A report this week by Estate Agent Today has revealed that top accounting and advisory firm, Moore Stephens, cliams over 15 estate agents across the country have gone into insolvency in the past 12 months with in excess of 7,000 more showing signs of financial pressure.
Specifically name-checking Foxtons and Countrywide’s falling share price for the first quarter of the year as a key indicator for the stability of the market, it warns that the estate agency sector is in a fragile condition, with online services that have lower overheads and some may argue, increased convenience for sellers adding to the pressure. In addition the forthcoming ban on letting agents fees soon to be levied on tenants, profit margins for estate agents across the country are set to reduce drastically.
Head of New Business at One 77, Darren Walker, said:
“I am increasingly being told that by estate agents that the profit margin they are seeing from more traditional practice is becoming slimmer as each year passes, and this backs up the research made by Moore Stephens. At One 77 we are helping estate agents across the country increase their margins by becoming a mortgage introducer with us. Many times when an estate agency even already has a partnership in place they have found that One 77’s high conversion rates have maximised their income potential. There is no better time to start thinking more creatively about your income streams. There’s nothing to lose – so give me a call.”
Are you an estate agents looking for additional income and higher profits? Call out Head of New Business Darren Walker on 01225 667190 to discuss how you can become a One 77 Partner.
Head of New Business