Estate agencies gradually cutting their cost base

[lookinginvest]

News that Foxtons has closed six London branches as a consequence of the “slowing London property market” has attracted mixed comments. Is this another means of reducing the company’s cost base so it can better compete with online property portals?

https://www.propertyforum.com/property-in-the-uk/estate-agency-sector-under-pressure.html

 

[FWL]

You have to feel for the likes of Foxton's. Their skills lay in one to one sales but the internet is chipping away at the market and profit margins. The slowdown in the London market is the perfect opportunity to "trim" costs yet more and make the company a little leaner. Traditional estate agents will always have a role to play but their role is changing.

 

[Longterminvestor]

I have always thought, like shops, there will come a time when the tide turns and people move away from doing everything online and are willing to pay a premium for person to person contact. When? That I cannot answer.