The new boss of emoov has said that online agents have yet to realise their potential.
Emoov chief operating officer Naveen Jaspal said that online agents will take market share from the high street.
She also knocked out the idea of a huge advertising spend for emoov, saying it made no sense.
The firm will instead use social media in its marketing mix.
Jaspal, formerly of Countrywide, Yopa and Purplebricks, was speaking out after former Emoov boss and founder Russell Quirk said that only Purplebricks would be left standing among the current crop of online agents, and that online agents as a whole would achieve no more than 10% of market share.
Jaspal, who is chief operating officer of both emoov and its new owner Mashroom, said: “Emoov going into administration was an individual failure rather than a failure of the online market.
“I personally believe the online market/hybrid agents will eat into the high street marketplace.
“Five or ten years ago you’d go to restaurants to eat your food and today you have Deliveroo and it’s a natural thing.
“We know the world is changing, we know that consumer behaviour is changing, we know that the estate agency sector is developing.
“Do I believe that online markets have released their potential?
“No. They are at the beginning stages of influencing the market and taking market share.”
Emoov, which start-up lettings platform Mashroom bought out of administration at the beginning of this year, has operated almost below the radar since the transaction.
Jaspal said that it had been “consciously quiet” while the new owners look to see how emoov should be run.
She said that it will not be embarking on major TV advertising campaigns.
She said: “What we have seen is that a lot of the estate agencies are spending millions of pounds a month on marketing. Actually that is not sustainable.
“We are looking to social media advertising, directly to the consumer.
“We are not in the TV advertising space but we will be advertising at the Barbarian Fiji game at Twickenham this Saturday.”
The business is also offering a £100 Amazon gift voucher for anyone that refers someone else to emoov.
Sellers pay £895, though the company will allow customers to pay in increments.
Emoov does refer consumers to mortgage and conveyancing firms via myhomemove, but Jaspal said that neither is an obligation for users.
Yesterday, emoov was offering 133 available properties for sale on Rightmove.
Comments (37)
If the weekend’s Twitter *********** (credit: Jonnie and apologies to Nick…) and the recent ASA ruling – which STILL doesn’t appear to have been adhered to – is anything to go by, any growth in market share is going to be gained by very, very dubious and unprofessional ways and means.
“Taking” market share? Maybe they shoud try earning market share instead?
Seems like this lot didn’t just buy the brand – they bought the box of grubby tricks that went with it.
Erm formally of Countrywide Yopa and Purplebricks. Says it all really. Does no one run estate agency to make a profit any more.
Wow, this has provoked a lot of comments. Plenty of both experience and opinion about online agents, which is no bad thing!
This all reminds me of Grant Bovey and the Imagine Homes debacle when he said this just before the Company went bust
‘I will sue anyone that says Imagine Homes is in financial trouble…we have huge profits that have yet to materialise.’
“What we have seen is that a lot of the estate agencies are spending millions of pounds a month on marketing”
A lot? Are you sure a lot of agencies are spending millions of pounds on marketing? Out of the lots you have seen, how about name 5 agents spending £1m or more per month on marketing.
In fact it’s probably only 2 being YOPA and PB and even they are reigning it in.
Being an ex estate agent having worked for Sequence (awful) Leaders (even worse) I used emoov to sell my house, they were fantastic, the staff were so helpful and knowledgeable, not like the staff they put in high street agents, who can barely be bothered to speak. And they were more than a quarter of the price! Says it all!
Amazed you’re not their poster boy.
A true unicorn unlike emoov.
I think I see why you’re an ex estate agent.
I am an ex estate to get away from trolls like you
Missed the lesson on irony at school, I see…
Why is it that you only ever… EVER… read the word “knowledgeable” when it relates to an online Estate Agent?
It’s kinda like they invented the word… and are the only ones on the planet that use it.
OOPS – I mean their customers. Of course.
Dear Ms Jaspal / name of whichever COO/CEO this relates to
You crave “market share”. Of course you do – it is your oxygen. Without a steady stream of income being paid on the nose, you cannot trade.
But that’s all you need. Once the money is in, what is the incentive to do anything else other than seek the next paycheck?
Believe it or not, the market is big enough for you and your brethren. You could even coexist with High Street Agents without all the fluff and fluster – IF YOU COULD ONLY PLAY FAIR.
You’re currently on the ASAs naughty step. Same place that your predecessor sat; same place where there is a seat of (dis)honour reserved for the PurplePeople; and others not mentioned. And no doubt many more to come.
Why? Because you break the rules.
emoov agreed – in order to keep the outcome of the enquiry to an “informal resolution” status – to amend false and misleading statements on your website.
Yet the emoov website still shows that the number of Trustpilot reviews the current rating is based upon is 2172. emoov have only received 95 reviews this year – thirteen of those – one star reviews all – were removed on emoov’s request (seven subsequently reinstated).
Pretty hard to be “Excellent” when 14% or more of your reviewers are saying otherwise…
The emoov website also still has reference to “awards” received in 2018… 2017… 2016 and 2015. WHY? emoov now take pains to tell the world that the old company has no bearing on what you are now – so why try to rest on their few laurels?
The website still refers to the claimed amount of money that emoov customers “saved” in 2018 of £4.5 million. (but for some reason it doesn’t state the amount of money that customers LOST during 2018 when emoov went into administration, leaving over 2000 homeowners high, dry – and poorer for the experience… or those amounts that customers LOST who paid and didn’t sell… ).
The emoov website is littered with ‘old’ claims… the original company’s marketing ***********.
Tell me – would you like
* a separate ASA complaint for every one?
* one mega complaint
or are you going to completely clear the decks and play by the rules?
You will find the Estate Agency world to be a lot easier to navigate if you don’t cut across the bows of every other vessel.
Show the others the way – or sink with them.
Your choice.
I thinks its time that government stepped in over the “Reviews” scandal. Its worldwide manipulation with good intentions, but now all too often deceives the customer.
Goodness knows I’m trying, Woodentop!
Very!
I teed it up – it would have been rude of you not to give it a whack, R’n’r!
🙂
Emoov needs marking with a sign saying “Do Not Resuscitate “……makes you wonder how many staff they have there now looking after a bounty of 133 available properties……do you really need someone with the title of Chief Operating Officer to manage this lot? Come on, call time now please, it’s not working, the high street is winning!
Just read that last line from Ros again:
‘Yesterday, emoov was offering 133 available properties for sale on Rightmove.’
Sooooo my pretty successful office (market town, outside London) has, as of this morning, 143 instructions, 10 more than the whole of Emoov……
There will be plenty of other proper agents reading this article in a similar position (as ours is not a huge register by some standards), who will be mighty reassured of their futures now if that is all the supposed competition can muster.
It makes you wonder why we’re even talking about them still….. Seriously.
Ros, maybe it’s finally time to cut off the oxygen supply to their publicity as they’re so insignificant to our profession?
And do the same for RQ too? Does ANYBODY really care anymore about a word that he spouts? He failed his customers and his staff and his investors on a spectacular level and his his opinion doesn’t count for jack any more, surely?
Yeah, but is so funny to read their nonsense over breakfast and everyone realise at least they are doing things right. A good start of the day people.
‘ “Emoov going into administration was an individual failure rather than a failure of the online market.’
That spoiled someone’s breakfast this morning.
“That spoiled someone’s breakfast this morning.”
Spoilt mine for sure – coffee everywhere.
Ms Jaspal – you owe me a keyboard!
The fundamental issue surrounding the failure of so many of the online agents was that their differentiator was price.
This simply leads to a race to the bottom, because there is always someone who’ll do it cheaper.
Online agencies have swallowed up hundreds of millions of investor cash for marketing/customer acquisition. That’s a hungry funnel that needs continual feeding. For most models, the cost of acquisition means that they’ll never make profits.
Purple Bricks are reducing spending, but it will reduce new customer sales. They have the best brand awareness, but because they are spread nationally, they don’t get the precise targeting benefit of a local agent with concentrated boards dominating the kerbside.
And they do better in lower-income areas – and along House Simple who’ll now do it for free. Purple Bricks are now caught in the middle between no-fees and full agency with no differentiation other than a first-mover advantage which will erode over time.
The only long term sustainable and profitable way to disrupt is by offering a step-change in your offering. That means finding out what the real pain points are in the customer’s journey, fixing the problems with a customer service based solution.
…and I’m going to be the King of The World
“ Emoov, which start-up lettings platform Mashroom bought out of administration at the beginning of this year, has operated almost below the radar since the transaction.
Jaspal said that it had been “consciously quiet” while the new owners look to see how emoov should be run.”
The CEO playing Eeeny Meeny Minny Mo?
It’s spout a wish time again. Emoov over & out …..next!
Can’t keep a job and will soon be out of another one. Hasn’t a clue of what estate agency is really about. Seems to think like all the on-line models, Charge less = more and sit back Do less = better service.
When will these people realise they are nothing more than IT advertising and are charging way over the odds for that service. They will be killed off by ‘social media apps’ for private sellers who want to do it themselves. That is the future and there will be none of these so called hybrids left. Investors will as now, lose all their money and my advice to them is sell, sell, sell now and take the hit. It will be better than nothing, its coming and won’t you know it.
The high street will continue for customers who want the full service and expertise. This is proven by 95% of the market still using agents after all the on-liners propaganda and MEGGAR multi £m’s spent over the years, lied, lost it and gone out of business. Investors need to wake up, the evidence is there to see and is no longer speculation.
I love it – comparing ordering a kebab to a process that can take months to transact with something that is often your most valuable asset/investment. Keep the dream alive guys! :0)
Think about it, E_A_M – the analogy is actually perfect.
There are those that appreciate fine dining – and pay handsomely for the experience; there are those that enjoy a nosh-up in a greasy spoon.
The issue, however, is that without exception these companies continually fluff up their feathers in an attempt to convince diners that they are Michelin Star material.
They aren’t.
And they know they arent – which is the worst part of it. That is when “marketing” becomes lying.
First rule of customer care is that the gap between expectation and reality is filled with disappointment. It is the Agent that sets the expectation – and then has to live up to that expectation.
It’s all about setting expectations.
Too true Sir P of B – Also if Purplebricks set up a restaurant or take away there would only be a 50% chance you get your food after you’ve paid!
“Also if Purplebricks set up a restaurant or take away there would only be a 50% chance you get your food after you’ve paid!”
Now, now, E_A_M – let’t not be economical with the truth.
We must play fair… or we’re stepping straight into their mocassins.
It’s 51.6%.
They have to use this kind of rhetoric to get mugs to chuck money at them, anyway it gave me an early morning smile. As we all know a fool and their money are easily parted. Have a good weekend everyone
It’s all a bit repetitive isn’t it. If they say it enough times maybe they’ll actually end up believing it themselves!
“Five or ten years ago you’d go to restaurants to eat your food and today you have Deliveroo…”
Er, no – if I wanted a takeaway, I would leg it to the chippy !
I tend to agree with Russell Quirk – PB will kill-off most of the onliners, leaving a few minnows gasping in the shallows.
Imagine trying to compare the stresses of moving home to ordering a takeaway
I’ve used Deliveroo twice. Turned up cold and soggy. Last time I looked, Deliveroo had a £476m turnover and made a £232m loss. Maybe a fair comparison then?
It’s all they can compare their offering to, sb007ck…