As a third generation estate agent, Russell ran a successful high street branch until he started eMoov from his own home in 2010. By 2011 he had employed his first member of staff and since 2012 has expanded the business by 460%.
To date eMoov has achieved £830 million in property sales, serving 7,000 customers and saving UK home sellers over £11 million in estate agency fees. With a customer service rating of 98%, eMoov is a company that operates with the customer at the heart of what they do. Winning the All Agents “Best Customer Service Award” in 2014, was testament to the company’s approach.
Russell’s digital disruptions of the high street was highlighted by the Financial Times in 2014, naming eMoov.co.uk as the biggest disruptor in the sector, along with names such as Uber, Just Eat and Teslar.
1. How did you get into the property industry?
I come from a long line of estate agents, so I really had no choice in the matter. As the son of an estate agent’s son, it was my first job out of school and I’m still passionate about it today, albeit that it’s in a different format to my father and grandfather.
2. What inspired you to set up eMoov?
Having spent years in the industry I started to notice two very distinct things. The first was that buyers and sellers very rarely visited the agent’s office, if at all. Considering the number of branches per agent and the expense involved in maintaining them, it seemed obvious to cut them from the equation.
The second was the combination of high fees and the appalling customer service provided by most agents. I believed it was not only unfair on the consumer but commercially unsustainable to carry on in this manner.
The downturn in 2008 made me focus on what I considered to be the future of the industry. After thinking long and hard about the concept and how estate agency could follow the examples of sectors such as travel, recruitment and insurance, I decided that digital disruption was the way forward. From that point the eMoov idea was born.
3. So, a Tory government then...is that good news?
Yes I believe so. On the basis of their economic record over the last five years in comparison to their predecessor, they have done a good job. As a business owner, particularly one in the property industry, my opinion is that the outcome on May 7th was the best for both the property market and economically.
4. Lots of estate agents I speak to disagree with your opinion that the 'high street is dead'. Are they wrong?
I don’t think the high street agent will die completely, but they’re certainly going to diminish a lot just like travel agents and video rental stores. Frankly the fact that most still have their heads in the sand over progress and innovation says more about them than it does about our approach.
5. What do you love/hate about the property industry?
I dislike the apathy towards the consumer that exists in estate agency. Many agencies seem to believe because a customer is only a customer every five to seven years, they can get away with a low level of service in comparison to a business that is somewhat stickier.
So in essence what I really dislike are the low standards that seem to exist generally and the perception, and often reality, that estate agents are bad people. With a higher level of customer service and fairer fees I’d like to change that – and I think we are already.
In the eMoov business we have the luxury of dealing with all types of property, in all areas of the UK and therefore get involved with people from all walks of life. The variety of the UK market makes it in effect, several very different markets and this is something I find fascinating and fulfilling.
As cliché as it may sound, what I really love is that we aren’t selling a commodity but an aspiration, a dream, a life.
6. How do you see the market behaving for the rest of the year?
I think it will remain buoyant, particularly in the South East. A lot depends on what happens with inflation and therefore interest rates, but it would seem that we are safe from a rise for the duration of 2015. Therefore the outlook for the rest of the year is very positive. The big caveat is that sellers shouldn’t get carried away with over pricing and should ensure that the asking price they list at, is a realistic one and not just the highest price quoted by the most optimistic agent.
