Our strategy continues to evolve as we seek to adapt for success in the changing operating environment.
Focus on developing strong positions in markets with attractive market fundamentals
Foxtons continues to focus on developing strong positions in the higher volume, higher value London market, which represents a disproportionately valuable property market vs. the rest of the UK. The size of Foxtons branch network across London means it is well positioned to benefit from any future growth in sales volume.
Deliver exceptional customer service
The Group continues to deliver high quality service levels, maximising value for customers by selling and letting their properties at the best price through innovative application of technology, utilisation of data and a dedicated sales force to support the process.
Balanced business through the cycle
The Group aims to achieve an even balance between the financial contributions made by its sales and lettings businesses over time. However, in the short term we have realigned the sales business to reflect current market conditions. The Group’s current focus is to grow recurring lettings revenue by both winning new landlords and retaining existing ones, by leveraging our lettings portfolio which is the largest under a single brand in London. Landlords are faced with an increasingly complex regulatory environment making a professional and standardised letting offering more relevant than ever. Our investment in technology means the lettings business platform offers both great customer experience and is very efficient and scalable with fully automated online functions. The Group will continue to expand into the high growth institutional build to rent segment.
Improve profitability of newer branches
The Group has a successful track record of profitable organic expansion and now covers over 85% of the Greater London area. Leveraging our existing platform of 61 branches, we are aiming to cover the rest of the remaining parts of London by optimising existing territories, ‘up-skilling’ our people and investing in technology.
Best in class technology
The Group’s substantial long term investment in IT infrastructure, automated centralised systems and business processes have created a highly scalable and efficient business model. We continue to invest in innovative technology and bespoke systems and applications which underpin our business. These processes, along with our proprietary CRM system of over 3 million customer records, enable the Group to be as productive and efficient as possible, and to deliver exceptional levels of service to our customers. The Group will continue to make enhancements to improve conversion and customer experience, including enhancements to our tenant portal in 2019.
As the property market and customer behaviour evolves, Foxtons will continue to evaluate digital opportunities to ensure we continue to provide our customers with the best and most relevant service.