Online estate agent Emoov goes into administration
Founder Russell Quirk said on Twitter he was “sad and disappointed and feeling bad for the team” as the news broke.
But added that it was better that he had “tried and failed than not to have had the balls to try and better themselves and those around them in the first place”.
Thanks Henry. Sad and disappointed and feeling bad for the team. But you’re right of course – better to have tried and failed than not to have had the balls to try and better themselves and those around them in the first place
— Russell Quirk (@EmoovCEO) December 3, 2018
Sellers listed with Emoov have been left uncertain over what will happen to their sales and any money paid upfront in listing fees. Packages start from £895.
Customers have taken to Twitter to say they are unable to contact the agency.
There are some 100 people listed as working for Emoov on LinkedIn, who also face uncertainty over their future.
More than 600 investors are also likely to have lost out after taking place in a crowdfunding round by the company in July where more than £1m was raised.
Accountants James Cowper are administrators, according to reports. The firm has not responded to a request for comment.
Emoov merged with Sarah Beeny’s online agent Tepilo and online lettings firm Urban only earlier this year.
However, slowing sales transactions have put the pressure on the estate agency sector, with a number of online firms suffering.
In September, estate agent Connells axed its online agent Hatched and declared the internet-only or hybrid model was “fundamentally flawed”.
After investing in the online agent, the business had not been economically viable, Connells said.