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Home of Choice urges ARs to sign LSL contract to safeguard commission

Home of Choice appointed representatives who attended a meeting today say they were urged to sign a contract with LSL Property Services in order to get their pipeline commission paid as quickly as possible.

The ARs, who attended the meeting in Weatherby today, say they were told by Home of Choice and LSL that they would be sent a contract within the next day or so and that if they sign this it should be possible to receive the commission owed to them soon afterwards.

At the meeting held by Home of Choice deputy executive chair Richard Coulson and LSL’s human resources director Lisa Charles Jones, the ARs were told that LSL was looking to buy the Home of Choice trading name among other assets.

Home of Choice has confirmed that the network is expected to go into administration before any buy-out.

Simplicity Financial Services principal Rob Downham, who attended the meeting, says: “There are still so many unanswered questions, until we actually see the contracts.”

A spokeswoman for Home of Choice says: “When the board recognised the potential financial difficulty steps were taken to secure further investment, in whole or in part, to support the business. However, despite a number of very positive developments, in the time available the necessary level of support could not be secured.

“The board were advised that in the circumsatances, administration offered the best solution to rescue the business.”

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Comments

There are 8 comments at the moment, we would love to hear your opinion too.

  1. Peter Jeffries 5th May 2010 at 5:24 pm

    Whilst this is clearly better than no news, it reminds me very much of what happened at Prestbury. I am certianly not lighting a cigar yet, too many unaswered questions and not enough specific information – I for one will continue to look for a back up option.

  2. The meeting yesterday at The Hoilday Inn was a shambles, the directors need to be more respectful of the brokers who have provided the financial support to them and their families, but can walk away secure with no concience?

  3. Go direct, cancel all your pipeline and rewrite the business. don’t sign any contract as all these networks think of number one only.

  4. I like how the HOC spokeswomen said “When the board recognized the potential financial difficulty steps were taken to secure further investment (Richard said at Weatherby this had being going on for some months), Why was the boards salary’s (believed to be 250K) not stopped like they have stopped all payments to their staff and ARs ?
    There is no truth coming from HOC, ARs were told on Tuesday they would have their unpaid commissions buy the end of the week, Now to get the unpaid commissions that were earned under current HOC contacts the ARs need to weld them self’s into a new contact with LSL. Its Thursday now and still no contact from LSL or any sign of money !!!!!!

    Well done HOC you have got most of the ARs over a barrel, For any firm that can afford to walk away from their unpaid commissions and pipeline they will stay well away from HOC/LSL !!!

    P.S, reason for the Anoymous post is because I am an AR and need my unpaid money from HOC/LSL.

  5. Sounds to me like LSL want contracts signed to see how many advisors will stay with them if they buy HOC out, to see if it is worthwile whilst using the commission payments as a carrot. If HOC goes into Administration anyone can put a bid in with the receivers to buy them. Why spend so much money buying HOC out when they can get it of the receivers much cheaper!!!

  6. chris cartwright 6th May 2010 at 1:32 pm

    How on earth can placing the business in administration be the best outcome for the business when there is another offer to pay AR’s in full and avoid administration ?
    Where are the FSA in this ?
    Has Mr Murtag now been frightened away
    Have AR’s lost the chance of saving their income & their network ?

  7. I have been with Home of Choice since it started and can honestly say I have never worked with a better company or Network in my life. In my experience, Gerry O’Brien and Ricard Coulson have worked tirelessly to build and enhance the Network and until this current situation were supported and respected by brokers and staff alike. I am sure they are as unhappy as everyone else to find HoC in this position and are doing evrything they can to save and protect it including protecting the staff and brokers. Reading the comments in this forum does not sound like the brokers I know in Home of Choice. Of course everyone is unhappy where we are at present, but the quicker we get this sorted, the quicker we will all get paid and back to what we do best.

  8. If abyone wants a second opinion they are welcome to call us.

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