It’s been another hectic week for the industry, here is what has caught our eye.
First: Regulator finally gets some teeth shock
RICS announced it is set to expel a member, Dion Beard, who featured in last year’s Channel Four documentary From Russia With Cash, from the profession. Beard, better known as Benson Beard, practises as an estate agent and is an associate director at the Chelsea offices of Bective Leslie Marsh.
The programme, broadcast in July of last year, was the result of a TV company deciding to conduct an investigation into estate agencies in London, including Bective Leslie Marsh, Winkworth and Chard. Journalists posed as potential purchasers of properties, with agents shown being a mix of RICS and NAEA members.
In July this year, the NAEA said it had concluded its investigation with a spokesperson telling EYE: “We can now confirm that the investigation into the documentary From Russia with Cash is complete.
“It would be inappropriate to comment further in respect of this matter and all details pertaining to the investigation will remain confidential to the National Federation of Property Professionals.”
Smile please was, well smiling, commenting: “Well done RICS finally somebody standing up for standards in our industry.
“You have just gone up a firm rung in my ladder.”
AgencyInsider was equally pleased, stating: “Refreshing to see a trade/regulatory body actually use its teeth. What a marked difference between the RICS approach to this issue and that of the NAEA!
“That said I do feel just a tiny morsel of sympathy for Beard who seems to have acted very foolishly and in consequence is paying a very high price indeed.
“However I suspect a message is being clearly sent to the many London agents whose attitude is ‘money laundering? Pah! Doesn’t apply to us.’”
Second: The online/hybrid debate
Purlebricks’ announcement that instructions were up 121% this year really got you talking.
Comments covered everything from staffing to online and hybrid agents.
TheHybridAgent, perhaps unsurprisingly, said: “Highly experienced ex high street agents coming from senior management levels and competing against their previous companies directly.
“High street agents will find it extremely difficult to fill the roles with the same level of experience.
“Not only are the hybrids taking market share rapidly. They’re ripping apart the very teams that made the high streets successful in the first place.”
Agency negotiation limited disagreed, commenting: “Not sure that a highly experienced, but more importantly, successful high street agent would leave to join a hybrid. So, not exactly ripping apart the team. Those that don’t fit into the team culture at any high street agency are not missed. They are better off working on their own – and the agency they left is certainly better off without them.
“The hybrid model is a ‘house of cards’ that relies on shallow-thought from disgruntled agents and whilst these hybrids may claim to have 300 local agents, how many have they lost over the years. The cost of recruiting and training is generally a major factor in any business. Unless, of course, it isn’t.”
There was also analysis of the Purplebricks’ business model. GB40 said: “Their claim of customer service superiority versus the highstreet may be true, but they are behind House Network and eMoov who both have better ratings on TrustPilot and, particularly, all other review sites.”
Third: Target practice
Why did you start in agency? That is the latest debate being hotly discussed on The Arena forum.
One user, PaulC, said: “It is by far the toughest thing I have ever done professionally.
“The idea of being an angel and directing from afar quickly turned into 80 hours a week and dragging my wife from her easy school hours job into the business as we struggled to cope with growth.
Don’t get me wrong I love it and hate it with equal measure.”
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