Ed Talks - UK Property Podcast: Detailed Summary

Episode Title:
"Fees at 7.5% plus VAT, there will be people spitting out their teas & coffees!"

Host:
Ed Mead

Guest:
Chris Fife, Business Development & Account Manager at Viewber

Release Date:
March 10, 2022

Introduction

In this engaging episode of Ed Talks - UK Property Podcast, host Ed Mead delves into an insightful conversation with Chris Fife, the Business Development and Account Manager at Viewber. The episode titled “Fees at 7.5% plus VAT, there will be people spitting out their teas & coffees!” explores Chris's professional journey, his experiences in both the South African and UK property markets, and his role in shaping Viewber's services.

Chris Fife’s Career Journey

Background and Early Career

Chris begins by sharing his diverse background, highlighting his South African roots and experiences across different continents. Starting his career in banking, Chris worked as a financial consultant with one of South Africa's Big Four banks. This role introduced him to mortgages and the intricate processes of financial consulting within the property sector.

Transition to Real Estate

[01:31] Chris explains, “My background comes from banking… securing loans, home loans, mortgages for estate agents in the market. And that's where I really got the interest in the property market from working with estate agents.”

In 2004, Chris transitioned into the real estate sector alongside his father, establishing a small real estate agency that eventually became franchised. This shift marked the beginning of his deep dive into property business development.

Differences Between South African and UK Estate Agencies

Operating Models and Market Dynamics

Ed inquires about the differences between South African and UK estate agencies. Chris responds by noting the similarities but also the distinct evolutionary paths each market has taken.

[03:24] "It is obviously changing over time, but there are still your high street agents that operate very effectively in South Africa and that's who we were competing against."

He observes that South Africa embraced online agents and smaller agencies sooner than the UK, leading to a more dynamic and flexible market environment earlier on.

Discussion on Standard Fees: 7.5% plus VAT

Historical Fee Structures

A significant portion of the conversation centers around the standard commission fees in South Africa versus the UK.

[04:28] Chris states, "7.5% plus VAT was the standard agency commission."

Ed humorously remarks, “Seven and a half percent plus VAT. God, there'll be people spitting out their coffees and veering off the road in their cars if they're listening to seven and a half percent.”

Chris confirms the rigidity of this fee structure, explaining that while there was room for negotiation based on the type of mandate, 7.5% plus VAT was the norm.

Chris’s Role at Viewber: Responsibilities and Insights

Position and Responsibilities

Chris details his role at Viewber, emphasizing his position as the bridge between the company's services and client needs.

[09:25] He explains, “I’m looking after over a thousand B2B clients, making sure that the service we offer is making the requirements that they have and need and building those relationships.”

Client Engagement and Service Expansion

He highlights the importance of understanding client needs deeply to suggest appropriate services, enhancing both client satisfaction and business growth.

Working During the Pandemic: Virtual vs. Face-to-Face

Adaptation to Remote Work

The pandemic posed significant challenges, shifting much of the interaction to virtual platforms.

[11:54] Chris remarks, "Zoom and Teams did what they needed to do… but I welcome the face-to-face visits again because they really do work well."

He shares how adapting to virtual meetings helped maintain client relationships, but also expresses eagerness to return to in-person interactions, which he finds more effective for building trust and rapport.

Working at Viewber: Team and Company Insights

Company Growth and Team Dynamics

Chris provides an overview of Viewber's growth and the collaborative nature of the team.

[12:40] "It's an exciting company… staff who prop up that tech business, our support team… membership team… quality assurance team… business development team."

He emphasizes the seamless integration of technology and human support, which has been pivotal in scaling operations and meeting increasing client demands.

Remote Team Coordination

Despite working from home, Chris praises the effective communication facilitated through tools like Teams and Zoom, ensuring that the team remains cohesive and responsive.

Challenges and Frustrations in the Role

Time Management and Client Commitment

Chris candidly discusses the challenges of managing over a thousand B2B clients, where time is a precious resource.

[14:27] "It's really just having sufficient time to obviously assist my client base."

He also touches on the frustration of clients missing appointments, which disrupts scheduling and productivity. However, he notes an improvement as Viewber's reputation grows, leading to higher client commitment.

Future of Viewber and the Estate Agency Industry

Expansion and Technological Integration

Looking ahead, Chris envisions Viewber expanding its service offerings and possibly entering new markets, including the insurance industry.

[18:15] "We are very much unrestricted. It's a matter of just making sure that our viewers can conduct that particular service that's required."

He anticipates leveraging Viewber's robust network to introduce innovative services, catering to evolving market needs.

Evolution of Estate Agencies

Chris shares his perspective on the shifting landscape of estate agencies, predicting a continued move towards online and hybrid models.

[19:52] "There is going to be a big change as we move forward… online hybrids that they're going to be dealing with and hopefully rely on our networks like Viewber to assist with services."

He believes traditional high street agencies will coexist with more flexible, technology-driven models, especially for managing modern property types like built-to-rent and block properties.

Closing Remarks

Ed and Chris conclude the episode by reaffirming Viewber's role as a supportive partner for estate agencies, offering flexible and cost-effective services without the constraints of monthly fees. Ed appreciates Chris’s insights, highlighting the value of Viewber’s services in facilitating seamless property transactions.

[24:04] Ed summarizes, "You really make sense. If you want to expand in your marketing, grow your area, why not bring Viewber on board as a partner?"

Chris responds with gratitude, reinforcing the collaborative spirit that defines his approach at Viewber.

Notable Quotes

• Chris Fife [04:28]:
  "7.5% plus VAT was the standard agency commission."

• Ed Mead [04:32]:
  "Seven and a half percent plus VAT. God, there'll be people spitting out their coffees and veering off the road in their cars if they're listening to seven and a half percent."

• Chris Fife [09:25]:
  "I’m looking after over a thousand B2B clients, making sure that the service we offer is making the requirements that they have and need and building those relationships."

• Chris Fife [14:27]:
  "It's really just having sufficient time to obviously assist my client base."

• Chris Fife [19:52]:
  "There is going to be a big change as we move forward… online hybrids that they're going to be dealing with and hopefully rely on our networks like Viewber to assist with services."

Conclusion

This episode of Ed Talks - UK Property Podcast offers a comprehensive look into the evolving landscape of the property industry through the lens of Chris Fife’s experiences. From navigating different market dynamics in South Africa and the UK to addressing the challenges posed by the pandemic, Chris provides valuable insights into the future of estate agencies. Viewber emerges as a pivotal player, offering flexible solutions that cater to modern estate agencies’ needs, emphasizing the importance of technology and relationship-building in driving industry growth.