Rupert Collingwood on Transforming the UK Property Brokerage Model
LPF Founding Member, Rupert Collingwood, driving force behind The London Broker, recently did a fantastic interview with PrimeResi Journal. There is no doubt that Rupert has been a pioneer in introducing the US-style brokerage model to the UK, fostering an environment where quality service and brand reach take precedence over sheer broker numbers.
Rupert’s innovative approach has positioned The London Broker as a leader in the industry, bringing together top dealmakers and encouraging them to build their own brands. This collaborative model has not only redefined property marketing but also yielded remarkable results for clients.
In his conversation with PrimeResi, Rupert shares insights into the behind-the-scenes developments at The London Broker, the need for a fresh approach to property marketing, and how global collaboration is yielding tangible benefits for clients.
For the complete article and detailed insights, visit PrimeResi!
“Our ambitions are not related to broker numbers but rather quality of service provision as well as brand reach”
Rupert Collingwood, Founder of The London Broker
Do the most successful brokers share any common attributes? Which territories or patches have been proving particularly fruitful this year?
“The ability to advise their clients, using the strength of their knowledge and experience. I think it is fair to say that the last 24 months have not been a particularly easy ride for the London residential market.
Political and economic spanners being thrown in the works at every turn have made for a rough ride for both buyers and sellers. It is however in these tougher markets where length of service and experience really come into their own.”
In terms of fruitful territories, I think it’s a rather mixed bag, but ultimately the stock that bears the fruit is the stock that is well priced for the market conditions. That is not to say cheaper stock or more expensive stock but rather properties which represent the appropriate value for that individual listing, in that individual location, at that particular point in time.
In real terms this requires the broker to not only be able to draw on their huge experience, but also be able to inform and educate their vendors and indeed buyers of these specifics using the benefit of their experience. Moreover the huge strength in depth that we have at The London Broker means that there is almost always another member of the team who has seen any specific issue or indeed market before. Which I guess leads to another common attribute and that is taking part. Those who put in the most get out the most and that is a really noticeable trait amongst our most successful brokers.”
“Ultimately the stock that bears the fruit is the stock that is well priced for the market conditions”
We hear there’s a portal in the works; can you tell us what’s being planned, and what are your thoughts on the current portal landscape in the UK?
So I wanted to tell you more, but I have since been sworn to secrecy so I am sorry to disappoint.
The current portal landscape in the UK is not great it must be said. It saddens me every month when I see how much we pay for portal providers to effectively sell back to us leads generated by them thanks to the information we provide to them for free. Honestly it’s insane. What’s more the public and indeed the industry’s reliance on the portals is actively damaging the marketplace. Buyers, tenants and indeed some agents now spend their time hiding behind their screens simply booking in viewings with little to no qualification in the middle.
This means that no end of time and money is wasted carrying out viewings with little to no prospect of success, either because the buyer is not in a position to purchase or because the property is not suitable. What’s more the CRM systems are sending out details to prospective applicants and buyers based on the loose information imported into those CRM’s by the portals.
If the information going in is of poor quality, then the information being sent out won’t be much better, and so buyers will understandably become frustrated with the outcomes. I do wonder how much better our industry might be for all stakeholders if we took all of the money we collectively spend on the portals and funnelled it into other marketing streams which focused on quality rather than quantity. Similarly we could focus on promoting our own successes rather than driving traffic towards portals which by their very nature favour those with the most listings.
I also wonder how much better it might be for vendors if we moved away from the current matrix of success which seems to be based simply on “number of viewings” and focused again on quality.
Given the advances in technology over the last 20 years it does seem as though we should have cracked this nut a lot sooner.
“It saddens me every month when I see how much we pay for portal providers to effectively sell back to us leads generated by them thanks to the information we provide to them for free…Honestly it’s insane”
How would you summarise the current mood in the London market, and do you have any predictions for the future direction of travel in 2024 and 2025?
“A bit sticky…I am too old to fall for the trap of making predictions, sufficed to say I expect the outlook to remain the same for the time being. Of course, the outcome of the election will have an impact, it will be interesting to watch the currency fluctuations which follow if there is a change in government, but then again 50% of the planet’s population are going to the polls this year, so at least we know it’s not just us.
A reason to be cheerful of course is that it appears at last that inflation is under control which one might hope will lead to lower mortgage rates which should provide some lubrication to the market. Again however, this might be impacted by the result of the election, so it feels very much like a wait and see game. In real terms housing is a bit like bread and water, it’s a necessity and those who need to move will continue to move.
As an industry it is important that we are maintaining that constant dialogue with our clients and applicants, keeping them informed of what the various economic and political machinations mean for them. We can then help them all better understand their options and move them towards a successful purchase, sale or rental and thus hopefully get paid!”
“A bit sticky…I am too old to fall for the trap of making predictions, sufficed to say I expect the outlook to remain the same for the time being.”
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