY1, SY11, SY13, SY2, SY3, SY4, SY5., TA1, TA11, TA18, TA19, TA2, TA21, TA24, TA4, TA5, TA6, TA7, TA8, TA9, TD1, TD15, TD7, TF1, TF10, TF11, TF2, TF3, TF4, TF9, TN1, TN10, TN11, TN12, TN13, TN14, TN15, TN16, TN17, TN2, TN21, TN22, TN23, TN24, TN25, TN26, TN27, TN28, TN29, TN3, TW11, TW12, TW13, TW14, TW15, TW16, TW17, TW18, TW19, TW2, TW20, TW3, TW4, TW5, TW7, TW8, TW9, UB1, UB10, UB2, UB3, UB4, UB5, UB6, UB7, UB8, UB9, W10, W11, W12, W13, W14, W1H, W1K, W1T, W1U, W1W, W2, W3, W4, W5, W6, W7, W8, W9, WA1, WA10, WA11, WA12, WA13, WS13, WS14, WS15, WS2, WS3, WS4, WS5, WS6, WS7, WS8, WS9, WV1, WV10, WV11, WV12, WV13, WV14, WV16, WV2, WV3, WV4, WV5, WV6, WV7, WV8, YO1, YO10, YO11, YO12, YO14, YO15, YO16, YO17, YO19, YO23, YO24, YO25, YO26, YO30, YO31, YO32, YO41, YO43, YO61, YO7, YO8, WA14, WA15, WA16, WA2, WA3, WA4, WA5, WA6, WA7, WA8, WA9, WC1H, WC1X, WD17, WD18, 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Ridiculous, is it not.
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I listed a property yesterday from tepilo, on the market for 3 weeks, no viewings, no contact, was advised to keep an eye on their portal for progress . 3 hours after listing we’ve got half a dozen viewings for the weekend and I’m sure it will be sale agreed. If you’re taking a fee upfront you really should expect to be told how many properties the agent actually sells.
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Quite surprised by the 1,644,481 figure for all new instructions. That’s a lot higher than I would have expected. Like to see how they came to that figure and how it compares to other years. Does anyone else think it seems very high?
BSOS23PC
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I suspect it doesn’t de-dupe multi listings and also double counts those that have been re-listed after a “marketing break”. It may also be double counting those that have been re-issued following a fall through.
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If we look at 1,000,000 completed sales over the year, the figure suggests 60% conversion of listing to completed sale.
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For the record, Ewe are not an on-line agency, they are a Hybrid with no upfront fee. A ‘no sale – no fee’ agency. Bleeting over….
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Flopsy
“For the record, Ewe are not an on-line agency…”
It seems Mr Ian Wilson, CEO of PFG would beg to differ in today’s Interim Results statement posted to LSE:
“We are pleased to have delivered another strong set of results, with all of our brands, including our “challenger” online brand, EweMove, improving revenue over the same period last year.”
#Just_Saying…
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#bravo! {note to self … delete comment on PIE}
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Assuming these figures are correct and the rise from 6.3% to 7.1% is accepted, how many £millions have been spent across PB, YOPA and the like in advertising spend to drive that gain? Unsustainable business model at (in PB’s case) the level of upfront fees paid versus advertising budget required
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unsustainable model in YOPAs case too!
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I’ve been reading eye for years now. It’s peculiar how the comments come and what they focus on once ‘online’ is mentioned. Maybe it would be useful to explain a few facts (not guesses, rumours, gossip) about the ‘online’ sector
1. ‘Online agents don’t come out of the womb with ‘online agents stamped on their forehead. They are previous high street agents
2. The one I work for have an office, not a call centre. Experienced negotiators who will call the client every week to update, without fail . Or the client doesn’t pay.
3. Many many many high street agents chanrge a fee upfront. Either for an ‘upgrade’ to premium listing, or for boards, newspaper adverts etc.
4. Many many many ‘online’ agents have a no sale no fee option. It’s not ‘take the money and run’
5. De-listing and re-listing a property is not an ‘online agent’ thing. Many many agents do this, mostly high street, and the ‘online’ that do do this , well, see point one.
The figures in this report are exceptionally misleading. ‘Who is the number 1’ is based on number of listings. I don’t believe that makes you the best, or ‘number 1’. Also, the stats given for ‘time to complete’ is also misleading. I have know a huge majority of agents, both flavours, who want to get a property on, sold and completed as quick as possible, irrelevant of the clients wishes or needs. Surely you work with a client at THEIR timeframe, not yours!
I really dont understand this aggressive reaction to the ‘online’ sector. High Street agents who regularly compete against each other, rip into each other, tell clients how bad the other agent is in their town suddenly get together? I don’t buy it. We are all in the same industry, by choice. Fighting amongst yourselves doesn’t do anyone any good.
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5. De-listing and re-listing a property is not an ‘online agent’ thing. Many many agents do this, mostly high street, and the ‘online’ that do do this , well, see point one.
This hasn’t been possible for quite some time now – Rightmove stopped the process meaning it doesn’t show as a new property, only if it’s advertised by a new agent.
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Neither Rightmove nor ZOOPLA have stopped it, just made it a little (and I mean little) more difficult for agents to break the law and, in many cases, commit fraud in the process.
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It is very possible and happens on a daily basis
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What a balanced summary mjacagent87!
It is the case that this data looked at every single property listing in the UK over the last 12 months from all agents.
I share your view that some traditional ‘anti new-model’ agents are so blind to the reality of these facts and assure themselves that they have nothing to fear as they “are amazing” – that they will ultimately fall foul of their own self-belief. A charge put to us and other Hybrids in the past!!
The fastest selling and completing agent in the UK is EweMove. The second is PB. The third is Martin & Co, 4th is Hunters. Three franchise businesses in the top 4!!
So if they naysayers do want to survive the future, and they don’t like the idea of switching to EweMove, then perhaps they should explore a franchise opportunity with another brand?
By why would you walk away from the agent that sells more, reduces less, looses less and completes more quickly than anyone else, all while earning good fees on completion (not upfront). If agents are concerned with providing a great service and being more profitable then there is no better choice. And we’re No1 in the Uk on Trustpilot to boot!
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‘Many many many high street agents chanrge a fee upfront. Either for an ‘upgrade’ to premium listing, or for boards, newspaper adverts etc.
Many many many ‘online’ agents have a no sale no fee option. It’s not ‘take the money and run’
Some, certainly not many many many. Your exaggeration does not help your cause here. I can see why you don’t post regularly. But well done for standing up for your employer.
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“It is the case that this data looked at every single property listing in the UK over the last 12 months from all agents.”
And on which portals did they carry out this research, Head_Shepherd#2?
Did it cross-reference those “listings” for anomalies?
Did it take into account RElistings… #portaljuggles… copious (and some might say dubious) “fall-throughs” – and of course the general *********** (credit: Jonnie) that we have evidenced THOUSANDS of times from various Agencies that are all ways the system can be… and often is… “gamed”?
At what point does EweMove (or its’ owners) think it – and others – will have to cease using “independent” self-commissioned reports spurting conveniently weighted statistical sheep-5h!t for which there is no proof as to validity or accuracy?
That’ll do for the first round of questions.
Thank you in advance for taking time to read, and of course for your response, which I look forward to.
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PeeBee – Almost missed this one in the melle of replies and comments to this artcile.
Regarding accuracy of data I think it’s true to say that any detailed research is going to differ slightly from one researcher to another as there are a number of attributes that need to be cleansed in any data set, such as price juggling, re-listing, switching from one agent to another, marketing breaks etc etc etc.
The data for this study looked at all listings on Rightmove, matched back to completions data on Land Reg (for price achieved data). The date listed, marked as sold STC and date marked as completed deliver the information for time taken to sell and complete and is for every property listed for every agent. Pretty fair and transparent.
It says EweMove are the best by pretty much every measure.
I have looked at my own internal data and found the same conclusions, although not on a comparative basis as I only have my own data of course.
I have looked at Rightmove data (RM Intel) to see how we compare for price reductions, time on market, withdrawns etc, and found the data corroborates there too.
I have looked at data provided by other independent sources and guess what – the data says the same there too.
So as far as EweMove is concerned, we’re not interested in ‘gaming’ the data, we’re interested in delivering the outcomes our customers want and expect. Perhaps that’s why we’re No1 on Trustpilot. (Have I said that before?)
N.B. if various independent data sources say we’re good and our customers say we’re good, I can heartily conclude…..that we’re good!
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Mr Head_Shepherd#2 – thank you for your response.
Your comment regarding quality/accuracy of data is noted. I would however question why – or how – two researchers would come up with differing datasets for the same information metric. Figures is figures and two plus two rarely equals anything other than four – unless one or both can’t count… or have the answer beforehand and have then to make the figures fit the solution.
“The data for this study looked at all listings on Rightmove, matched back to completions data on Land Reg (for price achieved data).”
That’s one He11 of a task you set your “independent research firm”, Sir. Tell me – as it is simply one horse in the “twenty…” stable does that remove the potential conflict of interests that some may see as a result of the PurpleOnes having ridden another knackered nag with their recent “independent research”? It’s just that you’re both looking like raggedy rams claiming to be top tup on the back of these statistical gymnastics – so surely one of you has to be wrong in your claim?
Or is it that you’re both claiming to be best at something – just different ‘somethings’?
“The date listed, marked as sold STC and date marked as completed deliver the information for time taken to sell and complete and is for every property listed for every agent.”
That’s a chunk of “data”, Sir. A chunk that I wager contains stuff that might make some a tad… twitchy.
“Pretty fair and transparent.”
Neither of the above, I would suggest. How can you claim ‘transparency’ when what you are quoting as ‘fact’ is contained within the covers of a closed book kept in a locked box within a lead-lined room built inside a mountain?
“…if various independent data sources say we’re good and our customers say we’re good, I can heartily conclude…..that we’re good!”
Nowt like a tup with cojones – but only worth more than chops if they’ve got the lamb-juice – wouldn’t you agree?
Then as I have said before you will have no problem whatsoever with all of this “independent data” being scrutinised by an equally ‘independent party’ – as you should have nothing to hide and potentially everything to gain…
…have you not?
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mjacagent87.
I’d like to start on a positive. I actually agree with some of what you say.
In your last two paragraphs, that is. And only some. But let’s leave that positive hanging there in the spirit of fairness and good spirit and all that. And let’s look instead at the other stuff – where you go sadly and badly off-piste.
“1. ‘Online agents don’t come out of the womb with ‘online agents stamped on their forehead. They are previous high street agents”
This is an incorrect statement, mjacagent87.
SOME are “previous high street agents” – but SOME AREN’T… and EweMove have made a concerted effort in past to take on non-experienced staff – including some of their most recent lambs.
“3. Many many many high street agents chanrge a fee upfront. Either for an ‘upgrade’ to premium listing, or for boards, newspaper adverts etc.”
That’s not a “fee” per se – it is a marketing charge Nothing wrong with that – and actually quite commendable. It certainly however isn’t something that “many many many” agents do. Again – an incorrect statement.
“4. Many many many ‘online’ agents have a no sale no fee option. It’s not ‘take the money and run’”
No – only SOME have a NSNF option. In fairness, few – very few – operate NSNF only. But those that offer both, have a two-tier fee scale and the NSNF option is usually DOUBLE OR MORE the NSPR option.
Care to comment on why this is? So far, my Twittermate/not Twittermate/Twittermate again The Quirkster is avoiding getting into detail with me over this thorny little issue…
“5. De-listing and re-listing a property is not an ‘online agent’ thing…”
No – it isn’t. Not exclusive in the least.
“Many many agents do this, mostly high street…”
There go those “manys” again – you realy really really love those, don’tcha?. Now you’re trying to use statistical *********** (credit: Jonnie) to make a point that isn’t there to make. You have say 200 “online” agencies. You have say 15000 ‘traditional’ ones. You would only need 1.34% of the latter to practice #portaljuggling to better the total of 100% of the former. Quit with the clever stuff – it doesn’r suit you and you don’t wear it well.
“…and the ‘online’ that do do this , well, see point one.”
That would be the “point one” that I’ve already bebunked, would it not?
In the words of the late, great Barry Chuckle…
To you.
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Wow! I hope as much effort goes into your business and your clients as it does concentrating on what other agents (when I say other agents I mean PB) are doing. They are here, they are disrupting, just compete!!
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Don’t you worry your sweet little self, Billy393…
…my business and clients do just fine.
And as long as I’m getting up the likes of your nose I’m as happy as a happy thing.
Win:win as far as I’m concerned.
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There does seem to be some very bitter comments regarding online agencies. Most of the people who work in the sales/neg sides of these businesses come from an estate agency background. A lot of moaning and not enough of getting with the program!
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Its YOPA that surprises me the most! Has anyone really looked at their ‘listings’? if you look on rightmove at their SSTC and for sale stock you see a major discrepancy. Then just look at the timelines … i smell a rat!
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New slogan for PB
“First of the Worst”
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🙂
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*Checks share price* “OH GOODNESS, OH NO”
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A simple check of data and ZPGs’ comments to the ASA confirms that Purplebricks and others are reporting different property status’ to different portals and their own websites. ZOOPLA have stated that they do not check these (contrary to strong and unambiguous previous statements made in which they claimed they would remove any agent caught doing so).
However, current activity in Oz’ suggests there is fast approaching thunder down under for Messrs Bruce and the Purple PLC.
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An interesting read from an Aussie realtor whose broken accurate stories before.
https://www.linkedin.com/feed/update/urn:li:activity:6445545987443429376
Sent to me via DM this morning and edited to protect identities/GDPR)
“Their best agent TO was sacked this morning. was running 32 LIVE listings and the person to take his role is managing 13 on his own. It’s a MESS to say the least mate. The agent was REDACTED from REDACTED. Vendors are left in the lurch and basically to fend for themselves. Unsustanable for an agent to manage more than 10 listings here in Sydney – on their own, let alone 45 LIVE listings…. REDACTED The new programme was rolled ot today as well. Figures may vary a little, but both the agent and vendors lose BIG TIME moving forward. HO (head office -CW) don’t know how to run a real estate office nor treat people. Rules and regulations broken all over the place… WTS (watch this space)as lawsuits begin to surface. From ex-employees and the vendors that have lost so much…”
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BREAKING
Purplebricks agent grilled by WA authorities over ‘suspected contraventions’ https://www.afr.com/real-estate/residential/purplebricks-agent-grilled-by-wa-authorities-over-suspected-contraventions-20180906-h150x9 via @FinancialReview
“”It would seem entirely possible that anyone who has used Purplebricks, whether they sold or not, could actually be entitled to a refund…” #PURP
Could it happen the UK? I believe so and blogged about it here: https://blog.pdq-estates.co.uk/2018/05/08/are-purplebricks-set-to-repay-millions/
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“Real Estate Institute of WA president Hayden Groves – a vocal critic of the British disruptor – said as past chair of WA’s Property Industry Advisory Committee, which provides advice to the Minister and Commissioner for Consumer Protection, he had asked the regulator to look into Purplebricks.”
Cf. NAEA/RICS failure to act in the UK.
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The story so far.
Character #1 – A non descript person
Charcter #2 – A feckless PLC
SETTING –
Character #1 a heart broken man sits opposite another in a cafe’, his head bowed between his ageing, rounded shoulders having found out out his crush (opposite) has been putting it about, shafting everyone else good and proper. Clearly broken and dejected he gestures wildly, flapping his arms about like the wings of a duck before sinking back into his chair, head in hands, sobbing.
He looks up quickly, a glimmer of previous determination quickly betrayed by the feeling of deep disappointment descending down his countenance. His fight now all but over, alternate facts lay frozen in time and digitally etched like initials in a love heart carved into not one, but a forest of trees. Was it all a desperate attempt to prove his love and stave off the inevitable? How did everyone see it coming, but him?
Act 1 / Scene 1 –
Character #1 – IT’S OVER! How could you!? You made promises, you lied. You’ve made a fool out of me and the life I lead foolish too. How can I be the only one who couldn’t see what everyone else did? I loved you, why was I so blinkered?
Character #2 – Stands from seated and haphazardly tosses a coin on the table like he would meaningless statistics, before casually walking off so as not to have to substantiate anything he has done. Ever.
A few minutes later a man dressed, like only a golf course would allow, enters and takes a seat uncomfortably close to character #1. He is so close character #1 can hear the tick, tick, tick of his Rolex watch.
Character #1 – Shakes his head in a disapproving manner as he stands to leave in a bid to reclaim his personal space.
“Of course, that’s it!” he says, collecting his things, and piecing the deceit together in his mind.
“Fake it till you make it!” he states quizzically and perhaps a little too loudly.
Badly dressed man – “Are you talking to me?” he snaps as he sups at his pint of stella which is undermining the character credibility that a Pringle sweater and socks would normally afford a stranger drinking beer at 9:30 in the morning.
Character #1 – “No, I wasn’t, but here is some factual advice for free,” he says wryly as he takes flight towards the door.
“…………Real Rolex watches don’t tick so you should have done your own research”
Badly dressed man sits contemplating a list of bad decisions he has made. There are many. The door closes hitting character #1 in the *** on the way out.
THE END
NB – All characters and events in this play, even those based on real people are entirely fictional.
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.
Dompritch – You were number two, Cyberduck was number one. Cyberduck lost it—turned in his wings. You are number one…
ONE FOR THE BRAVE!
LSE – PURP
cyberduck
Posts: 740
Opinion:
No Opinion
Price:
264.00
FY18 results revisited
Tue 12:47
Just looking at the annual report.
There doesn’t seem to be any particular guidance for the UK other than “we are confident that we can exceed a minimum of 10% total UK market share in the medium term”. They don’t say what they consider the medium term to be.
This is an inconsistency with the 2017 annual report in which they stated “UK revenue expectations for the current year are raised to some £80m”. Then with the 2018 H1 interim report “UK revenue guidance for the full year upgraded 5% from £80m to £84m reflecting a strong first half, recent investment in LPEs and infrastructure, to capitalise on momentum and further increase market share”
Then in February 2018 they released a warning that this guidance would not be met and the actual outcome was revenue of £78.1M from the UK.
Given that the UK has been in profit for some time I would have expected guidance in terms of profit but no guidance whatsoever, even for turnover has been given.
They do give guidance for group revenue for FY19 though “we expect full year group revenues to be in the range of £165m to £185m.” and they also say “For the current financial year as a whole we anticipate that the US will become our second largest market by revenues” and “we now expect that Australia will reach monthly profitability within 12 months.”
That’s all well and good but if they have estimated group revenue then they must have an estimate for UK revenue so why haven’t they given it? Personally I see it being harder to be successful overseas than here in the UK and the lack of clarity over what the company expect from the UK is something that puts me off investing. Saying they expect a 10% market share in the UK in the medium term means very little because their estimates going forward just 6 months were missed by a mile and what exactly does “medium term” mean?
One for the brave.
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‘independent research firm, twentyea‘
Any relation to TwentyCi anyone know?
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According to their website:-
“Our Group Companies – TwentyCi, TwentyCi Data, TwentyEA, View My Chain, Evolve Retail, TwentyCi Asia”
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There you go!!!!!!!!!!!!!!!!!!!!!!
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Wondered when anyone’s penny would drop…
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