A question of property

A Question of Property: Russell Quirk, CEO of eMoov

Are online agents like yours really gaining market share? Yes, Rightmove figures show the share of online agents has increased from 2.5% in early 2015 to 6.5% today – that’s an increase of more than 100% in two years. We have data that shows, depending on area, the propensity for people to use an online agent is increasing at a significant rate. I believe it’s all about tipping point. If you talk to business experts, they believe it’s somewhere around 12% market share. We are rapidly moving towards that. Where’s this growth coming from? Look at Countrywide and Foxtons. Their listings and revenues are dropping while the decent online operators such as Purplebricks, Yopa and ourselves are growing our share and numbers in absolute terms in a market that is down by 30%. Some say it’s all fuelled by investors’ cash Yes, it is a question of cash but it’s also about proposition and execution – I think there will be two or three winners in this market. Investors are getting fickler and I know of one online agent which is struggling to raise funding now. But it’s more about that if there are ten competitors in a new market,…

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