We previously spoke about how the rise of online estate agents had put traditional bricks and mortar agents under pressure. However, it seems the industry as a whole is struggling as now online agents are also starting to feel the pinch.
Recently, Emoov was put into administration; failing to find a buyer after running into cash flow troubles.
Emoov have been operating as a hybrid estate agency which combines online client service and property listings, with personal help and advice from local agents, but without the requirement of a high street presence.
However, even without the demands of a bricks and mortar setup, Emoov suffered from cash flow troubles, highlighting the fact that simply moving to an online setup won’t guarantee success.
Property sales have still not recovered to the level they were at before the financial crisis back in 2008 and smaller estate agents are at more risk of failure than larger operations.
If your estate agency business is struggling, whether you operate online or have a physical presence, it’s important to know that help is available and you have options to consider. You’re also not alone – almost a fifth of UK estate agents are at risk of going under, proving what a tough industry it is.
Dealing with cash flow concerns
At Clarke Bell, we’ve helped many businesses overcome their cash flow difficulties. Cash flow issues are not always overly threatening and the majority of situations can be managed and rescued with a little financial restructuring. The important thing to remember is not to leave it too late and to address any cash flow concerns almost immediately; before they spiral further or out of control.
If you’re struggling with cash flow issues contact us at Clarke Bell for free, no obligation advice.
Exploring other options for your company
If your cash flow problems are serious and your estate agency cannot be restructured to make it profitable again, you may want to consider a Creditors’ Voluntary Liquidation (CVL). We have helped and advised thousands of company directors through the CVL process.
The cost of a CVL with Clarke Bell is from just £1,995 (all inclusive).
Our service is nationwide, which means the process is both convenient and affordable.
A Creditors’ Voluntary Liquidation (CVL) means you are voluntarily liquidating your company and it acknowledges your legal duties as a director to your creditors.
If your company needs to be liquidated, and you care about your future business reputation, you are far better to Liquidate your company voluntarily with a Creditors’ Voluntary Liquidation (CVL) rather than being forced into winding up your company (i.e. into Compulsory Liquidation).
To discuss your options (for free), contact Clarke Bell on 0161 907 4044 or [email protected]