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Anyone who has been in this for the last few years knows full well that the only way way to make money ( or get back what you have lost) is to buy when it drops and sell when it goes up. If you are buying at the moment then watch out - for those of us with a few shares then come on you Twitter rampers get the price up so we can sell some more !
Gold nuggets or chicken nuggets- based on past experience more like to be turkey nuggets but heh ho might be different this time but then again there’s always the potential for one more ‘ never again ‘ dilution if the price goes up enough.
As an ex-Estate Agent and Surveyor I know how rapidly income can increase across all areas of the business in a boom market - in the 2008 crash we lost 90% of our sales business in six months and lost a small fortune - when it goes the other way the results are just as dramatic so anticipate a rapid rise in income as completions start to increase assuming our legal friends can cope of course !
Been here for several years and was 90% down up to a couple of weeks ago - not a fortune but still painful - have regained two thirds of lost value but based on the dilution from George that seems to follow every rise have sold half of them - agree if Dattels is involved in any way much more positive outcome likely. GLA
I’m currently out of this (with losses) because whilst the Company is potentially asset rich it is cash poor and all of the potential liquidity events are heavily caveated - yes it could all work out but the track record leaves a lot of room for doubt - just too risky for me but good luck to all of you still in.
Rumour has it the commission structure for Agents is being changed to properties that have exchanged not instructions as at present - don’t know if anyone else has heard it but if true turns the commission structure paid and business model on it’s head - any purp Agents out there who know about this ?
Also the industry has spawned a new type of competitor - a single office operation operating a 25 mile radius at fees of £850 plus VAT. These operations have the same profile on the portals as the biggest agent and almost all buyers come from Rightmove (Zoopla and On the Market are minority players). CWD were a premium fee operation, sustaining that is going to be increasingly difficult. The minimum wage has undermined commission structures and the shortage of surveyors has pushed their pay up dramatically. All in all very challenging !
Running a multi office operation including surveys and valuations which CWD are big in I can tell you : Purple Bricks et al may not have taken all the business what they are doing however is driving fees down and that will continue - transactions are erratic, June which is normally a very good month for new sales is poor and valuations for lenders which are big business for CWD are under threat from AVM ‘s which are used increasingly on low loan to value transactions. The tenant fee ban will also have a big impact. Can’t see where profit to serve debt is coming from.
Running a multi office branch network in East Anglia I can advise that our sales exchanged ( i.e. this is actual income generated) in Quarter 1 of 2018 are going to be around 25% down on same quarter last year - new sales agreed which generate income in Quarter 2 will be 10% down on 2017. Very difficult to buck the market in this business.