Online agency pioneer Adam Day has reiterated his comments made in an interview carried by EYE on Monday, admitting he was wrong to predict the sector would be “mass market” by now.
Day, who founded the first online agent Hatched in 2005 before selling it to Connells in 2015 – and left Emoov as head of estate agency after just a few months in the role – said it was a mistake to have predicted a “pivot point” for internet agents by last year.
Speaking in a wide-ranging video interview with industry consultant Christopher Watkin, Day said: “I was wrong. I hold my hands up.”
Day also revealed that he “revelled in being the big bad wolf” in early media coverage.
He said Emoov founder Russell Quirk has since replaced him as the “big bad wolf”, but added: “It gave us free publicity and more oxygen to our business models.”
Day, who has now set up his own consultancy, said Purplebricks has benefited from having lots of money behind it, but he also warns that agents should keep an eye on individuals running “bedroom businesses” as hybrids that he claims are also taking online market share.
He revealed that online agency has evolved into something he doesn’t agree with.
Day described the automation and efficiency from online agency as positive but said “charging up-front doesn’t help the customer or the agent”.