Troubling times at the EA office indeed

[spunko]

11 hours ago, wherebee said:

I know I post laugh emoticons at your messaging that inflation is OVER, but please keep posting it with supporting data points.  It's really important to have contrarian views on a contrarian board...

Stuey hasn't banked Epstein and facilitated sex trafficking tho, has he?

Being contrarian is okay but trolling is an art form that only very few do well.

[Bus Stop Boxer]

On 26/09/2023 at 16:12, spygirl said:

Its pain all the way to 2026.

 

How highs the water mama?

[One percent]

It’s even worse for american estate agents.  
 

https://www.dailymail.co.uk/news/article-12567989/Black-woman-sues-NYC-ritzy-realtor-Douglas-Elliman-failing-help-low-incoming-housing.html

A black woman has sued a leading real estate company and 35 of its realtors for discrimination after allegedly failing to help her find low income housing.

Shaniqua Newkirk filed the lawsuit in a New York City federal court last month against Douglas Elliman and its agents over claims they violated discrimination laws in the Fair Housing Act.

She sent emails to the luxury realtors in June 2021 requesting help to find Section 8 housing, which is a federal government voucher program that helps poor families, the elderly or the disabled afford housing in the private market.
 

 

 

[Malthus]

23 minutes ago, One percent said:

It’s even worse for american estate agents.  
 

https://www.dailymail.co.uk/news/article-12567989/Black-woman-sues-NYC-ritzy-realtor-Douglas-Elliman-failing-help-low-incoming-housing.html

A black woman has sued a leading real estate company and 35 of its realtors for discrimination after allegedly failing to help her find low income housing.

Shaniqua Newkirk filed the lawsuit in a New York City federal court last month against Douglas Elliman and its agents over claims they violated discrimination laws in the Fair Housing Act.

She sent emails to the luxury realtors in June 2021 requesting help to find Section 8 housing, which is a federal government voucher program that helps poor families, the elderly or the disabled afford housing in the private market.
 

 

 

Is it cause I is skint ? 🤣

[Option5]

Norfolk: Trett Phillips estate agency ceases trading.

An estate agency with offices across Norfolk has ceased trading, after what it describes as rising costs and ever-more rigid compliance requirements.

https://www.edp24.co.uk/news/24153725.norfolk-trett-phillips-estate-agency-ceases-trading/

[leonardratso]

2 hours ago, Option5 said:

Norfolk: Trett Phillips estate agency ceases trading.

An estate agency with offices across Norfolk has ceased trading, after what it describes as rising costs and ever-more rigid compliance requirements.

https://www.edp24.co.uk/news/24153725.norfolk-trett-phillips-estate-agency-ceases-trading/

Thats terrible. Im starting a gofund me for them, ill post a link back here when im done and you can all chip in.

 

[sancho panza]

Thsi group have been snapping up a good few EAs here in teh Midlands,in cluding our LAs.It seems quite a few old school EAs have given up the ghost.There's more they took over in 2022 too.

I suspect they'll be shutting laods of EAs around Leics.

https://www.business-live.co.uk/commercial-property/property-agents-sheldon-bosley-knight-27839170

Property agents Sheldon Bosley Knight snaps up Andrew Granger & Co

Andrew Granger's 50 members of staff will continue to be based in its three offices

Land and property company Sheldon Bosley Knight (SBK), which has operations across the central England, has acquired its fifth business in as many months.

SBK has added Leicestershire-based Andrew Granger & Co to its portfolio of businesses. Its offices in Market Harborough, Oadby and Loughborough oversee a lettings department of approximately 1,000 properties alongside a sales operation which lists around 400 properties each year.

In September Hereford-based Fair2Landlords Limited joined SBK, along with its lettings business of over 600 properties and in June SBK snapped up Chipping Campden-based Andrew Greenwood Estate Agents, with its lettings portfolio.

In the spring Sheldon Bosley Knight launched state-of-the-art premises in Stratford-upon-Avon after a refurbishment programme, and last year it re-launched its auction arm. 

[HousePriceMania]

9 hours ago, sancho panza said:

Thsi group have been snapping up a good few EAs here in teh Midlands,in cluding our LAs.It seems quite a few old school EAs have given up the ghost.There's more they took over in 2022 too.

I suspect they'll be shutting laods of EAs around Leics.

https://www.business-live.co.uk/commercial-property/property-agents-sheldon-bosley-knight-27839170

Property agents Sheldon Bosley Knight snaps up Andrew Granger & Co

Andrew Granger's 50 members of staff will continue to be based in its three offices

Land and property company Sheldon Bosley Knight (SBK), which has operations across the central England, has acquired its fifth business in as many months.

SBK has added Leicestershire-based Andrew Granger & Co to its portfolio of businesses. Its offices in Market Harborough, Oadby and Loughborough oversee a lettings department of approximately 1,000 properties alongside a sales operation which lists around 400 properties each year.

In September Hereford-based Fair2Landlords Limited joined SBK, along with its lettings business of over 600 properties and in June SBK snapped up Chipping Campden-based Andrew Greenwood Estate Agents, with its lettings portfolio.

In the spring Sheldon Bosley Knight launched state-of-the-art premises in Stratford-upon-Avon after a refurbishment programme, and last year it re-launched its auction arm. 

What does the bit in red mean ?

[Frank Hovis]

32 minutes ago, HousePriceMania said:

What does the bit in red mean ?

 

Very little.

It's an annual form to advise changes in ownership or advise that there haven't been any.

It's an administrative delay.

[spunko]

2 hours ago, Frank Hovis said:

 

Very little.

It's an annual form to advise changes in ownership or advise that there haven't been any.

It's an administrative delay.

Doesnt it show lax accounting too?

But it's only a few weeks late, which is usually nothing.

[Frank Hovis]

2 minutes ago, spunko said:

Doesnt it show lax accounting too?

But it's only a few weeks late, which is usually nothing.

 

This is Company Secretary work and if you don't have such then it's a very low priority job for the FD. 

Filing your accounts late is a huge embarrassment but nobody would raise an eyebrow at a late filed confirmation statement.

It could be a year late and it still wouldn't be noteworthy unless it's a big company or PLC.

[spygirl]

On 21/12/2022 at 16:47, Boon said:

Personally I think this is an interesting situation myself.

They have no bank debt and £31m cash. They are loss making, but this has covered up that the UK segment has been OK, every single expansion into another country has been a failure and expensive. Hence the huge destruction of shareholder value seen in the historic price.

Cash burn according to the house brokers is said to be around £6-7m for the next half year, and then positive for the next year. So not in danger of equity raise; I doubt they will be chasing overseas expansion again.

Today's note was of activist shareholding trying to throw out the chairman and replace him with Harry Hill (ex Rightmove/Countrywide), obviously much needed to balance out the inexperienced management team.

Listing volumes have fallen sharply - the number of listings on Rightmove dropped by about half in the pandemic. So you could argue Purplebricks lost half its business as well, maybe more as people switched to competitors.

I do think listing volumes will go higher in 2023 than 2022, as people are forced out due to costs, but also people wanting to bank whatever gains they have, plus those who realise that upsizing is cheaper in a falling market.

I also do think that if Hill comes in the product will become better and there may be a niche for them, especially in a market where people have lost money. Ie if you have a likely gain of £100k you may not mind paying Foxtons £10k to try and squeeze the bidders. If you have a likely loss of £50k, a £10k fee might seem to be adding insult to injury. And with the ultra-cheap ones you have to do the viewings yourself, so not suitable for many.

I think this could drop lower but end up multi-bagging.

 

I went to see what the CEPhwoar was up to.

https://www.lettingagenttoday.co.uk/breaking-news/2023/5/epic-fail-agency-boss-who-pledged-lettings-surge-resigns-after-failure

Any cash remaining in the business – some £5.5m – will pay off any debts and liabilities excluded from the deal and reimburse shareholders.

 

[spygirl]

 

https://www.thetimes.co.uk/article/if-the-job-is-to-keep-it-ticking-over-and-not-to-disrupt-it-im-not-your-woman-hggmwmjjp

You go girl....

https://www.linkedin.com/posts/helena-marston-0a206044_todays-return-to-the-private-markets-marks-activity-7075389565284274176-NH5-

[spygirl]

Helena Marston

Chief Executive Officer at Purplebricks

8mo

Today’s return to the private markets marks a significant milestone in the Purplebricks journey. In the early years public markets turbo charged what was already a rocket ship, further boosting the profile of the business and providing significant growth capital.     When I became CEO 12 months ago it was clear that radical change was necessary.  My immediate focus was a wholesale raising of standards within the business and to chart a course towards positive cash generation. As a team I’m very proud of how much we delivered in such a short space of time - £21m of cost savings, stabilised lettings, new revenue streams launched and we implemented much improved financial transparency and control.   After a difficult year, in February we concluded that we would be better placed to realise our full potential under private ownership. This was not the place I had envisaged we would be at when I took on the role and not the outcome for the shareholders I ever thought would be on the table.   However, the actions we took allowed us to secure a solvent outcome: protecting the future of the business and the Purplebricks brand, alongside the benefits of further investment. Its new owners, Strike, has the opportunity to now build on these improvements.     On a personal note, the last three years at Purplebricks has been an incredible journey and I am very grateful for the opportunity to have led the business to ensure that the brand lives on.  I have worked with some incredible people and sincerely wish everyone the very best for the future. Thank you … Dominique Highfield Mark Jenkins, FCG Philip Lloyd Vincent Courtney Paul Birkin Eleanor Sinclair Tom Greenacre Tom Bailey Jemma Harris Dan Tolster Tony F. Mauricio Hernandez Chartered FCIPD, LLM, MA Chris Middlemass Matt Peach Amit Rattan Anish Nathwani Alex Fairbank

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Dawn Nelson

Holistic Wellness Practitioner

1w

This was posted 8 months ago what happened to the 'raised standards' I can tell you from experience that no such thing has taken place. The standards are poor and that is me being kind. 10 viewings booked and the only one I can guarantee took place was the one I handled myself. It was pure chance that I was at home when the viewers turned up, the 'expert' didn't bother to turn up even though they confirmed the viewing and did not tel me. This company has fallen far short of my expectations and based on my previous experience your 'radical changes' have made things terrible.

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Robert Alexander

Award winning entrepreneur in number of Sectors. Building Local Circular Economy Platform to tackle Poverty (fund raising), Environment & Over-Consumption using Innovative SaaS Platform for Community Benefit.

5mo

Well, I've still got a property with PB Pre Aug 14th and paid for the full monty. However I've got complaints registered by the correct protocols, requested SADR, all of which has exceeded the 15 day complaint protocol, miles of evidence of the failures and last week was told you lost my keys. You are now liable for any damage to the property as insurers don't pay out if keys are lost and you need to change the locks immediately....but still after another 5 days and a comedy of errors and many named individuals failing, still nothing is happening. A Court Route seems to be the only way, and if I lose my buyer due to your failing, it will cost you even more. Strike are as bad as PB. Who is going to deal with this laughable but serious situation NOW?

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Tony Spinola

 

4mo

Helena Marston I have tried to email you but with no success. My wife and I of 70yrs of age have been treated dreadfully by purplebricks, I have filed many complaints I have exhausted your complaints procedure and no results. Our property has been removed from your listing on a false accusation of harassment by anonymous employees I have asked for the names and statements of these fictitious employees and as expected no replies,all purplebricks have done is given my wife and I stress and anxiety you have taken our money but not delivered the service. I have all the correspondence sent of names,numbers, dates and times. Nobody in purplebricks cares this company is not fit for purpose. My name is Mr Anthony Spinola and now I wonder if you care.

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Amit Rattan

Director of Performance Marketing at Purplebricks

8mo

Thank you for a very selfless guiding of the business back into a place of optimism

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2 Reactions

Chris Middlemass

Experienced Customer Director | Leadership | Transformation | Sales | Service | Scale Up | Outsource | Strategy

8mo

I wanted to take a moment to express my gratitude for the opportunity you provided me, your trust when there was significant challenges and how I helped stabilise part of the business gave me valuable experience and the ability to meaningful contribute to the organisation - whilst it didn't end how we all wanted it too, you gave the business the chance to start again .... Good luck in whatever you do next, you certainly don't lack drive and determination and Im sure you'll make a success of it!

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Eleanor Sinclair

Strategic HR Business Partner experienced in Org Design, Org Development, Op Model Change, Diversity and Inclusion.

8mo

I will forever be grateful for the support you have given me over the last few years. It was a privilege to have you as my boss thanks for showing me that with enough drive, perseverance and belief you can achieve anything you set your mind to. Here’s to the next chapter!

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3 Reactions

J-P Downes

Proven leader in sales, property and tech.

8mo

The fundamental responsibility of a CEO in a Plc is to maximise the value of the business by way of the share price, market share and revenue?

• 

 

 

• 

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Usman Bashir

Graphic Designer & 3D modeling & 3D Animation { Adobe Photoshop, Adobe Illustrator, & Blender }

6mo

Helena Marston I am a Graphic Designer Helping Technology Company & Lawyers Generate Leads ( Data Entry & Grow Your Social Media ) I can help.

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Jemma Harris

Director of Partnerships at Purplebricks

8mo

Thank you for your leadership, support and guidance through some very challenging times - pleased to have been on the journey with you and I’m excited to see what’s next for you

[One percent]

I was talking to my electrician yesterday. He keeps in with the estate agents as he obviously is touting for work and needs his finger on the pulse. Anyhow, he tells me that the estate agent was telling him how busy they were.  
 

i expressed incredulity and his response was, im really busy too. Booked up a year in advance for big jobs.   He’s not a billy bullshitter either. Who knows what’s going on.  

[sancho panza]

as alluded to above in the Sheldon Bosley Knight article.some adventurous probably well funded EAs are picking up the strugglers.jpb losses to follow Id suspect.

lot of 20 year EAs giving up the ghost

https://propertyindustryeye.com/well-established-estate-agency-ceases-trading-blaming-rising-costs-and-new-rules/

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.

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

https://propertyindustryeye.com/estate-agency-group-expands-following-latest-acquisition/

Estate agency group expands following latest acquisition

The Castledene Group in the North-East has announced the acquisition of Jill Moore Select Properties, a prominent estate agency in the heart of Washington Village.

With 11 branches already in the region, this procurement extends Castledene’s presence in the area and enhances the group’s service offerings.

Jill Moore Select Properties, founded in 2005, has become a trusted name in Washington’s property market.

 

Edited March 1 by sancho panza