Russell Quirk: ‘Online estate agents will only ever be 10% of the whole industry’
Russell Quirk stood up and declared he had gotten things wrong when he predicted that online estate agency would scale up to be 35% of the whole industry and many people believed in him and his company Emoov back then as he received £millions in funding to grow his business from an idea to a nationally recognised brand. Today Emoov has failed and investors lost their money, but with a brave face and sincerity, Russell gave a live talk at the Future Proptech Show in London on ‘Online Estate Agency’.
Admitting he got the figures wrong and that he industry is now flooded with over 50 so called online estate agencies / hybrid agencies that brings with it much more competition and marketing costs plus the fact that other online only agency concepts have failed and existing ones continue to leak money – Online estate agency is well and truly a declining trend. The future still is in the hands of high street estate agency feels Russell with proptech playing a big role in who will continue to do well and succeed in what is currently a tougher climate currently for estate agents.