A Reflection of Change - Harry Dawes looks at how PCL agency has evolved

By Harry Dawes

On the 15th September 2008, I was a fresher-faced 25-year-old, working for Hobart & Slater (now NVP) on Montpelier Street. I was five years into the job, stamp duty was 4%, and London was buzzing with international and domestic interest. Plain sailing! But over the pond, a fatal combination of excessive leverage and overexposure to the subprime mortgage market spelt the demise of investment bank Lehman Brothers, marking the start of a global banking crisis. 

The prime London market went into paralysis overnight, aside from a smattering of transactions; there was no meaningful recovery for a year. I remember feeling fortunate to be working for a boutique agency whose level-headed founders made no rash decisions about my employment, despite my concerns about 'last in, first out'. I spent another 5 years at Hobart Slater, learning my trade from some excellent agents whilst having a wonderful time and a lot of fun.

I was then headhunted by the late rainmaker, Eliza Leigh, to join Knight Frank in 2013. The time had come to test out the corporate waters of a big agency. International interest in London was probably at its peak, and I spent my life in One Hyde Park.

I had a successful and very enjoyable 9 years at the firm. I was given a lot of responsibility and made a salaried partner in my twenties. I envisaged being a 'lifer' and a career corporate man, with the security this brings, but my own, entirely personal ambition to be self-employed won out. 

Now, in my fifth year of running my own search agency, Dawes London, it has been fascinating to witness so many other agents move from corporate firms to alternatives.

Why is this?

In my opinion, there are many reasons for this change in agency, not least some fairly chunky guaranteed bonuses on offer! But also, greater flexibility and the ability to sell, rent, or acquire across multiple postcodes and, indeed, countries. The latter (although it does sound very glamorous) begs the question of agents being 'experts' in a specific market and the considerable value that adds! Anyway, I digress...

 The broker model is now well beyond infancy and is a major catalyst for this change. Agents are generally gregarious and entrepreneurial by nature, but not all want to 'go it alone', so the broker model's support framework offers an interesting halfway house. My personal observation is that this move has worked well for some seasoned agents with 10 years + experience. I suspect that some agents who have gone down this route will pivot toward greater security and perhaps a more collaborative work environment, and they should not be ashamed if they do. 

I've seen and understand the allure of corporate and boutique brands for clients and customers alike, and it certainly shouldn't be dismissed. There is still a place for a career with a corporate or boutique agency, provided the firm recognises the value of human relationships and retaining talent will be key for any firm looking for long-term repeat business.

No doubt we will continue to see more evolution in our industry, but for those starting their careers in agency, please allow me a little self-proclaimed wisdom: before your career progresses to Partnership, Director, Broker, or self-employment, you have to do the hard yards, learning the trade and gaining transactional experience. 

 For those facing a junction in their career, if you are considering going down the route of self-employment, other than being a good leaver, the best counsel I received from a wise old agent is that 'the highs are higher, but the lows are lower', and if you can handle that, it might be for you.