Yopa has revealed how it provided its agents with its own financial support package during the lockdown period.
The hybrid agent has revealed an increase in listings, demand and sales subject to contract (SSTC) both during and since the property market was effectively closed in the lockdown period between March and May.
Its agents are self-employed, taking earnings solely from fees, so could not access the Government job retention schemes.
But Yopa instead provided support.
A spokesman told EYE: “Not wanting our agents to struggle, we paid out an underpin over the worst of the lockdown to supplement their income and keep them focused on supporting Yopa customers, rather than worrying too much about their own financial circumstances.
“We won’t be divulging the amount.”
It comes as the agent reported its performance for April and May.
Yopa said it was just behind Purplebricks with the second highest share of new listings in both April and May – rising from number seven at the start of 2020 – after helping staff shift to working from home in early March and supporting sellers with virtual valuations and video viewings.
The company’s agents conducted 323 virtual viewings at the height of lockdown, according to the update.
It said the number of registered buyers increased by 452% between April and May to 7,000 and its conversion rate of listings to SSTC is now at 87%.
Grenville Turner, chairman of Yopa, said:
“All of this effort, agility and adaptability meant we jumped to the number two spot across the industry for share of listings in May and, whilst we of course acknowledge that the category was severely contracted at that time with many agencies furloughed or unable to operate, we believe we are in a great position to build on this success now that restrictions are easing across the UK.
“The fundamentals of the housing market were strong before the lockdown began, but the size and speed of the recovery that is now beginning will depend on the effect of the lockdown on unemployment levels, consumer confidence, and the availability of mortgages.
“Yopa will continue to adapt in line with the changing dynamics of the home-moving market.
“We’re incredibly proud of all the team for being so adaptable and relentless in serving our buyers and sellers over such a difficult time for us all.”
Comments (9)
“Feel the farce!” – Yopa
Who is this YOPA that is mentioned?
“…we jumped to the number two spot across the industry for share of listings in May…”
Depends how they are counted. and what constitutes a “listing”.
For example, using Zoopla data, of the 1000 most recent properties “Just added” to the portal by Yopa ( covering the period 22 May – 17 June), at least 78 of those are #RElistings. And they are the ones that jump off the page.
In fairness, compared to others, 7.8% is a relatively small percentage.
There’s little doubt if YOPA had been a PayRegardless Agent, that number would have been a lot higher – people desperately trying to get their moneys’ worth…
…or put in more basic terms – the “sale” that the flashy advertising promised them.
There is no coincidence with the timing of Grenville’s comments on “how well” Yopa are doing. This is roughly around the time the begging bowl is laid out to the investors in order to keep them in business for another year.
“…its conversion rate of listings to SSTC is now at 87%.”
Less a third or so for fall-throughs… lo! and behold – completed sales down in the 50s, percentage-wise.
Unless YOPA wants to provide hard evidence to the contrary, isn’t this yet another toss-of-the-coin merchant fluffing up its feathers with Agent-speak *********** (credit: Jonnie)?
Quick reminder that this firm’s recent losses are: 2017 – £18.3m, 2018 – £30.3m. But hey, they’re doing great!
I’m not surprised at the results – the company has spent a vast sum of money on advertising and marketing. Unfortunately for the rest of the industry this ‘growth’ is built on speculative investment spend not actual profits.
Like Purplebricks before it this level of advertising changes client perception on fees (while running a business that doesn’t make profit)
Could EYE or any reader put forward the figure for the investment in the company to day against revenue received?
On a side note, one of my friends called them recently to view a property and the call handler was more interested in getting a financial service appointment as opposed to actually telling him anything about the property.
Whether they charge a fixed fee, no fee or whatever else they want to charge or give away – the definition of being an estate agent is that you work to obtain the best price for your client, that to me means equipping yourself with as much knowledge as possible on the property you are selling and not just using your business to promote financial or other services.
Good old Yopa…
success without responsibility!
A company who continued to list properties during lockdown & boast about it…
Foolishly placing clients lives at risk by attending valuations, visiting to take photos, allowing viewings (witnessed) during this coronavirus lockdown when we were told to STAY AT HOME.
I hope you’re so proud of your achievement of course the bottom line really matters when thousands of people are dying.
Shame on you !
If they weren’t breaching the rules they’ve been valuing homes they haven’t been to, in areas they don’t really know and relying on the owner to do photos, floorplan and ad copy. CPR field day to be had there I suspect.