A recently-established estate agency in Somerset without high street branches says it made a substantial profit last year and has now opened its second office.
Lodestone Properties was started up two years ago by Cath Morris-Adams and Sue Macy (pictured above) in the town of Bruton using an office within a commercial building at the rear of the town for its six staff.
The estate agent firm has now opened a similar operation in nearby Wells, the UK’s smallest city, where two new staff are now based at an office off its high street.
“We wanted to do something different and be ground-breaking in the industry,” says Sue.
“Lodestone Property doesn’t have a high street presence as shop fronts are a thing of the past in our opinion, despite most of our competitors having them, and [we] would prefer to invest in a high ratio of staff to ensure our sales complete.
“We still love to welcome clients to our offices, but very few visitors turn into buyers so why would we waste money when it doesn’t guarantee us any revenue?”.
Modern estate agent
The company offers both a sales and lettings service as well as an Airbnb management capability via a third-party supplier it recently struck a deal with. Lodestone says this means it can now offer a traditional lettings, holiday rental and Airbnb management service across Somerset.
Sue and Cath have experience of careers in several industries including property and describe themselves as ‘oldpreneurs’.
“Most people of our age are thinking about winding down, but we want to go out with a bang,” the pair said.
Read more about agents who quit the high street.