Foxtons has revealed ambitions plans to expand its business via virtual branches in the SE of England as well as 15 major cities and several foreign high-value markets too.
Budden told investors listening to the virtual presentation that a virtual pilot in Berkshire last year went well and that the model would be rolled out across the Home Counties soon.
“Whilst it’s still early days I’m pleased with progress and it’s been encouraging to see our brand and premium fee working well in this area,” he said.
Despite Foxtons only operating in London, 36% of people canvassed around the UK had heard of the agency and Budden said it intended to leverage this with an ‘asset light model’ in cities such as Cardiff, Bristol, Manchester, York, Leeds, Birmingham, Edinburgh and Glasgow.
Foxtons is also to roll out a separate New Homes capability offering investment opportunities to London buyers seeking UK-wide new homes investment sites.
Budden also said that, although it already had a China desk, Foxtons is to consider opening operations in the world’s major high-value markets which, although he didn’t name them, would probably include places where many of its London rivals already operate such as New York (where it previously an operation), Dubai, Paris, Tokyo, Sydney and Geneva.
Foxtons’ CEO also said the business expects its recently-implemented in-house developed ‘game changer’ CRM system to deliver significant new revenues of up to £13m a year by increasing its sales funnel by 1%.