Pparcels offered receive bids at BLM-Eastern States oil and gas lease sale

first_img Image: All parcels offered receive bids at BLM-Eastern States oil and gas lease sale. Photo: courtesy of skeeze from Pixabay. In keeping with the Administration’s goal of promoting America’s energy independence, the Bureau of Land Management-Eastern States (BLM-ES) held a quarterly oil and gas lease sale December 12, 2019, that resulted in competitive bids on all of the twenty parcels offered for over 6,450 acres located in the Mississippi counties of Perry, Wilkinson, Amite, and Franklin; and Monroe County in Ohio.The combined bids plus fees from the sale brought in $184,779.00, which will be distributed between the Federal Government and the states of Mississippi and Ohio. The highest total bid of $62,600 was made by R & R Royalty, Corpus Christi, Texas, for a 50-acre parcel on the Wayne National Forest, Monroe County, Ohio, at $1,252.00 per acre.Oil and gas leases are awarded for a term of ten years and as long thereafter as there is production of oil and gas in paying quantities. The Federal Government receives a royalty of 12.5 percent of the value of production. Each state government receives a 25 percent minimum share of the bonus bid and the royalty revenue from each lease issued in that state.The BLM’s oil and gas lease sales support domestic energy production and American energy independence, and are aligned with the Administration’s America First Energy Plan, an all-of-the-above approach that includes oil and gas, coal, strategic minerals and renewable sources, all of which can be developed on public lands.The BLM’s policy is to permit oil and gas development if it meets the guidelines and regulations set forth by the National Environmental Policy Act of 1969 and other subsequent laws and policies passed by the U.S. Congress. Source: Company Press Release Oil and gas leases are awarded for a term of ten years and as long thereafter as there is production of oil and gas in paying quantitieslast_img read more

Incoming Equinor boss to accelerate the oil firm’s growth in renewables

first_imgOpedal the ‘right person to further develop Equinor as a force in the green shift’Announcing Opedal as the company’s new CEO, chair of the board of directors Erik Reinhardsen said Equinor is entering a “phase of significant change as the world needs to take more forceful action to combat climate change”.“The board’s mandate is for Anders to accelerate our development as a broad energy company and to increase value creation for our shareholders through the energy transition,” he added.Equinor plans to grow its renewable production capacity to between 4GW and 6GW by 2026 (Credit: Needpix.com)“He has deep knowledge of and broad experience from the energy sector. He has risen through the ranks of Equinor and has demonstrated outstanding leadership and consistently delivered results exceeding expectations.“As the first engineer to become CEO, he is passionate about technology, digitalisation and industrial development.“A unanimous board is confident that Anders is the right person to further develop Equinor as a force in the green shift, and together with our dedicated people, further strengthen the company culture and our safety performance.” New Equinor boss Anders Opedal has worked at the energy firm for 23 years and is currently executive vice president of technology, projects and drilling (Credit: Ole Jørgen Bratland/Flickr/janie.hernandez55) The incoming Equinor boss Anders Opedal has committed to accelerating the company’s growth in renewables under his leadership.Opedal is set to replace Eldar Saetre on 2 November, after he announced his resignation as CEO of the Norwegian state-controlled oil and gas group today (10 August).During Saetre’s six-year stint as Equinor boss, the 64-year-old has guided the company through two huge drops in the oil price and has significantly strengthened its renewable energy portfolio. Anders Opedal is set to replace Eldar Saetre on 2 November, after he announced his resignation as CEO of the Norwegian state-controlled oil and gas group Equinor’s emissions reduction and renewable energy targetsWith Saetre not officially retiring until 1 March 2021, he will be available to advise Opedal throughout the opening few months of his tenure.That will allow the new boss to work with his predecessor and implement the oil major’s recent commitments towards limiting the impacts of climate change and investing in low-carbon technologies.In February this year, the company set a target to at least halve its carbon intensity by 2050 – a goal that includes emissions generated by consumption of its oil and gas products by end-users.This followed intensifying international pressure on fossil fuel companies to address climate issues and demonstrate a serious commitment to lowering their carbon footprints.Equinor’s targets include a reduction in Scope 1, 2 and 3 emissions, meaning those throughout the value chain from production, right through the supply chain to final use by customers.The firm said it also plans to grow its renewable production capacity to between 4 gigawatts (GW) and 6GW by 2026 – 10-times greater than its current capability – with a particular emphasis to be placed on offshore wind.Recent analysis from Rystad Energy showed that across the next five years, the 10 largest oil majors are expected to pump $166bn into new oil and gas ventures, while the currently-specified outlay for solar and wind energy projects will total just $18bn.Notably, more than half of this figure will be accounted for solely by Equinor, which plans to invest $10bn into clean energy by 2025. Opedal to accelerate Equinor’s broader energy development and growth in renewablesOpedal, who has worked for the energy firm for 23 years and is currently executive vice president of technology, projects and drilling, said he is “honoured and proud to take over the responsibility as CEO”.“I am confident in Equinor and all our people, and in our ability to change and continue creating long-term value for our shareholders also in a low-carbon future,” he added.“We have a great starting point for what will be a massive transition with our strong assets, outstanding competence, technology and innovation skills, and we have highly engaged people and strong values to guide us in this process.“Together, we will accelerate the development of Equinor as a broad energy company and our growth within renewables.”Opedal said he will be using the time until he takes over to “prepare and plan” for the company’s future.“I will take the opportunity to engage and listen, both to the organisation and external stakeholders to get their valuable perspectives before setting the direction for my leadership for a new time,” he added.last_img read more

Oil production in Libya set to resume as military blockades are lifted

first_imgMonths of civil unrest have slowed oil production in Libya to a crawl, costing the almost $10bn in lost revenues according to the National Oil Corporation Much uncertainty remainsMuch depends on the stability of the truce between the Libyan government and LNA leadership. A short-lived easing of tensions over the summer failed to deliver a material boost to activity, other than a shipment from storage tanks at the port of Es Sider.Oil revenues have become the key point of contention in Libya’s civil conflict, with Haftar demanding a greater share of the profits for the east of the country, away from the capital Tripoli where they are currently controlled by the government and central bank.The opposition leader has made lifting the military blockades contingent on “a fair distribution of revenues”.The prospect of new oil production flowing from Libyan wells comes at a time when a spike in global coronavirus cases, and stricter lockdowns in response, has stalled the oil market’s recovery from the depths of a second-quarter period in which prices plunged to record lows and inventories brimmed close to full capacity.Measures taken by Opec+ members and other key oil producers, particularly in the US and Canada, to cut global production went some way to alleviating the pressure, with Brent crude prices recovering to around $40 per barrel – around double their lowest levels reached back in April.The recent resurgence of the pandemic has added new uncertainty to the outlook for global oil markets, with Opec so far guarded on what its response will be to the new wave of cases. An increase in Libyan oil exports comes at a time when global markets are battling historic levels of low demand Oil production in Libya – which has ground to a standstill since the start of the year due to civil war – is poised to ramp up next week, as oilfields and terminals come back online.The resumption of activity at the Zueitina Port and connected oilfields could see an initial production increase of around 260,000 barrels per day (bpd) ready for export to international markets, according to the state-run National Oil Corporation (NOC).But with an already-saturated global marketplace contending with lost demand forced by coronavirus lockdowns, the addition of extra barrels might not be a welcome one for companies and oil-producing nations already struggling to adjust to low commodity prices.Libya – which holds Africa’s largest oil reserves – was producing upwards of 1.1 million bpd at the start of 2020, but a series of blockades at key drilling sites and infrastructure has since seen that figure fall to around 100,000 bpd.According to the NOC, the oil blockades have cost the Libyan economy almost $10bn in lost revenues since they started in January.center_img Libya oil production to resume following security assessmentsA recent thawing of tensions between the rival groups in the domestic conflict – the incumbent administration of Prime Minister Fayez al-Serraj and the Libyan National Army (LNA) led by Khalifa Haftar – has allowed NOC to begin planning for a return to business.The state oil company announced it is lifting a “force majeure” on operations, following two days of “security assessments” at the Zueitina port and Zueitina Oil Company’s fields.“The assessment was positive and it concluded that there is a significant improvement in the security situation that allows the National Oil Corporation to resume production and exports to global markets,” it added in a statement.The ports of Hariga and Brega have also been classified as safe ports, while remaining oilfields and export terminals are being “evaluated according to the safety and security standards in force in the national oil sector”.That means two of the country’s biggest oilfields – El Sharara and El Feel in the south, which have a combined production capacity of 370,000 bpd – remain offline for now.According to Reuters news agency, Goldman Sachs analysts estimate Libya’s national oil production could grow by 400,000 bpd by December, with “both logistical and political risks to a fast and sustainable increase in production”.Bloomberg Intelligence suggests the figure could be closer to one million bpd.last_img read more

Aramco and SABIC announce plans to realign marketing and sales, commercial and supply chain activities to drive efficiency and add customer value

first_img SABIC Global Headquarters in Riyadh, Saudi-Arabia. (Credit: SABIC/Wikipedia.org) Aramco and SABIC today announce their intention to transfer the marketing and sales responsibility for a number of Aramco petrochemicals and polymers products to SABIC, and the offtake and resale responsibility of a number of SABIC products to Aramco Trading Company (ATC).The effect of these changes, planned to be implemented on a phased basis during 2021, subject to the necessary consents being obtained, will focus SABIC on petrochemicals products and ATC on fuel products.This is a significant step in aligning the Aramco and SABIC strategies, following Aramco’s acquisition of a 70% stake in SABIC in June 2020.Aramco and SABIC will continue to review options for further global marketing and sales transfers across product-producing companies within the Aramco group portfolio.Benefiting customersThe changes will drive further operational efficiencies, strengthen the brands of both companies and their combined products and services offering, and help to maintain competitiveness. Customers will benefit from improved product range and availability, ordering and points of sale, supply chain, shipping reliability, and after-market services and solutions.Ibrahim Al-Buainain, Aramco Trading Company President and CEO, said: “The transfers reflect our shared commitment to capitalize on the complementary nature of Aramco and SABIC’s respective product portfolios as we strive to create added value for our customers and shareholders.“Together, Aramco Trading Company and SABIC are focused on providing a world-class products and services offering. These changes will place us in an even stronger position to deliver market-leading innovation and value.”Abdulrahman Al-Fageeh, SABIC Executive Vice President – Petrochemicals, said: “By leveraging and optimizing our complementary combined product portfolios we will create a one-stop shop for the benefit of our customers globally, including in strategically important geographies, especially across Asia.“These marketing and sales transfers and operational changes are intended to put us closer to market, driving greater agility and flexibility to deliver added value to customers and power their ambition.”About the marketing and sales transfers and changesResponsibility for the global marketing and sales of certain Aramco petrochemicals and polymers products and those of its joint ventures and affiliates will transfer to SABIC, initially focused on: PRefChem (Pengerang Petrochemical Company Sdn. Bhd.); SADARA (Sadara Chemical Company); and, S-Oil Corporation (S-Oil Corporation, South Korea).After completing the consolidation of petrochemical products, SABIC will market the following products, which include both existing products and extensions to its portfolio: HDPE, LLDPE, LDPE, PP copolymer, PP homopolymer, PP terpolymer, ethylene vinyl acetate copolymer(EVA), PMMA, PA6, MEG, DEG, TEG, Mono-Ethanolamine (MEA), Di-Ethanolamine (DEA), Tri-Ethanolamine (TEA), Ethylene diamine (EDA), DiEthyleneTriamine (DETA), ortho-Toluenediamine, Polymeric Methylene Diphenol Diisocyanate (PMDI), Toluene diisocyanate (TDI), Propylene Glycols, Polyols, Propylene Oxide, MMA, Butyl Glycol Ether, Acetone and Phenol.In parallel, responsibility for offtake, resale and sourcing of a number of existing SABIC fuel products globally (Benzene, MTBE, gasoline blending components and EU cracker feedstocks) will transfer from SABIC to ATC. Sales of Aramco Para-Xylene will remain with ATC.A number of marketing and sales transfer exclusions currently apply, and there are therefore no changes planned to the following:Aramco: excess production of Olefins.ARLANXEO: portfolio products (rubber and elastomer).Motiva: portfolio products (cyclohexane, propylene and ethylene).S-Oil: responsibility for domestic marketing and sales in Korea.About the commercial and supply chain activity transfers and changesResponsibility for the commercial aspects of liquid bulk marine shipping services will be consolidated under ATC (including chemicals and feedstock), while responsibility for the shipping of all solid products and customer product delivery will be consolidated under SABIC. Source: Company Press Release SABIC will focus on petrochemicals and Aramco Trading Company will focus on fuel productslast_img read more

Conservative Manifesto launch – Right to Buy for 1.3 million families

first_imgHome » News » Housing Market » Conservative Manifesto launch – Right to Buy for 1.3 million families previous nextHousing MarketConservative Manifesto launch – Right to Buy for 1.3 million familiesThe Prime Minister’s latest vote-catcher has a definite sense of déjà vu, but is it a good idea?PROPERTYdrum14th April 20150614 Views Margaret Thatcher did a great deal of good as the UK’s first female Prime Minister, but her Right to Buy initiative wasn’t, (in many people’s view) one of her better ideas. Thousands of council tenants thought it was brilliant and many that bought their homes at super low prices have reaped extensive financial benefit. The big flaw in the Thatcher plan was that the revenues raised from Right to Buy did not always (ever?) go towards replacing the lost housing stock with new council owned properties.However, Mr Cameron clearly sees his new version of the scheme as a vote winner – those tenants in housing association homes could be onto a winner if they vote Conservative. 1.3 million families could do so, at discounts off market prices of up to £102,700 in London and £77,000 across the rest of England, but the Tories say all the properties that are sold will be replaced.“Conservatives have dreamed of building a property-owning democracy for generations,” he said. “The next Conservative Government will extend the right to buy to all housing association tenants in this country. So this generation of Conservatives can proudly say it: the dream of a property owning democracy is alive – and we will fulfill it.”The plan is not complete it seems, but the Government says that the proceeds will fund the construction of 400,000 homes. Let’s hope it does.Not everyone is thrilled and excited by the proposal.JLL UK’s Head of Residential Research, Adam Challis, says The expansion of right-to-buy may be good politics, but represents terrible policy. This is exactly the kind of short-termist thinking that the countries’ 4.7 million households in social housing don’t need, not to mention the same number again of aspiring owners in private renting. Right to Buy benefits a select few while condemning the vast majority to longer waiting lists and fewer choices. At a time when we are building barely half the homes this country needs, we need a Government that is interested in genuine solutions to the housing crisis rather than cheap vote-winners.”And Gavin Smart, deputy chief executive of the Chartered Institute of Housing, said: “Extending right to buy to housing associations is not going to tackle the housing crisis – in fact it could make things worse for people on lower incomes who are already struggling to access a decent home at a price they can afford.”Meanwhile, Shelter is sceptical of replacement home pledges, issuing an infographic on the average ratio of replacements showing the figure of one new home built for every 10 sold.Some guarded positivity from Nick Leeming at Jackson-Stops and Staff, who said, “The property revolution continues and we are delighted to see the right to buy being extended to Housing Associations. Jackson-Stops supports any initiative that enables social housing tenants to buy their own property, provided that the funds realised are reinvested in the sector. But while encouraging the principle of home ownership this should go hand in hand with an active and vibrant lettings market, unencumbered by government legislation and with the ability for landlords and tenants to agree the length of lease.”What do you think? Let us know now: [email protected] PICS: SKY NEWSRight to Buy Conservative Manifesto vote-catcher April 14, 2015The NegotiatorWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles 40% of tenants planning a move now that Covid has eased says Nationwide3rd May 2021 Letting agent fined £11,500 over unlicensed rent-to-rent HMO3rd May 2021 BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021last_img read more

Minister gives £1.2bn starter homes scheme green light

first_imgA scheme outlined a year ago while David Cameron was still in power that enables first time buyers to purchase discounted starter homes has been given the green light by housing minister Gavin Barwell (pictured).He told Sky News yesterday that up to 500 brownfield sites within 30 local authorities will create up to 30,000 new homes during the current parliament, funded via a £1.2 billion Starter Homes Land Fund.The sites will include several town centres and, the government says, will support wider regeneration and growth of local areas.Barwell says construction will “start quickly” and that planning permission for the sites will be streamlined, simplified and therefore much less expensive than for normal developments, enabling the properties to be sold ‘at least’ 20% below market value.The homes will only be available to first time buyers between 23 and 40 years old and the scheme only applies to properties selling for a maximum of £250,000 outside London and £450,000 within the capital.Each of the 30 local authorities (see list below) has been selected because, the government believes, they can implement the new scheme the fastest. Authorities must now identify potential brownfield sites working in partnership with the Home and Communities Agency.The scheme is also good news for smaller building companies, who are likely to be the main beneficiaries of this home-building push which in total will see 30,000 starter homes and a further 30,000 homes for the wider market built by 2020.“Today’s announcement may feel like a welcome start to the New Year but as always we need to see these plans put into swift action,” says Mark Hayward, Managing Director, National Association of Estate Agents.“The dream of home ownership is too far out of reach for thousands of aspiring first time buyers (FTBs), and the building of new homes on disused brownfield sites, as well as a 20% discount for buyers aged 23-40 will go some way to bridging this gap.”LIST OF PARTICIPATING AUTHORITIES* Blackburn with Darwen Council* Blackpool Council* Bristol City Council* Central Bedfordshire Council* Cheshire West and Chester Council* Chesterfield Borough Council* Chichester District Council* City of Lincoln* Ebbsfleet Development Corporation* Fareham Borough Council* Gloucester City Council* Greater Manchester Combined Authority (Bolton, Bury, Manchester, Oldham, Rochdale, Salford, Stockport, Tameside, Trafford, Wigan)* Lincolnshire County Council* Liverpool City Council (in association with Sefton, Knowsley, Halton, Wirral, St Helens)* Luton Borough Council* Mid Sussex District Council* Middlesbrough Council* North Somerset Council* Northumberland County Council* Pendle Borough Council* Plymouth City Council* Rotherham Metropolitan Council* Rushmoor Borough Council* Sheffield City Council* South Kestevan District Council* South Ribble Borough Council (iWorthing n association with Preston City Council and Lancashire County Council)* South Somerset District Council* Stoke–on–Trent City Council* West Somerset Council (in association with Taunton Deane Borough Council, Sedgemoor District Council)* Council Gavin Barwell MP Starter Homes January 3, 2017Nigel LewisWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles Letting agent fined £11,500 over unlicenced rent-to-rent HMO3rd May 2021 BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Home » News » Land & New Homes » Minister gives £1.2bn starter homes scheme green light previous nextLand & New HomesMinister gives £1.2bn starter homes scheme green lightNew homes to be sold at a 20% discount to first time buyersNigel Lewis3rd January 20170651 Viewslast_img read more

Winkworth returns to franchise expansion in 2017 with six new branches

first_imgWinkworth is back on the franchise network expansion path after a two-year hiatus, the company has revealed with at least six opening this year.This includes one already open for business, two to start up over the next fortnight and a further three to open later in the year including several in South West London.These openings include an existing franchisee from Sway in Hampshire who is preparing to set up shop in Milford-on-Sea, while an existing 22-year-old business in Kingsbury, North London is converting to Winkworth, and due to open next week as well.Also, the company says it youngest franchisee – at 27-year-old – is about to open up shop in Cheltenham after spending several years working at its Dulwich, South London branch. He is Tom Mayfield (pictured, left), who before joining Winkworth worked for Carter Jonas.“We have been concentrating on portfolio management as franchisees retire, and we’ve been dealing with that by selling both within the network, but also outside it,” says business affairs manager Gina Piper.Franchise manager“But now we’ve also hired a new franchise manager, James Campbell (pictured, right), who has a strong lettings background.”Gina says Winkworth has seen increasing share of its revenues coming from lettings – up from 30% a couple of years ago to 48% at the moment.“Letting has become more and more important, particularly when the sales market is a bit slow, as it is now,” says Gina.She also says Winkworth is not worried by the looming letting fees ban after crunching the numbers on where its rental sector revenue comes from.“The extra letting fees that many of our competitors rely on heavily are not part of many of our franchisees businesses, unlike many of our competitors, so I don’t think it will have an overall impact on us,” she says.gina piper james campbell winkworth May 17, 2017Nigel LewisWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Hong Kong remains most expensive city to rent with London in 4th place30th April 2021 Home » News » Agencies & People » Winkworth returns to franchise expansion in 2017 with six new branches previous nextAgencies & PeopleWinkworth returns to franchise expansion in 2017 with six new branchesCompany says this ends a two-year period of relative quiet as it managed a tranche of retiring franchisees.Nigel Lewis17th May 201701,285 Viewslast_img read more

Estate agency quits high street AND Rightmove in same week

first_imgHome » News » Agencies & People » Estate agency quits high street AND Rightmove in same week previous nextAgencies & PeopleEstate agency quits high street AND Rightmove in same weekPDQ Estates in Cornwall says end of its branch’s lease is an ideal opportunity to ‘go hybrid’ and that Rightmove rates are no longer economically viable.Nigel Lewis4th February 20193 Comments4,852 Views Cornish estate agent PDQ Estates is to close its branch in Helston and has quit Rightmove, its managing director Chris Wood has revealed.PDQ has been trading for 18 years from the address but Wood says that, after its lease came up for renegotiation, he decided to enact a long-planned strategy to take his business off the high street into action.The 51-year-old says much of his agency’s work is now done remotely on the road, on social media or at home and that this is a “logical move for our clients”.“If you know your local area well, know your job well, why in today’s world of social media, 3D and 4K photography, must you have a high street presence?” he says.“Whilst I will undoubtedly lose some business from more traditional sellers, I am confident I will be able to more than offset this  in other ways.”PDQ is the third well-known agency to abandon the high street in recent months following both Orchards in London and national agency Humberts.Wood’s company has only ever operated one branch but his profile has been somewhat larger than his business. He helped Tesco develop its hybrid model during the mid-noughties, and has been a vocal critic of Purplebricks within his blogs and on social media, and disagreed with the NAEA publicly over the ways its presidential elections are conducted.The company also recently had two complaints about one of Woods’  blogs on his company website upheld by the Advertising Standards Authority.Wood says he is a supporter of “all business models, as long as they trade honestly, within the rules and don’t make claims they can’t substantiate”.PDQ has also been offline on Rightmove for a week, Wood has revealed, claiming that the “deal agents have had from Rightmove has been a bad one for several years now and its simply uneconomical to continue at the current rate so, as it stands at the moment, as far as I’m concerned, it’s a no deal.” The company advertises its listings via OnTheMarket.com. Purplebricks PDQ Estates NAEA chris Wood February 4, 2019Nigel Lewis3 commentsVivienne Nelson 4th February 2019 at 12:58 pmInteresting to read Julian’s comments above. Surely as the Tenant Fees ban comes into play, and profit margins for letting agents will be squeezed even tighter, suppliers (such as RM) should be working with their clients and trying to support them? Putting up RM fees will only drive clients away, or worst case scenario, into the ground. As a referencing company, we are holding our prices for the 8th year running, as we have been able to negotiate a price freeze with our own suppliers etc as well as increasing commissions on insurance products purchased. A win win for all. Why pass on increased fees to struggling agents who are still coming to terms with the loss of much revenue already ?? The mind boggles …Log in to ReplyJulian Blackmore, BNE BNE 4th February 2019 at 9:56 amI only said last week after we received out annual BS letter from rightmove saying they are increasing their fees by 17.7% that we will leave, starting with lettings. We have advertised on OnTheMarket.com our lettings before putting them on rightmove and have dozens of enquiries, so will leave Lettings first, then sales. We now get an equal amount of enquires from both. Greed will be the end of Rightmove, and good riddance.Log in to ReplyVivienne Nelson 4th February 2019 at 1:20 pmWell said Julian. I cannot believe that RM is increasing their fees by such a huge amount! Surely, in light of the recent Tenant Fees ban, all suppliers should be working with their clients and supporting the current situation. Whether it’s stationery, agency boards, inventories, RM advertising etc, how do they think some agencies will survive? I fear that some will fold completely, which is sad. As a referencing provider, we have frozen our fees for the 8th year running, as we have managed to negotiate another price freeze with our own suppliers. We are also trying to help our clients further by introducing increased commissions on all insurance leads too. Win win for all concerned. As a last thought, all suppliers/business partnerships should be trying to help their clients to look after every penny, as this is key to all businesses succeeding. RM is being extremely greedy and totally not showing any commercial empathy with their clients. As you say “Greed will be the end of Rightmove, and good riddance”.Log in to ReplyWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles Letting agent fined £11,500 over unlicenced rent-to-rent HMO3rd May 2021 BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021last_img read more

Rightmove prepares to reveal 2019 full results on 28th February

first_imgHome » News » Marketing » Rightmove prepares to reveal 2019 full results on 28th February previous nextMarketingRightmove prepares to reveal 2019 full results on 28th FebruaryAll eyes will be on the portal to see if its profits continue to rise following punchy agent fee hikes last year, and whether more agents have left.Nigel Lewis29th January 20201 Comment711 Views Yes, it’s that time of year again. Rightmove has announced that its full results for 2019 are to be released to the City on 28th February, its company secretary Sandra Odell has announced.The results will be published at 7am followed by a presentation for analysts which will be held at the offices of Rightmove’s City adviser UBS at 9.00am.But while investors will be licking their lips in expectation of another set of record results to boost their client’s pension funds, ISAs and other investment vehicles, this year may not be the usual profits jamboree.Two dark clouds loom over Rightmove despite another 12 months of no-doubt incredible profits and continuing share buy-backs.Last year criticism of the annual price increases introduced by the company were at their most strident among agents annoyed by double-digit increases despite difficult sales and lettings markets. These pushed the annual revenue for the branch to over £1,000 a month for the first time, although many agents had been paying this for some time already.23% increaseOne agent, Kristjan Byfield of Base Properties, revealed that his increase last year was 23%, a hike that the portal pushed through despite his strong complaints and attempts to negotiate it downwards.And following its results last year, which revealed revenues up by 10% year-on-year, London agent KFH said it was considering leaving Rightmove and would spend a year doing comparative portal lead-generation studies.Agents will also be watching the portal’s next results to see how many agents it has lost. Last year numbers slipped by 2% and the rising profile of OnTheMarket, and Zoopla’s significantly lower costs may drive an even larger reduction in agent numbers using Rightmove.   You can listen to the presentation live via audio webcast at the following link:  https://edge.media-server.com/mmc/p/z9vuxm79Rightmove results 2019 Sandra Odell Kristjan Byfield Rightmove January 29, 2020Nigel LewisOne commentAndrew Stanton, CEO Proptech-PR Real Estate Influencer & Journalist CEO Proptech-PR Real Estate Influencer & Journalist 29th January 2020 at 1:59 pmHere are some thoughts on the ‘damage’ Rightmove and other property portals ‘may’ be potentially doing to your property business. Back in the day, agents would have pages of newspaper advertising, maybe six pages of neatly ordered properties, and at the top of each page the ‘mast head’ would be the company name and logo.Along came Rightmove, and as an agent I used them – seeing it as a must have, and the I had Zoopla and other sites, as they evolved. My newspaper spend was now my property digital spend.Now I realise I was wrong, luckily I no longer sell property only advise on it, but, property portals it can be argued seriously damaged my business in a number of ways, not intentionally, but as a byproduct of their structures.First, when I was in the weekly paper, it was not just my properties that I had to sell that the public saw it was my company name and logo, my brand identity. Week after week the public would see the company name. When paper readership dwindled, my weekly branding also dwindled.Second, property portals chop up my old style newspaper advert, remove my lovely brand banner, and cut up my adverts into sanitised little boxes all grouped in price order. So instead of a buyer or a potential vendor being greeted by an eye catching 6-page extravaganza in the Thursday edition of the Walford Gazette, my properties are digitally spread over the vast virtual pages of the portals. So my branding is diluted.That is why agents need to make sure that for branding they have a huge digital footprint across social media, to make sure their ‘mast head’ newspaper brand from days gone by still exists. All social media from Tik Tok to Linkedin, from Facebook to Twitter and include all the new social media, because guess what your 16 year old consumer in 5-years may be you next best customer.Many say Rightmove are like me a bit pig headed and self opinionated, (I certainly am) but luckily I am not the guardian of the UK property industry – showcasing all that is for sale and rent. But, I think that as more companies get to grips with social media and SEO etc, they will be less reliant on the property portals, and their branding will not be lost inside the gleaming walls of the property portals.The 2020’s will be very interesting times.Log in to ReplyWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles Letting agent fined £11,500 over unlicenced rent-to-rent HMO3rd May 2021 BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021last_img read more

HSBC pulls the plug on buy-to-let mortgages

first_imgHome » News » HSBC pulls the plug on buy-to-let mortgages previous nextProducts & ServicesHSBC pulls the plug on buy-to-let mortgagesDespite the major lender exiting the market, there are still 42 active lenders in the buy-to-let mortgage business, willing to lend on residential property.Sheila Manchester28th April 202003,412 Views HSBC has pulled the plug on its buy-to-let lending, but there are still 42 active lenders in the business, even at the peak of the COVID-19 pandemic – according to Mortgages for Business, saying that, at the zenith of the spring’s Boris Bounce, there were 49 lenders in the buy-to-let marketplace.Saffron Building Society withdrew from the market before the outbreak in March – for non COVID-19 reasons – and has indicated their intention to return to market ‘later in the year’.  Lenders that have stopped lending to landlords since include: HSBC; Foundation Home Loans; Together Money; Vida Home Loans; Platform Home Loans; State Bank of India; and Furness Building Society.Steve Olejnik, Managing Director of Mortgages for Business said, “HSBC is no longer able to accept applications for buy-to-let mortgages. We have seen lenders like Vida Homeloans temporarily pull out of the market – but more than 85 per cent of the lenders that landlords rely on are still trying to do their bit.“Four of the lenders that initially withdrew products – Santander, Clydesdale, Precise Mortgages, and Kent Reliance – are now lending again.  The landlord community is benefiting from Shawbrook and Paragon, in particular, who are using virtual valuations for loans against standard properties up to 75% of loan to value.  They’re being very helpful.“Lenders have cut down the sorts of landlords that they will lend to.  They’re pulling product ranges, tighten lending criteria, and increasing margins.  But different lenders are de-risking against different kinds of landlord borrowers.“While some lenders are no longer lending to first time landlords, there are still lenders who are.  My advice to landlords looking to remortgage is act sooner, rather than later.  You may have to answer a few more questions when you’re applying for a remortgage that you would have had to last month – but a broker will still be able to find you a deal.”Visit Mortgages for Business. HSBC buy to let https://www.mortgagesforbusiness.co.uk mortgages for business Steve Olejnik buy to let finance April 28, 2020Nigel LewisWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Hong Kong remains most expensive city to rent with London in 4th place30th April 2021last_img read more