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NFoPP Chairman reports £1m loss for 2009
NFoPP Chairman Charles Smailes said that 2009 had been a “challenging year for everyone including your board of NFoPP”. The NFoPP Annual Report and Accounts showed an operating loss of &097,586, 77 per cent higher than the 2008 figure of &6,917.
Charles Smailes said that the operating loss was caused by the “reductions in revenue from falling NAEA membership numbers caused by the unprecedented recession”. The precise number of NAEA membership losses was not revealed, although CEO Peter Bolton King did mention in his report that ARLA membership had grown to over 5000 individual members.
Interestingly, the dire year for estate agency maintains a very low profile in the report, with much of the ‘blame’ for increased costs being placed at the door of the conversion of ARLA memberships from corporate to individual membership, which “required an immense amount of vetting of the individual members”. This will of course, bring a return to the Federation in terms of increased revenues from ARLA members who used to be charged as a company but now have to pay an annual individual membership fee.
The other major cost revealed in the accounts was attributed to IT. NFoPP’s database system couldn’t cope with the integration of ARLA, ICBA and NAVA and an independent review concluded that it was unsatisfactory to work with five suppliers, so a whole new in-house team has been established.
Feedback on PropertyLive, the Federation’s own property portal is now, according to Peter Bolton King, very positive (after a bit of a shaky start), with 260,000 properties now listed. However, in his report, Charles Smailes says that the free portal is "yet to deliver its obvious member benefits and subsequent income stream”, or, more simply put, there is no income stream.
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