Well-established estate agency ceases trading blaming rising costs

An estate agency in Norfolk has ceased trading, after the owner of the company decided he was fed up with increasing costs and ever-more rigid compliance requirements.

Trett Phillips Residential, which has branches in Stalham and Aylsham, said it had been forced to close after a number of “challenges” had made it impossible for the business to continue.

In an email sent to its clients, the estate agency’s owner, Daniel Trett, said: “We are in an ever-changing landscape, with costs rising, compliance getting more rigid and technology advancing, therefore running an estate agency business has shown its challenges in a changing economy, and indeed, an official recession.”

He added: ““It has been a very tough decision to make, but the time is right for me to pass the reigns over to someone who can move the business forward.”

Trett Phillips Residential’s portfolio has been sold to Minors and Brady, which Trett describes as a “good fit” for the business.

“I have enjoyed the journey the business has offered me, but it is time to regain control of my life and begin to focus on a new chapter,” he added. I will be forever grateful to all of my clients and employees who have supported me with this.”



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  1. Bless You

    Yep. Minimum wage in a sales environment doesn’t work.
    Rightmove should be charging by stock numbers , not by office.

    Until solicitors start aiming for 4 week exchanges, everything will keep falling through.

    1. ALOnline

      Do you mean that businesses shouldn’t provide a minimum wage to those in a sales job or that businesses reliant on sales cannot afford to pay staff minimum wage?

  2. mo1597

    Solicitor would love to exchange in 4 weeks but if searches are taking 5 weeks and mortgage offer containing more conditions than ever, this is never going to happen. The article is right in saying compliance is a major factor. Compliance is now through the roof and distracts from the service being provided.

    1. hertsagent13

      Our exchange time is 100 days for freehold and 150 days for leasehold. Something has to change, when I started my career in 2001 it was 6 to 8 weeks to exchange. I don’t think the only issue is how long LS are taking, although that is a disgrace, it’s that there are to many solicitors, with little or no appetite to actually advise their clients appropriately, just look at the rise of indemnity policies that will never be claimed on. Plus we now have solicitors saying don’t have the survey until the legal work is finished, we can’t raise any enquiries until the LS is back. In my dealings with lots of solicitors, there is no emotion or care for their client, it’s a tick box transactional process and we have to hope the computer doesn’t say no. I also know this isn’t every solicitor!

      1. htsnom79

        Amen brother.

        The property process is not rocket science either:

        example a) Three bed detached on top of a hill with later extensions, ill-defined boundary and water supply from a well, transaction time – 4 months.

        example b) Three bed detached in established suburb, no extensions, bought and sold 4 times since 2003, transaction time – 4 months.

        How on earth does this make sense?

        1. jan-byers

          It makes sense because most soliciotors are utterely useless

          1. Steve_Smithson

            … arnd vey are pure at spulling tqo


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