Tepilo, Sarah Beeny’s online estate agency, has opened a new headquarters in central London after doubling its turnover in the past year.
It has not given specific figures on turnover but the agency now employs 60 staff, all operating from the new premises at Monument Street in the City.
“2016 has been a hugely successful year for Tepilo and we want to build on that further in 2017. A recent report by Zoopla revealed that 39 per cent of people would be likely to use an online or hybrid agency if selling their property, which is a clear sign of progress for our sector and the growth potential ahead” says Beeny.
“As we’re a digital business, being in the capital where there’s an abundance of digital talent was a key part of our growth strategy. We are on track with our expansion plans and our new, larger office will allow us to comfortably house our existing employees, whilst also giving us the space to take on further staff as we continue to develop” she says.
At the start of 2016 - in line with several online operators - it introduced an option for sellers to pay after a sale is completed, instead of up-front.
This meant vendors could, if they wished, still pay just the up-front £495 including VAT for a visit to the property by a Tepilo representative, a memo of sale, sales progression, account management, and listing of the property on Rightmove and Zoopla.
In addition, vendors would pay additional sums for additional services including £75 for a premium listing on Rightmove, £60 for a Tepilo For Sale board, £120 for professional photography, £75 for a floor plan and £90 each for a virtual tour and the compulsory EPC.
The second option - introduced in January - was for a £795 including VAT ‘Pay Later’ package. This includes the basic and additional features from the first option but without the virtual tour and the compulsory EPC; if these were included, the total would be £975.
In June this year Beeny said it intended to double the agency’s size by the end of the year and appointed a new chief executive officer, Nick Charnock. The agency’s chief investor is the Northern and Shell Media Group.
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Excellent news, perhaps they will buy more offices in the next few years as they expand, some in High Street locations in towns and Cities across the Country and from these offices perhaps staff could do viewings, there could be a manager and point of contact, a sales progressor and a Valuer, they may also increase their fees as they are already doing to cover the costs of this expansion...............it's like reading Animal Farm !
Last accounts show a loss of nearly £500k but that was filed in June 2015- with a salary bill that likely sits around £2m (based on the claimed 60 staff) Im intrigued to see their accounts when theyre filed. However, accounts not being filed for nearly 18 months is often an ominous sign. With increasing reports of true figures, Ill be intrigued to read these as and when they become available- no point doubling turnover if it means your doubling your losses!
Congratulations to the team at Tepilo. There are always those who throw scorn at businesses daring to be different. Embrace change don't mock it.
Daring to be different?? You must mean by being nowhere near making a profit.
Turnover for vanity, profit for sanity.
£60 for a board, bargain! £75 for a floorplan, kerching.
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