British hybrid estate agency Ivy Gate is expanding into America.
Should it succeed in cracking the American market, Ivy Gate could prove a first following unsuccessful attempts by other UK agents, including Foxtons.
Ivy Gate, based in south-west London, was launched two years ago by Jason Tebb, Stuart Ripley and Matt Martin, who had previously been high-fliers with Your Move.
The business is backed by former Dragon James Caan.
The plan is to launch in Florida and then develop the brand by franchising right across the USA, where the residential real estate market is valued at over $30 trillion.
The move is being led by former UK estate agent Phil Steed who, via a licensing deal, has been appointed director of Ivy Gate USA, and whose Florida business will re-brand to Ivy Gate
Steed said: “My love of real estate dates back to 2003 when I opened my UK estate agency office in west London; my love of the US comes from having worked for a US-based multi-national company and owning property in Florida for some 15 years.
“I’ve travelled the States widely and now consider it my home.
“Just over a year ago I realised a dream to open a real estate business in Florida and during the planning process I was asked to join Coldwell Banker.
“However, I decided to stay independent because I wanted to build a company that treated clients and realtors differently and was able to innovate in an industry that was very predictable.
“I am delighted to be joining Ivy Gate and be responsible for growing their brand across the US. This might appear at odds with my initial objectives but it isn’t.
“In talking to Jason Tebb and Gary Winter [Ivy Gate’s franchising director] it was clear that we shared the same vision, the same aspirations and the same goals. It immediately made sense to look at working together.”
Tebb said: “I’m immensely proud and excited as we embark on this new chapter of the Ivy Gate journey.”
He revealed that Ivy Gate is talking to two other potential international partners, while there are 12 individuals in the UK who are at the business plan and financing stage to open Ivy Gate franchises.
Tebb said he hopes the first one will be open by the end of the first half of next year.
Comments (17)
Robert on 17th Dec I have one of the main US technologists over in London. Rob Larson is the one who has just re written the data definitions for the whole USA mls schema. Basically every US property selling will go through his refined schema. That’s over 1m real estate agents. I’ll be having select stakeholders and agents able to meet Rob. You’re be more than welcome along.
Robs day job is a the CIO of the biggest US mls CRMLS. CRMLS is approx 3-4 times bigger than Rightmove.
Trevoir your either the richest and most successful person i have ever listened to or your sat in a cold room making this stuff up,,,cant decide…
It’s amazing that US agents have retained great fees benefiting from heavy investment in their mls. Whilst UK vc’s continue to pour heavy funds into lower cost models pulling general fees down.
A key factor is that US agents value cobrokerage in their industry over paying a large % to just portals.
but then 1/2 the US think carrying a gun stops gun crime..foxtons went to new york and offered 2%..failed becuase seen as to cheap…go figure
Is it really backed by James Caan? Even a cursory look at the Directors on Companies House would make one of an enquiring minds ask questions
In these rural parts it is good advice never to wear your best suit too close to a muck spreader especially if you’ve got another meeting to go to!
Will you please give up with the whole former Dragon thing? Which of the very very very many James Caan, Dragon’s Den, Blah, blah, blah, projects we have read about in either EAT or on PIE have amounted to a positive net worth based on income?
On 1st Jan 2016 the whole of the American real estate system moves forward by making all data from all mls’s standardised schema.
Its one of the biggest evolutions Ivygate can benefit from. Way superior to the antiquated UK systems
It is antiquated for a reason Trevor, it works! People who own property find someone they like and trust to sell their home and that some does exactly that. There isn’t any desire or need to change that system other than from people trying to get a slice of action they can’t win away from people who are likeable and trustworthy.
Your part right and also VERY wrong Robert. It wasn’t long ago you subbed a property out to Chris to achieve a higher value. That’s main/sub agency. MLS. Co brokerage.
MLS doesn’t exclude using a preferred agent. They simply open the jungle drums to more applicants.
No Trevor, instead of instructing one of the 5 Countrywide Agent promoted by Zoopla to sell the property, all of whom suggested asking prices within £50 of the Zoopla valuation. I asked someone I trust for details of someone who could be trusted to give a vendor honest advice on value. That isn’t MLS, I didn’t ask for or take any commission, I used my network of contacts to find a good agent to sell a property 360 miles away from here.
I am not sure what you are suggesting is wrong with that very ancient system of trust and respect but I don’t think there is much wrong with it.
It was me who introduced you to that agent via INEA
That’s right Trevor, you and INEA because I know you know Chris. That is traditional agency rather than uniquely MLS, If I have an place to sell in Doncaster I’ll ask Peebee, in Stockport Ric, in Penzance Chris. Dis organised networking works as well as organised networking in certain circumstance but there are times when only MLS will work.
If the UK works so well Robert why are most agents dropping their pants on fees these days?
Because there is too much competition from people who are rubbish at maths, business and Estate Agency. The actual job of selling property has become a loss leader for associated earning opportunities.
By facilitating leads that can be harvested to sell, insurance mortgages and utilities etc the obvious incomes stream of a firm is often eclipsed by lucrative background earnings.
I got heaps last year for outlining the causes of fee erosion but it is a subject I understand and am working on systems to highlight and control.
Robert on 17th Dec I have one of the main US technologists over in London. Rob Laron is the one who has just re written the data definitions for the whole USA mls schema. Basically every US property selling will go through his refined schema. That’s over 1m real estate agents. I’ll be having select stakeholders and agents able to meet Rob. You’re be more than welcome along.
Robs day job is a the CIO of the biggest US mls CRMLS. CRMLS is approx 3-4 times bigger than Rightmove.
I would love to attend but the 17th is my little boy’s birthday, we will no doubt be doing something ‘mega’ in the cold, wet and muddy countryside.