EYE reported yesterday that IAD UK and Advocado have joined forces in what it described as a “strategic partnership”, although it was unclear at the time whether the deal included an acquisition.
Following further clarification, the structure of the agreement has now been confirmed: IAD UK has acquired the Advocado property.
Lee O’Brien, managing director of IAD UK, told EYE that the Advocado team will continue to work as part of the wider IAD network.
“Yes, the deal has been done and IAD UK has acquired the Avocado property, the team remains and will now be part of the wider IAD network,” O’Brien said.
For agents, the deal with IAD Network is about much more than just additional support, says Avocado Property. This means increased earning potential, access to strong infrastructure and the ability to grow your business through both individual performance and team development.
Ian Macbeth, co-founder of the firm, commented: “The combined model reinforces that the self-employed property agency should provide autonomy, flexibility and the opportunity to build a valuable, income-generating business with long-term value.
“Avocado and IAD agents will now enjoy the best of both worlds – the autonomy of running their own business, stronger support, better efficiencies and broader opportunities to mentor new agents looking to join the self-employed brokerage.”
McBeth added: “We built Avocado around putting people before assets, building a strong team culture, and doing the right thing brilliantly every day. What I’m excited about is maintaining the heart that makes Avocado different, while adding scale and network power to take our standards even further and faster.
“This partnership will no doubt help us all support more quality agents and help more home owners enjoy house flipping in the UK.