BREAKING PROPERTY NEWS – 15/02/2022

Daily bite-sized proptech and property news in partnership with Proptech-X.

 

Will Purplebricks delist from AIM and go private again?

Though Purplebricks is awash with cash at the bank, and in no way has any financial difficulties due to its cash upfront sell or do not sell model, its low share price on the AIM, a section of the LSE for smaller companies, means that its value as a company is low.

The so-called market capitalisation figure, the value of the company determined by its share price, is presently hovering around 20p. This means Purplebricks is vulnerable to someone wanting to take control of the business.

The natural contender to take control might be Axel Springer, the huge German communications company that already has a 26% share of the company, and made an ill-fated purchase of shares when the share price was sky high some years ago. But it may sit on its hands.

The big problem with Purplebricks is that although it has been a cash cow in terms of capital flooding through it, it has only once given a marginal profit, and most of that was a one-time sale of its Canadian operations for north of £2 million.

So, who wants to be in control of a real estate company that does not make a profit, is likely to be fined for lettings irregularities and may have to defend against a class action regarding its employment model?

Poorly performing businesses in the estate agency space can be turned around. Look at the Connells group, who acquired Countrywide Plc, which delisted and converted to Limited rather than Plc status.

The difference here with Countrywide is that after the assets of CW Plc were acquired, the new owners had a C-suite who actually knew how to run an agency business, and they started to do just that. Amazingly the business transformed in its first year.

The problem with Purplebricks is that they need someone in the C-suite who actually can run an agency business. Remind me, what is Vic Darvey’s background? Maybe a CEO with agency credentials would be a start to close the disconnect from a user experience standpoint, and the realities of all the moving parts that agencies encompass.

The agency model is not rocket science, but somehow Purplebricks has turned into a science project that has gone wrong. Anyone becoming a controlling force of this business needs to have probably four key people who have the knowledge, vision and skills to push this company to its next stage. It is them who are the key, not who owns the business.

Zara Stanton is up for a new role, maybe as an advisory?

 

TDS announces API integration with teclet to streamline tenancy deposits for agents

Tenancy Deposit Scheme (TDS) is delighted to announce that teclet, a wholly owned subsidiary of OnTheMarket plc, has integrated with the Tenancy Deposit Scheme’s (TDS) API.

The TDS API is designed to simplify the transfer of tenancy deposit data from a CRM database onto the deposit scheme platform. Historically, this process has been a manual and time-consuming task for letting agents, creating a duplication of work and an opportunity for human error. By automating this process, the API reduces unnecessary administration for agents, allowing them to focus on their core business.

The teclet automated portal supports letting agents in streamlining their operations and is both a pre-tenancy and property management solution which also encompasses end of tenancy deposit management, distribution of funds to the various parties involved, and debiting from the tenancy deposit. This platform works seamlessly with the TDS API software.

TDS Chief Executive Steve Harriott commented: “We understand how tiresome it can be for letting agents to duplicate administration data at the start of a tenancy. Through the development of TDS API, our tech team has ensured that the registration process is as streamlined as possible, to give agents and landlords an optimum start to their tenancies. Our goal is to continue to make tenancy deposit protection as fast, secure and compliant as possible.”

teclet Chief Executive Alan Blockley added: “This is another example of how productivity and compliance can be improved to everyone’s benefit with huge reductions in time by not duplicating data entry.”

The TDS API is a feature that is available to all TDS agent members in both the Custodial and Insured schemes, as well as clients of teclet.

Steve Harriott concludes: “We pride ourselves on our service delivery and our commitment to make life easier for everyone in the lettings process. teclet’s integration with our API will enable that service delivery to improve further and benefit all stakeholders.”

Andrew Stanton

CEO & Founder Proptech-PR. Proptech Real Estate Influencer, Executive Editor of Estate Agent Networking. Leading PR consultancy in Proptech & Real Estate. Want to contact me directly regarding one of my articles or maybe you'd like a chat about future articles? Email me via editor@stagingsite.estateagentnetworking.co.uk

You May Also Enjoy

Breaking News

Breaking Property News 20/12/24

Daily bite-sized proptech and property news in partnership with Proptech-X.   Why estate and letting agents must embrace innovative technology in 2025   As we step into 2025, the UK property market continues to shift, and estate agents face mounting pressure to meet the evolving expectations of buyers and sellers. The days when static images sufficed…
Read More
Breaking News

Breaking Property News 19/12/24

Daily bite-sized proptech and property news in partnership with Proptech-X.   High street Auctions’ initiative launches to revive Britain’s town centres   This month the UK Government rolls out its highly anticipated ‘High Street Auctions’ scheme, a flagship measure of the Levelling Up and Regeneration Act 2023. This initiative grants local authorities the power to take…
Read More
Estate Agent Talk

Moving Up In The World: Finding Your Dream Home

Finding your dream home is one of life’s most exciting and transformative experiences. Whether you’re looking to upsize, relocate, or finally purchase that ideal property you’ve always envisioned, the journey is both thrilling and filled with important decisions. As you embark on this path, it’s essential to plan carefully, consider your priorities, and approach the…
Read More
new build home fronts
Breaking News

These cities are the keenest to move house in 2025

Bournemouth is the keenest area in the UK to move home, with 38,132 average monthly searches for moving-related topics per 100,000 residents. Plymouth is second, with 35,198 average monthly searches for moving, and Birmingham is third, with 35,181. Derry is the least keen area to move house, with only 3,170 average monthly searches related to…
Read More
Love or Hate Rightmove
Breaking News

Number of rental enquiries still double pre-pandemic, as rents predicted to rise 3%

The average number of enquiries sent to agents about each available property they have to rent is still nearly double the level it was in 2019, despite improvements in the balance between supply and demand: Each available property receives an average of 11 enquiries, nearly double the 6 at this time in 2019 This is…
Read More
bank of england interest rate
Breaking News

Response to the Bank of England interest rates decision

Response to the Bank of England interest rates decision, thoughts from the Industry Rates were left unchanged at 4.75% MPC voted 6 to 3 in favour of holding rates flat, with three members preferring to cut rates by 0.25% to 4.5% In the near-term inflation is expected to “continue to rise slightly” The market was expecting rates to remain…
Read More