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Latest property news
‘Clumsy’ lettings reforms will persuade more independents to sell, says Martin & Co boss
Franchised lettings giant Martin & Co says the looming lettings reforms announced last weekend is going to make it harder to stay in the game for many agents, and suggests many are considering selling up. The extra red tape, the government announced, will include mandatory training for agents, a compulsory code of conduct, a new regulator and a major overhaul of leasehold ownership. Ian Wilson (left), who is CEO of Martin & Co’s parent company The Property Franchise Group (TPFG), says: “The Government’s announcements at the weekend, although welcome and well-meaning, will probably be clumsily executed. “It’s going to be a lot of work to stay in the lettings game, so potential sellers should think hard about their best option”. TPFG is also helping its franchisees with finance to buy up independent rivals, Ian says, with “a well-oiled machine, and access to cash”. Examples this week of Martin & Co franchisees buying up local independent competition include purchases in Runcorn, Cheshire; Grantham, Lincolnshire; and Horsham, East Sussex. In Runcorn two local Martin & Co franchisees joined forces to buy TCG Residential, whose owner wanted a quick sale so that he could finance a round-the-world motorbike trip. And in Grantham, franchisee…
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How much bigger are Purplebricks’ catchment areas than high street agents?
How important is local knowledge to vendors? It’s a question that hybrid agents such as YOPA and Purplebricks are putting under the spotlight right now as they attempt to claim ‘local experts’ with large patches. But research just out suggests that local knowledge really is very important to vendors. So how local is local? Agent comparison site GetAgent looked at national data from 14,000 branches and over a million listings to find out. On average properties listed with traditional sales agents are 3km away from the high street branch they are listed with. But it’s the stark difference in catchment area size that sticks out from the GetAGent research – Purplebricks LPEs operate within an average catchment size of 10km while traditional agents’ areas are no more than 3.8km wide. “Being local is so important,” says Matthew Cousins of Surrey-based Inspire Estate Agents. “I don’t understand how an estate agent can add value if they don’t know the area, the people and the properties. “I know I can value a property accurately in the area I cover as I am likely to have sold a property very close by.” It is also clear that Purplebricks take on twice as many…
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