eMoov boss hopes to be on Stock Exchange and have 5% share of entire estate agency market within five years

Russell Quirk, founder of eMoov, says he would like his company to be listed on the Stock Exchange in five years’ time and have a 5% share of the entire estate agency market.

Quirk also seems to be disenchanted with the need for fundraising.

Asked in a revealing interview what has been his biggest challenge, he replied: “Fundraising.”

He explained: “The novelty has well and truly worn off for me now and whilst it’s a buzz to raise a seven figure cheque, after the third time or so the toil, admin and wasted meetings wear you down. I just want to get on with running the business.”

He went on to admit he had been given bad advice and made some wrong decisions. He wished he could have been helped by someone with no vested interest, who could have guided him through what a growth business is, and how to gain access to a broad range of investors.

He said: “It’s important to know your own mind whilst also taking account of other opinions and suggestions, but you ultimately have to be decisive. As a start-up, a quick decision and a failure that you then learn and move on from, is better than being afraid to make a decision at all.”

Quirk, who launched eMoov in 2010 and is a former high street agent in the family business, said that eMoov is changing the way people sell houses.

He said: “We’ve turned the traditional estate agency business on its head and our approach is predicated around three core elements:

  • A fair, fixed selling fee that’s several times lower than that charged by old fashioned estate agents.
  • An obsession with ensuring the best customer service despite moving home being a stressful and protracted process otherwise.
  • A bespoke user platform that allows sellers and buyers to access and amend their listing 24/7, putting the customer back in control of their transaction.”

http://www.bqlive.co.uk/london-the-south/2017/06/19/news/meet-the-md-russell-quirk-of-emoov-26200/

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21 Comments

  1. nextchapter

    Whatever you opinion of Russell Quirk, nobody can deny his passion, drive, hard work, and sheer dedication to his business.  He has given up many many years and long hours working on something he believes in!  Wouldn’t it be great if more people worked as hard for things they believed in?

    I think this article was a refreshingly honest interview.  I hope you get to that end result Russell.

     

     

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    1. Robert May

      The online business model can not compete with the genuinely local agent who is known, liked and loved in  every activity centre in the country.  The agent who  has just 12 sold boards up a year (or 1 on central London) and is only just eeking out a living has a presence and reputaion that none of the onliners can compete with. Without the expensive, continual and consistent awarenes campaigns online agents simply do not exist in the selling public’s eye. Without instructions they don’t appear to buyers either
      The reality of distruption is that the claimed savings turn out to be a physical loss. With no service and no savings people are simply not raving about the new way of selling property.

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  2. smile please

    ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha

    Oh my side’s are hurting!

    5% of the market!

    Oh please .. ha ha ha ha ha ha

    Say what you like about Russell but he does provide humour.

    Listed, 5%!!!!! -Oh please!!!!!! Ha ha ha ha

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  3. Robert May

    Advice a bad busker, when the passers by are tired of the tune and have stopped throwing money in your cap it’s time to move on.

    What could have been!

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  4. htsnom79

    Fundraising, otherwise known as bringing in more than you let out, we try to do it daily, it’s also called making a profit

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  5. Simon Bradbury

    “eMoov boss hopes to be on Stock Exchange and have 5% share of entire estate agency market within five years
    I genuinely admire anyone who ,like Russell, attempts to shake things up, take abuse and keep going – but in a harsh business world…Hope is NOT a strategy!

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  6. AgencyInsider

    If Hubris was a commodity traded on the Stock Market Mr Q would have been listed years ago.

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    1. Robert May

      ……if Hubris was cash he’d be Bill Gates!

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  7. PeeBee

    Just need to check something – is this an unintentional republishing of an article from, maybe, five years ago…?

    It just all seems so familiar.

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  8. Shaun77

    Can a company that’s 7 years old still be thought of as a “start up” whilst seeking investment.

    Some people might say that if you’re not profitable with a proven model after 7 years, it just doesn’t work.

     

     

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  9. AgentV

    Would love to know the answer to three questions;

    1). In the seven years since the 2010 launch, what is the total of fees you have charged?

    2). In the same period what is the amount of money you have spent?

    3). Over that time, how many properties have you actually sold through to completion?

    if anyone can hazard a guess at these figures I would be very interested to know.

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  10. mrharvey

    I’d like a golden toilet, doesn’t mean it’s going to happen.

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  11. RealAgent

    In 5 years I hope to be a Hollywood star stealing lead roles from Brad Pitt……..gosh making statements of complete fantasy is really easy isn’t it!

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  12. Property Paddy

    In 5 years I plan to have myself listed on the stock market and have 80% of the market.

    Man these are gooooood drugs !!

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  13. Certus

    When he owned a high street agency he ‘turned it on its head’ in 2007… with a price guarantee for buyers as the recession bit. Of course prices dropped and he closed. I wonder if that was ‘disruptive’ to the purchasers with a worthless guarantee?  But credit where it is due, he rose and built emoov and Russell Quirk estates in Brentwood  – Oh thats gone now too. Emoov states that it is ‘the best rated estate agent in the uk’ out of 26000! so it must be doing something right. Hubris again?

    But I bet he hates Purplepricks more than we do!

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  14. Outspoken

    “A fair, fixed selling fee that’s several times lower than that charged by old fashioned estate agents”

    If a fee is one times lower, then it is zero. If it is several times lower, it will be a negative number and you’ll be paying the client, which would probably capture 5% of the market, but I don’t think that is his plan.

    This explains why it is difficult for Russell to raise funds if he’s dealing with accountants whose maths is clearly better than his.

    Many online agents are dramatically undercharging to try to gain traction, so in a way they are giving money away to their clients, but no compensation is enough if you can’t deliver the service or sell the houses.

     

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  15. J1

    Good luck Mr Q

    Without investor funding, with a national model on such low fees how is the service provided when taking into account the cost of promoting the business

    Surely on such low fees there cannot be anything left to invest in staff and training?

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  16. StatementOfFact

    Oh dear, been trading 7 years and still need to try and raise funds. When will this “business” start making money?

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  17. PeeBee

    “A fair, fixed selling fee…”

    Erm… let’s have a little look-see at what The Quirkster’s “fixed” fee has been doing of late:

    “£100 off. Running for a limited time only” (September 2016)

    “Free Premium Listing” (worth £120) with code FRL – Limited Offer – Ends Midnight Tuesday” (March 2017)

    “£120 off and Free Premium Listing (value £220) with Code FREE220 – Limited Offer – Ends Midnight Tuesday” (May 2017)

    “Special Discount: £150 off new listings with code 150MAY – Ends Midnight Tuesday” (May 2017)

    “Summer Special: £150 off with code JUNE150 – Limited Offer – ends Midnight Friday 9 June” (June 2017)

    “Use FREE220 for £100 off + Free Premium Listing – Ends June 20th” (June 2017 – advertised on site at 0700 this morning)

    “£100 off + Free Premium Listing (total value of £220) with the code FREE220 – Ends Tuesday” (June 2017 – advertised on site at the time of posting)

    It seems to me the only thing that is “fixed” with regard to their fee is the word “FREE”.

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  18. Scottish_Mist42

    wow

    I hope to lose a couple of stone, grow back my hair, be 15 years younger and go on a date with Daisy Lowe……..if I say it enough times does that mean it will happen??

    Brilliant

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    1. Property Paddy

      yes.
      May I suggest I refer you to my post regarding recreational drugs !!!!

      Report
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