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REAL ESTATE AGENT David Madden may have left Ireland during the downturn, but something he saw in London made him want to pack up again and come home.
Since the age of 17, Madden has dabbled in real estate after following his parents, who sold property overseas, into the sector.
After a failed tilt in 2007 at setting up a business, Honk, to rival Carzone in Ireland, he left the country and began working in sales in the UK.
As the property industry picked up, he moved back into work as a real estate agent and came across an idea that was turning the London property industry on its head.
“The estate agency market in London is saturated,” Madden tells Fora. “So they started coming up with ways to get ahead of each other and the commissions were dropping.
“I saw companies like Purple Brick start coming up, offering no commission and set (real estate services) fees. They were getting a huge market share in a very short space of time, so I packed my bags and came back to Dublin.”
Purple Brick, an online estate agent that charges set fees instead of commission, is the company Madden has tried to emulate with his own online-focused real estate agency, Moove.
The UK firm listed on the country’s junior stock exchange in late 2015 and its market value has since soared to a peak of more than £1 billion (about €1.15 billion).
Madden says his startup, which was launched last summer, does the same work as other estate agents, except it charges a set fee of €2,500 for bringing a property to market.
That sum includes a property valuation, handling viewings, producing ‘for sale’ signage and advertisements on the main listings websites.
Madden adds that sellers can opt for a lower, €1,800 fee if they are willing to show people around the property themselves.
“Most of the big real estate agents charge on commission. Realistically, on an average home, they would charge 1.5% to 2%.
“The saving average in Dublin at the moment that we’re seeing is between €5,200 and €7,200. We literally just sold a house in Sutton, in the space of two weeks, where a homeowner saved €9,500 selling through us.”
Another advantage of the online estate agency is the 24-hour nature of the business, according to Madden.
He says users have been putting in offers and contacting homeowners about viewings via the platform at ”one, two and three o’clock in the morning”.
While the business has pitched itself as an online service, it has also set up a brick-and-mortar presence in Dublin’s Christchurch area.
“The reason we did that was we didn’t want to enter the market as a solely online estate agent,” he says.
“I find that when we sell properties our buyers are coming into us with a cheque, and there is no way they will fire that across as a bank transfer without sitting in an office.
So we’ve approach this with a hybrid business model where we have a place people can come in, sit down and talk to us.
Proving the model
Madden says one of the biggest obstacles in the business had been overcoming people’s assumptions that the low fee meant there “must be a catch”.
He adds Irish people can be quite sceptical about new ideas and the key challenge in setting up Moove was proving the model works.
Funding was another hurdle, until a pitch Madden posted on the Irish Investment Network website drew in some backers.
The investment was only €40,000, but that was enough to get the company to launch stage. Madden is now targeting a larger round to help the company secure a bigger share of the Dublin real estate market.
“We’re just closing off a €200,000 raise now on Crowdcube. We’re about 70% funded now and that funding is designed to get us through 2018.
None of that will go on salary, that’s designed to help us build the app which will work seamlessly with our back-end platform. People are viewing property on their phones these days and we want to be able to send push notifications about valuations and offers to them.
Crowdfunding
The startup opted for the crowdfunding approach to serve two needs: raising money and building up its property stocks.
Madden says people who invest €500 into the business can sell their property on Moove with full estate agency services. For €250, Moove will let any property for an investor.
“We’re looking to have about 400 customers by the end of the year and at that point we are going into a third round of investment to raise between €2.5 million and €3 million,” he says.
Nevertheless, Madden says the company needs more customers to stand a chance of getting the attention of venture capital firms.
He adds that focusing on the Dublin market is the company’s best chance of increasing its stock.
“Dublin has about 50% of the revenue for property sales in the country and it will allow our marketing budget to go a lot further.”
Despite the Dublin focus, Madden adds that the company currently has properties for sale from Killarney to Malin Head.
“We will sell property anywhere, but in terms of expansion outside Ireland, we’re not looking at that right now. It’s definitely something for the future.
“Although we’re doing the exact same as real estate agents, it’s a completely new market we’re entering into. So Ireland is our firm focus for the first three or four years.”
Written by Killian Woods and posted on Fora.ie
More transparent and open election process.
It shouldn’t be a retirement home for politicians.
I don’t like the idea of gender quotas. You shouldn’t be nominated to a position just because you are a man or a woman. It should be based on merit.
Sounds like a good start to me. Attractive in that it’s ready to go and doesn’t require another referendum.
And any changes that would be of benefit and that would require a referendum can still happen at some point in the future.
Seems to be some reasonable suggestions in that bill. Would also like to see their suggestion re salaries & lump sums done in the Dail as well. Will be interesting to see what Kenny does now he has lost his pet referendum.
More importantly, how am I only realising now that Micheal Martin is the spit of Mr Burns from the Simpsons?
We should just abolish it… Oh wait tried that and 61% didn’t even bother their arse voting and now they all have opinions that they want to share
@Stehen, exactly they will all have an opinion now. But couldn’t bother their rear end to vote. Typical Irish, Reform, here we go again waffle and more waffle.
You’re completely missing the point. The people have voted NOT to abolish it. So you saying “we should just abolish it” and then blaming the low turnout is irrelevant.
That you were taken in by the misleading arguments of the government is unfortunate.
Or conversely only 18% of the electorate voted to make the biggest change to our constitution ever. It depends how you look at it.
I wasn’t taken in by the governments argument. I have for years wanted it abolished as I never saw the point of its undemocratic existence. It was like the House of Lords for the Irish. Eamon Coghlan doing star jumps, Norris ranting about fannies and Leyden telling us all Hitler and Mussolini were great is all I ever seen from the Seanad. It’s also spawned Ronan Mullen which is a war crime
@Adam, how is it irrelevant that only a small fraction went out and voted to keep a house of well fed academics and politicians who didn’t get elected. If I am not mistaken it was 1951 the last time any sort of reform was implemented in the Seanad.
Voting, should be made compulsory, and a fine imposed if you do not vote. That is a must in this apathetic nation of ours, that allowed gangsters to rule this country for 75 years.
Adam, there was a lot of misinformation coming from the No camp ,like for example the so called power grab being one.
Plenty of misinformation came from the yes camp as well seamus. €20 million savings my arse. See the FG referendum director tried to inflate that claim to €25 million on the Friday as well.
@Kerry, true misinformation came from both sides cant argue with that one. However, FG were never 100% behind the yes vote. Kenny refused to debate with Michael Martin was not a good sign. There was blatant media bias in favour of a no vote. Furthermore a lot of people who did vote no, did so as a protest vote..There was an opportunity there to get rid of a day care centre for Well fed academics and failed politicians. Absolutely embarrassing
Couldn’t agree more. All this infantile celebrating on an issue no one gives a toss about. Less than 40% voted by a majority of a mere 40,000. Absolute eejitry
49 ate elected. 6 by two constituencies of university graduates and 43 by an electoral college of county councillors and tds and senators, the majority of whom are directly elected. Same ad the French senate.
Unfortunately it will probably take another referendum to make the needed changes. At least this time I hope the govt will take the time to make a compelling argument to change the constitution other than ‘it’ll save €20M’
It says in the article that it won’t require another referendum.
Yeah, Rocky, but the Taoiseach still gets to nominate over a sixth of them.
The Quinn Zappone bill would take the reform close to the limit of what is possible without an amendment to the constitution and that is a good thing. The Seanad election could be held on the same day as the Dail election but it has to be by postal ballot. I think you could oblige the Taoiseach to nominate certain types of people… I said elsewhere non residents… to avoid political cronies and such and maybe ensure emigrants and other non resident citizens are represented. Not perfect but better than what is there now.
We already have a chamber elected by all eligible voters. It’s called the Dail. Why the need for duplication. Doesn’t gender quota ignore democracy ? Not impressed with these proposals. At best they’re cosmetic window dressing
I think if they put in bean bags instead of chairs that would be start
Family members of sitting TD’s should be banned from it in the interests of openness.
Running for the Dail and failing to get elected should also bring a automatic disqualification.
Members should have a good track record in a productive industry.
Knock it down or sack the lot of them.
We may wait until the next election because these blue shirt idiots aren’t capable of doing it
What’s the matter Ciaran? Referendum result wasn’t to your satisfaction? The people have spoken even if you didn’t hear them.
How ironic, that the biggest fascists in our history were in fact Fianna Fail.
I think no-body is capable of doing it. Read this thread – everyone has an opinion, few are the same.
Now that we’re stuck with the yoke it needs to become more democratic and open for all voters. Election to be held same day as GE. Candidates can run for one or the other, not both. Half the number of seats because there’s no need for 60 of them . No more using the upper house as a dumping ground for the unelectable.
If we have seaned election on the same day as a GE then chances are you’ll have the same party in both houses. Have a seanad election half way through the dails term – that way if people are unhappy, they can vote for change halfway through. Although that could lead to an american style system where parties deliberately block bills for the sake of it.
John, therein lies the biggest problem. It was all well and good to vote for reform- it’s a whole other thing to decide (and agree!) what that actually means and then implement it. Throw in the fact that by next week, and certainly post-Budget, most eyes will have moved on from Seanad reform and we have a very serious problem. All of a sudden, it looks like Ireland voted for the status quo. Perhaps this is why no one put forward and debated the proposed reform? If they had, people might have realized just how difficult this proposed reform will be. True reform that creates a second house, subordinate but independent to the Dail where something is achieved which could not be achieved in the Dail, is going to be really, really tough- and maybe impossible. That’s not to say that some reform isn’t possible (expanding the franchise will be easy enough) but reforming the Seanad so that it actually adds value and doesn’t just replicate what the Dail does, may be impossible.
Proposal – no party members can stand for the Seanad.
Strictly non-aligned as far as that is possible, ergo no whip
Or rotate representation with, say, 1/3 of seats going up for re-election every two/three years. That’s common in many upper houses.
One independent person from each county elected by the people of that county for a three year term. €900 per week after deductions & vouched expenses. Give them a bit of bite & away we go…..EASY!
We don’t need more local representatives at national level. What we need are politicians elected at a national level to deal with national issues. If that means a party list system, so be it. TDs shouldn’t be looking into potholes.
Unfortunately the Constitutional convention decided that our PR-STV multi-seat constituency electoral system doesn’t need to be changed so there’s no fear of any TD’s having much interest in national issues anytime soon.
It’s the allowing everybody in the country and our ex-pats to vote that seems silly to me. If the recent referendums etc… Have proven anything it’s that most people are too lazy or stupid to care about democracy. Allow only people with a degree or even a masters to vote and remove councilors from being allowed to vote. The need for a debate every time a petition gets 1,000 signatures will lead to an awful lot of debating about cats stuck in trees. Also the 50:50 rule is nonsense if we are going that far then we should have an exact division along racial, religious, sexual orientation and whether people like or dislike jaffa cakes lines.
I know a lot of very clever people without degrees, and a lot of stupid people with degrees. I have a feeling you fit in the second category, but as I don’t know you I’ll withhold judgement.
You’d be wrong, but you’re probably used to that. Incidentally I did not find the voting papers confusing… :-P What I should have elaborated more is that we need a minimum standard to be allowed to vote for certain things. Our recent elections are knee jerk nonsense. For example I’ll bet good money the majority of the people who voted no for this referendum did so based on saving 20 million which is a nonsense reason to get rid of the seanad.
Universal sufferage for 70% of the seats, elected senators to elect remaining 30% as independents from the broader community, business, health education, social, community,sport. Power to block and introduce laws. Also more power the president to dismiss a TD or senator, or government. No bills to be signed by The President unless passed in both houses. Thus avoiding a repeat is bank bailout or similar by ministers or taoiseach. Set salary for TDs and senators to X times the national industrial wage ministers salary to be Y times national wage. Travel public transport, Bus, Train, Ryanair/Aerlingus, ect, vouched expenses. Set allowance for expenses. Exceed the allowance and it’s not paid. Close TDs clinics.
How can it be an upper house if the salary is only half that of a TD.. should be the other way around.. pay the Senators more than the TDs and increase there input and responsibility ie to supervise the Dail..
Lets start off with saving money on the Seanad by kicking out all who said Yes, cut there pension to the average weekly pension. Also do the same with up to four of the senior figures from each party.
The next referendum should be allowing Irish from abroad to vote,but only those who have left in the last 10 years.
All members of the Seanad should have a free and privet vote.
Why oh why cant we have an upper house made up of 13 or 15 of our brightest business brains with no political affiliation to decide whats good or not coming from the dail for the country.an odd number so no split decisions were its a straight yes or no
What business people have no political affiliation?
Fergal quinn.michael oleary for example.im sure theres more
Eh, wouldn’t most non-retired businesspeople would be too busy running their businesses?
Ireland is a democracy. Not a business, why should ‘business brains’ have a final say over legislation? Ridiculously stupid idea.
Ehh they dont need to sit fulltime does the present seanad sit fulltime
We need to enact the 7th amendment allowing all 3rd level graduates to vote & no political appointees.
I read three proposals of reform online last week, supposedly written by Kathy Sinnott and I find myself inclined to agree in part:
1. Eliminate all the existing panels (including the Taioseach’s and the university panels. replace them with panels that match the current major cabinet portfolios…. Health panel, Education and Science panel, Agriculture, Forestry and Fisheries panel, etc. These senators will then have the experience and commitment in specific areas to keep the ministers accountable, advised and in check.
2. Elect senators on the same day as TDs
3. Allow everyone qualified to vote in Dail elections to register to elect in 2 or possibly 3 panels. For example a farmer with children might want to vote for the senators on the agriculture panel, the health panel and the education panel. This way the electorate is self selecting. The people who are interested and generally knowledgeable in an area make up the electorate in that area.
I’d be wary of using the geographical constituencies that some people are suggesting because we’ll end up in the same situation that we have with TDs: Senators will be expected to campaign on and deal with local issues.
Using the the panels as vocational/occupational constituencies, like the Bill suggests, means candidates would have to campaign nationally on the issues relevant to their panel, which takes the local politics out of it. It’s still not perfect, because the panels are based on Ireland in the 1930s, but it’s better than the current system, particularly when anyone can vote in the elections.
I hope that this Bill, and Professor Crown’s Bill, are used at least as starting points for the discussion on reform. The electorate has decided to keep the Seanad, it’s up to our politicians to make sure it, and the rest of our Oireachtas, is fit for purpose.
Have an election which is 2 years before the general election. Allow the term to run for 4 years. Allow only a certain few from political parties to apply. Have no cronies elected by the Taoiseach. That’s a start.
REFORM ? Give me a break ….10 reports have already been published !!
10 initiatives gathering dust and cobwebs …. …..
Return to business -as-usual will be the order of the day.
This isn’t just a report, it’s an actual bill, which *is* progress.
First thing is get rid of the 11 taosaich nominees
Elect all 60 directly by the people on the same day as the local and European elections and allow office to change every 5 yrs only.
No Taoiseach selections or panels. The 60 could be split one per constituency (43 if I remember correctly) plus 17 split among the bigger constituencies ! Or you could have a list system of people from all backgrounds based on provinces and a straight vote 15 each.
Either way scrutiny of laws, ministerial orders, public appointments and investigations inquiry style would make them more relevant !
I think one directly elected member form each constituency with no party affiliations. A three year term and a pay rate of the average industrial wage. I think they should have a bit more power to be able to keep the government in check. I think that way you might get the sort of people who would want to do the job for the right reasons.
Directly elected senators could be one way of reform also. people who are not out of touch with the people.Delighted that the Senad is being kept. We do need two houses one to keep an eye on the other.The senad should be given more legislative powers.
1 senator per constituency directly elected at same time as Dail elections
Seamus ‘ wait until after the dail election. When the parties agree on their programme for government hold the Senate election, and one to endorse the P for G. This would give the government a mandate from the people and the senate guidance . at present no government has or has a mandate from the people, only a mismatch of policies from different parties. If you voted FG you voted for one thing if you voted for labour you voted for something else.
Colin C – should. be a green. thumb,sorry!
Keep the panels but require suitable qualifications/experience from the candidates and make them apolitical. Universal suffrage for the election and let the Taoiseach nominate those selected by the people.
No constitutional change needed for that as far as I can see.
That would be unconstitutional as far as I know. You can’t restrict the right to run for the Oireachtas. Which is damn right.
We already have restrictions based on age written into the constitution and if I’m not mistaken the law adds restrictions based on your financial status (can’t be bankrupt)
Anyway the constitution states the requirements for standing for the Dail.
Article 18 which deals with the Seanad states in section 7
‘Seanad Éireann to be elected from panels of candidates, five panels of candidates shall be formed in the manner provided by law containing respectively the names of persons having knowledge and practical experience of the following interests and services, namely:–’
So we determine by law the requirements and away you go…
I,m just a little disappointed we did not take the chance to get rid of 60 politicians, my entire life I have heard nothing but complaining about pay, expenses etc etc. Here was a chance of real reform 60 redundancies in Leinster House now that would be a shock to Irish politics.
I totally agree with your comments,Shane.
Some reasonable proposals here although there are others than I wouldn’t approve of. The point is that now that we are keeping the Seanad we need to have a debate on what it should be. Too many people here just want it to block everything the government does because they aren’t supporters of the current government. That isn’t a rational basis for debate.
The US example of two equally important houses is risky in that we could end up with gridlock as currently exists in the US. Could you imagine this government if FF had a majority in a powerful Seanad? We know they would block everything for the sake of it. A small country like Ireland couldn’t risk this as if the financial markets perceived that the Government couldn’t enact its legislation they would be wary of lending to us. The US gets away with this because it’s too big and too important to the world economy.
In most other countries where they have two houses the Upper House is very similar to the Seanad with limited powers. So clearly the Seanad can have an expanded role but that role has to remain subservient to the Dail which is where the real reform needs to take place.
My ideal changes :
* Scrap the UNI panels and Taoiseach’s nominees….
* Reform and Update the Vocational Panels.
* Elect the Panels from a National Franchise (ie the Dail) as well as emigrants and the Northern Irish, with each voter choosing which panel they wish to vote for. This would help minority parties and independents, as it means “party” voters can’t vote the party in every panel.
I’d like to hear from some of the others besides those 3 or 4 who’ve been in the limelight these past few days
The Quinn-Zappone Bill is probably a decent bit of legislation – bar the 50:50 gender quotas. There’s no point in giving me or anyone else a vote in the Seanad and then effectively restricting who they can elect.
Get rid of that, and it’s a worthwhile first step.
A referendum should ideally scrap the 3rd-level seats and the Taoiseach’s nominees. And the electorate be expanded to encompass all Irish-born overseas and Northern Irish. Though – as the article points out – that could be a daunting logistical exercise….
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