BREAKING PROPERTY NEWS – 05/09/2022
Daily bite-sized proptech and property news in partnership with Proptech-X.
PropTech Unicorn PLACE Announces Key Executive Appointments
PLACE, the industry’s only all-in-one technology and business services platform powering the top 20% of real estate agents regardless of brokerage, announced today the hiring of Chief Financial Officer (CFO) Suzanne Colvin and the key executive appointments of Ross Clawson to Chief Administrative Officer and Vija Williams to Head of Industry.
Incoming CFO Suzanne Colvin brings over 25 years of financial leadership experience, which ranges from high-growth start ups to established multinational enterprises and includes stewardship of companies through their IPO process. Colvin joins PLACE from Egnyte, an industry leading SaaS company that provides content security and governance for multi-cloud businesses, where she served as CFO. During her tenure, the company scaled from $90 million to $160 million in revenue, and from 600 to over 900 employees. She was previously CFO at Napster, where she led financial operations for subscription-based digital music service through a period of rapid scaling and eventual acquisition by Best Buy. Colvin also held the roles of Chief Accountant at Verifone and VP and Corporate Controller of Exodus.
“Suzanne is a talented financial leader and a great addition to the leadership team. Her experience leading truly category-defining digital service companies brings the financial rigor and operational excellence we need as we continue to rapidly scale,” PLACE Co-Founder Ben Kinney said.
“I was attracted to PLACE because of the purpose and mission, the people, and the clear difference PLACE is making for the real estate community,” said Colvin. “I am excited to join PLACE and help drive growth and scale for top tier real estate teams. Our unparalleled SaaS technology, alongside best in class back office support services, will enable our operator partners to accelerate their growth and enable us to deliver the dream of homeownership everywhere.”
Colvin steps into the CFO role following Ross Clawson’s promotion to Chief Administrative Officer. Clawson has led finance for the profitable start up since its inception, and has played a critical role in the company’s recent $100 million Series A raise. In his expanded role, Clawson will oversee and integrate day-to-day operations of the company’s three business lines – SaaS, real estate teams, and consumer services.
Clawson will also assume a seat on the company’s five person board which is currently composed of investors, founders, and early employees.
“PLACE is truly an ecosystem of growth. Ross continues to cultivate opportunities for others and it is awesome to have an even bigger opportunity for him,” PLACE Co-Founder Chris Suarez said. “While his business acumen speaks for itself, his commitment to our culture, partners, and headquarters team members is second to none.”
In addition to key finance roles, PLACE also announced the appointment of Vija Williams to Head of Industry. Williams is the President of the Brokerage Division of Ben Kinney Companies and the CEO and Founder of Vija Group Real Estate, a top producing firm based in Washington. She is also Co-Founder and Board Member of Her Best Life, a leadership organization committed to amplifying the voices of women in business. Her extensive experience as an agent, mega team owner, and brokerage leader, as well as her non-sales endeavors in coaching and media, make Williams uniquely suited to lead industry relations for PLACE.
“Vija is a force to be reckoned with in the industry and a phenomenal business leader. She has deep experience in all facets of the real estate business,” said PLACE Co-Founder Ben Kinney. “Her thought leadership and influence are exactly what PLACE needs as we establish a new way of doing business in the real estate industry.”
“After a 20 year real estate career as an independent broker, team leader, and brokerages operator, I am more excited about the future of real estate now than I have ever been,” said Williams. “I believe PLACE will shape the future of real estate. Real estate teams are the front line of delivering the dream of homeownership everywhere, and PLACE is the company that will power those teams to deliver the total market experience to agents and consumers alike,” she continued.
Founded in 2019, PLACE has emerged as a leader in start-up and proptech circles. In late 2021, PLACE closed its Series A round led by Goldman Sachs for $100 million resulting in a $1 billion valuation. The organization continues to grow with over 150 PLACE Partner real estate teams and 600 employees.
GETAGENT.CO.UK: Homesellers sitting tight as stock levels drop
GetAgent.co.uk looks at the latest hot and trending markets.
Latest data has revealed which postcodes are currently ranking as the nation’s home selling hotspots. Findings show that the average number of homes listed for sale per estate agency branch across Britain have dropped.
Our data looks at the average number of properties listed for sale per branch in every postcode across Britain this year, observing the level of ‘for sale’ stock and how this has changed since 2021.
We have found that, across Britain, the pandemic property market boom has started to subside. So far in 2022, there has been an average of 7.3 homes listed per estate agent branch across Britain – a -12.5% drop compared to the 2021 average of 8.4 homes.
Which areas have seen the largest reduction in market activity?
The Exeter postcode of EX38 has witnessed the largest reduction in market activity, with just one home listed for sale per agency branch versus 14.3 in 2021 – a massive 93% drop.
Other areas to have seen a drop in listing levels include the LL15 postcode of Denbighshire – with a 92% drop so far in 2022. This is equal to just 1.7 listings per branch versus the 22.7 that were seen in 2021.
There have also been reductions in the ST13 postcode in Staffordshire (-89%), IV36 in Moray (-87.8%) and YO43 in the East Riding of Yorkshire (-83.9%).
While there has been a massive reduction in property listings, some agents are still feeling the heat of the pandemic boom.
What areas have seen an increase in listings?
While many areas have seen a drop in listings, other postcodes throughout the nation have experienced an increase. The BB5 postcode of Hyndburn has seen a 635.6% increase, with the average listing being at 12.8 homes per branch.
In the Vale of White Horse, the average branch in the SN7 postcode has experienced a whopping 430.9% increase.
Other areas to have seen a largest increase in listings per agent branch include, the G65 postcode in North Lanarkshire (+351.%), S18 in North East Derbyshire (+338%) and South Ayrshire’s KA26 postcode (+300%).
A clear reduction in market activity – GetAgent CEO Colby Short
“We’re starting to see strong signs that the heightened levels of market activity driven by the nation’s homebuyers is now starting to subside ever so slightly, most notably by way of a reduction in mortgage approvals.
“As our analysis shows, there has also been a reduction in market activity on the side of the nation’s sellers so far this year, with available stock levels dwindling quite significantly in some areas.
“Of course, with the market already suffering from a drought of its own with respect to available stock, a further reduction should ensure that the scales of supply and demand remain out of balance. As a result, property values are likely to remain robust despite the wider pressure of a cost of living crisis.”
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