The Group's strategy to accelerate growth is focused on non-cyclical and recurring revenues from Lettings and Financial Services refinance activities, supplemented by market share growth in Sales. This growth is underpinned by its key competitive advantage, the Foxtons Operating Platform, which comprises unrivaled and market leading technology and data capabilities, its leading brands, unique hub and spoke model and its performance-led and inclusive culture.
Lettings: Organic Growth
Lettings organic growth enables us to grow non-cyclical and recurring revenue streams, which will significantly enhance the quality of our earnings.
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Lettings: Acquisitive Growth
Our scalable operating platform enables us to be a consolidator in the fragmented lettings market. Acquired portfolios can be rapidly integrated unlocking revenue and cost synergies.
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Sales: Market Share Growth
Sales provides high levels of profitability in more buoyant markets and complements Lettings and Financial Services. There is significant upside potential by increasing market share, combined with a normalisation of market volumes.
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Lettings: Organic Growth
We will achieve this by:
- Winning new property instructions by better leveraging our database and embedding a culture of proactive lead generation both in our central hub and branches.
- Being the fastest agent to bring new instructions to market and improving our instruction to exchange success rate.
- Improve landlord retention through post-transaction service excellence in property management and back office operational processes.
Lettings: Acquisitive Growth
We will achieve this by:
- Acquiring high quality portfolios that meet our investment criteria, and expand our footprint in markets adjacent to our current footprint.
- Integrating acquired portfolios into our scalable operating platform to deliver revenue and cost synergies, and drive significant margin growth.
- Delivering recurring revenues and profits through retention of acquired landlords by delivering ongoing excellent customer outcomes.
Sales: Market Share Growth
We will achieve this by:
- Increasing market share of instructions in our core markets by re-establishing Foxtons’ premium brand positioning.
- Improving rate of sell-through from instruction to exchange by maintaining sufficient workforce capacity across our branch network and delivering industry leading training.
- Improving cross-sell by deepening connectivity with the Financial Services business and in-house conveyancing panel to improve conversion of instructions.
Financial Services: Revenue Growth
The Financial Services business is sub-scale and yet to reach its full potential. The business presents a compelling proposition: high levels of recurring revenues from refinance activity and new purchase transactional revenues from Sales cross-sell.
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Financial Services: Revenue Growth
- Growing capacity by increasing adviser headcount taking advantage of existing referral opportunities.
- Improving adviser productivity by reducing adviser data entry processes and improving customer contact times through the use of paraplanners and investment into technology solutions.
- Improving cross-sell through an increased emphasis on secondary products, to drive revenue and profits per customer.