How much would a tenant have to pay to secure a £1,000-a-month flat through estate agents Foxtons? A total of £420, while the landlord would have to pay another £2,448 for Foxtons to find the tenant and manage the property for a year. It is these sorts of extraordinary fees, common across the fast-growing lettings industry, that are (finally) provoking a revolution in new online players, and that will see high street estate and letting agents go the same way as Blockbuster, HMV and Lunn Poly – business models blown apart by the internet.
Thousands will receive drones as Christmas presents this year but, as a recent near-miss with an airliner shows, the authorities face a battle to stop them being used irresponsibly.
Unmanned aerial vehicles (UAVs) or drones have long crossed over from just being used in the military and specialist commercial sphere. They can now be seen in homes.
In order to succeed, OnTheMarket will need to have at least the same number of listings as Zoopla.
And there is a warning that Zoopla could go “direct to the seller”.
None of Britain’s burgeoning number of online estate agents has succeeded in breaking into the Fast Track 100, a barometer of successful private companies.
Despite the relatively strong housing market in central London, Foxtons has been demoted from the FTSE 250 and has been replaced by luxury shoe manufacturer Jimmy Choo.
Stalwart supporters of the traditional estate agency model had better not watch Sky next Wednesday - that’s when the outspoken online estate agency eMoov has its first TV ad.
The agency, founded in 2010 by estate agent Russell Quirk and since last December linked with Hamilton Bradshaw Real Estate - owned by former ‘Dragon’ James Caan - has bought space for a 30-second ad highlighting the savings it claims can be made when selling on eMoov in comparison to traditional high street agents.
Zoopla is to go ahead with a flotation on the London Stock Exchange, it was announced this morning.
It will be offering discounted shares to agents and developer subscribers – with the total discount worth almost £20m.
The 20% discount is, said Zoopla, “designed to reward past and future customer loyalty”and will allow each current member to purchase shares now and next year at the discount per branch.
Britain’s largest estate agency chain, Countrywide, has appointed its next group chief executive.
She is Alison Platt, who takes up her role on September 1, subject to the approval of the Financial Conduct Authority. She is Countrywide’s first woman chief, and will be the only female heading up any of the large corporates.
She will instantly become the most powerful woman in the residential property sector, overseeing Countrywide’s wide range of activities from sales and lettings through to mortgages, surveying and conveyancing.
Chesterton Humberts is to split its residential activities into two companies with separate brand names and different geographical areas.
‘Chestertons’ will consist of the current 29 London offices and 20 international branches while ‘Humberts’ will operate the 24 existing branches outside of the M25.
It is an estate agent's job to work for the seller of a property, lining up lots of prospective buyers and getting the best price for the property, whether it's an immaculate family home in a most-wanted catchment area or a fixer-upper in need of some serious DIY. As such, the agent's fees are met by the seller.
But a new trend is emerging where buyers are also being asked to stump up some cash – and when they've already had to go through a process of outbidding rivals. With the property market
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