After seven years at a big-name firm in PCL, Charlie Gibson realised that the most important thing to his clients was not the brand, but him as an individual. He tells PrimeResi why he decided to join so many others in making the leap and setting up his own agency.

More and more experienced, talented and ambitious prime real estate agents in London have decided to go independent in recent years and many corporate agents are left wondering why this is happening.

Having now joined this group of entrepreneurs, I am in a position to explain why I also made this change.

Here’s why I decided to form my own independent agency.

Opportunity: A record number of prime real estate developments in the capital

One of the leading factors was most certainly the opportunities I could see opening up in the prime real estate sector.

A good example of this is in Mayfair, where we have witnessed a large number of exclusive luxury residential homes come to market. An ideal opportunity for someone like myself, having already accumulated an in-depth understanding and sold many properties in Mayfair over the years.

We have seen the rejuvenation of One Grosvenor Square by Lodha UK and award winning global architects, Eric Parry. The result is 44 of the most elegant and sought after residential apartments on the planet.

A stone’s throw away, at Twenty Grosvenor Square, the project by Finchatton with Four Seasons nears completion. The former U.S. Navy HQ has been transformed into additional 37 properties complete with concierge service, swimming pool, spa, cinema, and chef facilities.

Grosvenor Square, the largest square in Mayfair, has seen its historic and distinguished former political buildings transformed into the most exciting and jaw-dropping residential apartments money can buy.

The improvements in this area alone have been key to Mayfair cementing its place at the forefront of London’s prime real estate market. It has served as an indication to me of the abundance of opportunities presenting themselves in the prime real estate sector in London.

There are a record number of prime real estate developments in the capital which makes this the ideal time for any opportunist and young entrepreneur.

Consumer shift: Independent agents are now the favourable alternative

Myself and a number of London’s prime real estate agents have now set up on their own. This is as a result of a number of key changes in client attitudes, brought about predominately by global social change.

Some explain the increase in independent estate agencies in the London market as a result of the downturn. Both the major developers and the sellers have been more open to the idea of widening its agent channels, offering fees to multiple introduces in order to maximise the chance of a sale for their property.

Although this is probably a factor, I do not believe that this entirely explains the shift. More crucial are the new digital and social patterns of the modern consumer when it comes to transactions.

Nowadays, personal relationships and individual trust is more important to the consumer than their trust in a particular corporate brand

Nowadays, more than any time in history, personal relationships and individual trust are more important to the consumer than their trust in a particular corporate brand.

The social media revolution and the emergence of the ‘gig economy’ has encouraged a desire to be connected quickly and easily to an individual to provide them with what they need, when they need it, regardless of who they work for.

The freelancers and self employed individuals of the world are experiencing their most fruitful time ever. An increasing number of individuals, from various industries and trades, are deciding to join them.

We are now so directly connected with each other online that the skillset and trust of the individual is becoming a key factor in the delivery of services across many sectors.

Upwork, Fiver, TaskRabbit and even Deliveroo can be considered results of this global market trend, offering platforms where customers are directly connected to their required specialists. The ripple of this social change now seems to be finally having an effect on the real estate market.

Both buyers and sellers want and expect a level of intimacy and trust with their agent. Real estate agents are picking up on this, and deciding that the best way to operate and comply with the desires of the consumer is as an independent agent.

Expertise: Having the experience and drive to succeed independently

I am extremely grateful to what the corporate world has given me. Without the hard work and guidance I have received from my corporate employer and colleagues, I would never have succeeded to MRICS and neither would I have such extensive knowledge of the London prime real estate sector. For this I will always be grateful.

The fact is this. Long hours, increasing administrative responsibilities and underwhelming future salary prospects have all made this a decision that I had to take for myself.

Other agents elsewhere have reported poor management, unrealistic performance expectations, high turnover of staff and an unsatisfactory work-life balance (often six days per week) none of which resonate with a young and hungry entrepreneur. These are common issues that have plagued the industry as a whole. Not all companies are guilty of these shortcomings and I know that there are some good players out there, my previous employer included.

Corporate firms will continue to dominate the market for years to come, I am sure of this. However, for their long term survival I am certain that we will have to see a great deal of improvement to ensure survival against a growing number of competitors.

After seven years at a leading firm in Mayfair, I began to notice that the most important thing to my clients was not the brand, but me as an individual.

I was also noticing that most of my transactional work was coming from repeat business

I was also noticing that most of my transactional work was coming from repeat business. It was my expertise and my knowledge that was most important to the clients. It was in this very realisation that I could see the opportunity unfold.

I am now fully operational as a business and am looking forward to the opportunities and prospects for growth in 2020. These are the most exciting times for me in my career.

I cannot begin to describe how different the feeling of getting up for work every day when you are investing directly into yourself financially, but also expanding your relationships at a greater rate than was previously possible.

It has also reignited my passion and love for the job.

Partnerships: A new way of working

I have decided to split the company’s business between London and Greece. We are currently representing some of the best and most exotic holiday villas in the region, ranging from outstanding infinity pools in Corfu to exclusive private jetties on the cosmopolitan island of Mykonos.

We have also partnered with Oliver Jane London, the luxury beachwear specialists. We ensure all guests renting through Oliver Bernard Private can enjoy a selection of his or her luxury products from the range, free of charge. It is these small details I have found that really make the experience that much memorable for our clients. We are extremely happy with this relationship and I would like to thank Oliver Jane for an impeccable level of service.

We are also incredibly excited to announce our partnership with Vyomm. We are extremely impressed with the way the marketing platform has been able to assist small, independent agent operations like ourselves.

I am able to market my properties easily and in such a way that exceeds almost all other property listings available online.

Vyomm’s property Showcases take an immersive glimpse into the essence of a property using multiple media forms that have elegant composition and design. They are able to present the true character of any of our residential properties, all from the ease of a desktop or mobile application. I am easily able to present my properties from anywhere, quickly and easily.

Showcases can also be created for off-market properties via secure password protected access. It is an incredibly important feature for us as we have a large number of high-net-worth clients wishing to make discreet transactions.

The integrated customer relationship management platform we receive real time analytics of our customers browsing behaviour, helping to bring the right buyers and sellers together.

Having these parts of my operation taken care of is extremely reassuring and gives me more time to build relationships and complete deals. I can spend more time doing the enjoyable and most important aspects of an agent’s role.

The agents of the future no longer have to be bogged down with the manual administrative work of the past thanks to these technological innovations and industry-leading marketing services.

Exciting times lie ahead in the prime real estate market.

Further Reading

• PCL buyers facing ‘fragmented’ market as top dealmakers go it alone March 2020
• The big problem facing London’s top estate agencies February 2020

Views of Contributors are not necessarily those of PrimeResi or its Publishers