Winkworth St John’s Wood
Richard Woolf, franchisee Winkworth St John’s Wood
Richard Woolf, franchisee Winkworth St John’s Wood, explains how he got into the estate agency industry 32 years ago and has developed his office into a successful business.
How did you start?
When I left college I knew exactly what I didn’t want to do, but I had no idea what I did want to do. Someone suggested I took a job in estate agency, which I did and I loved it. That was 32 years ago. I had the opportunity to move to Highgate, which I thoroughly enjoyed, but then I went travelling for a bit. When I came back, a local St. John’s Wood agent was recruiting; I applied and was offered a job. I was 23 years old. Since then I’ve worked in the area almost continuously and lived in Hampstead Garden Suburb most of that time.
When did you move to Winkworth?
I had been working in St. John’s Wood for over 10 years when the Winkworth franchise there became available. The economy was in the depths of recession, but I bought it. That was in 1991. The office was just a single unit with three staff. On the first day the secretary broke the word processor, then the telephone system blew up and I thought ‘What on earth am I doing?’. Things could only get better from then on.
We now have 21 staff and have taken the adjoining unit and the upper floors. We sell, let and manage properties at all levels, from studio flats to penthouses and luxury houses. We always wanted to be a traditional estate agency, dealing with sales and rentals. The latter came to play a very big part in the business, so we had to deal with management as well. We joined forces with another Winkworth franchisee in the West End and now manage several hundred units. We try to provide a professional service. Management, in particular, requires infrastructure and that’s what we have invested in.
Our core area stretches south to Marylebone Road, north to Whitestone Pond in Hampstead, west to Maida Vale and east to Primrose Hill. We have kept to our aim of being traditional, local agents, but because we are part of a very big group which generates many leads and referrals, we also get a depth of buyers and tenants.
How did you survive the recession?
It was basically sell or die! We’ve been through a lot, but reputations tend to be made in the bad times. During the recession in the ’90s people were prepared to pay good commissions to anyone who could come up with buyers, so we worked very hard, seven days a week. I had a young family to support, so I had to keep going.
Who is your target market in St. John’s Wood?
The market is driven by many factors, but demand created by the City of London is one of our major sources of tenants and purchasers. St. John’s Wood has a direct connection with the City and Docklands via the Jubilee line, it is a delightful place to live and we also have the American School. The area attracts a huge variety of people from all over the world. It’s not only bankers who look to buy here, but other people whose work depends on the City – consultants, accountants, lawyers etc. We also have the ultra rich, who come to St. John’s Wood because it is close to central London, has a village atmosphere and offers excellent educational choices. But there are also parts of St. John’s Wood which are reasonably priced, where first-time buyers can find a one bedroom flat for a figure in the region of £400,000.
Where do you see the market going this year?
At the moment there is an undersupply of property and demand is strong. I believe that prices are slightly higher now than they were before the banking crisis. What will happen in the future? Provided there are no future crises, it may all depend on interest rates. Money is very cheap at the moment, but if interest rates rise sharply and substantially, it will create greater supply which would have the effect of softening prices. I’ve been through enough crises in the past, though, to know that anything can happen.
- Full interview in March 2011 issue of Fabric Magazine