Transparency
is paramount
In our latest Up-Close interview, we speak with Charlie Bryant,
CEO at Houseful, (Zoopla).
To start, can you please tell us a bit about Houseful?
Houseful is a collection of digital real estate brands that came out of the former listed company Zoopla Property Group (ZPG). We were taken private by Silver Lake and a number of co-investors in mid-2018 and now consist of multiple brands across the Saas/software, data/insight, digital classifieds and proptech sectors. Our best-known consumer brands are Zoopla and PrimeLocation, and these are complemented by a number of high growth #1 B2B brands that now represent the majority of the business.
Can you please tell us a bit about your career and how you found yourself at Houseful?
I joined what was then ZPG following its 2017 acquisition of a data business catering primarily to mortgage lenders in the UK and Australia, where I was CEO (it was owned by a client I had worked with during my time in investment banking). When ZPG was taken private by a consortium led by Silver Lake and Red Ventures in mid-2018, I took on the founder transition and became CEO for the combined real estate businesses. We rebranded these to Houseful in 2023 to signal to customers, investors, employees and other stakeholders that we are now much bigger than Zoopla and much more of a software and data business than a digital classifieds business. Before my tenure at Houseful, my career spanned investment banking and software, including seven years at Misys, the then FTSE100 financial services software leader, and Head of Technology Investment Banking for EMEA at Deutsche Bank.
What would you say is a career highlight or something that you are most proud of?
When I assumed leadership of Hometrack in 2013, it was a struggling lender data business heavily impacted by the financial crisis, where many of its clients were subprime mortgage market participants resulting in significant losses during the 2009-2010 upheaval. We undertook a comprehensive rebuilding effort across both the UK and Australia, resulting in the sale of these businesses for £120m and $130m AUD respectively. This growth has continued under Houseful’s ownership and Hometrack today is close to a billion-pound enterprise, effectively becoming a unicorn within a unicorn over the past six years. Currently, it holds a leading position in its sector in both the UK and the Netherlands, with plans for further expansion. I am also proud of how Houseful overall has navigated recent years, with multiple challenges including the post-Brexit fall out, the pandemic, post-covid Marco developments and the current volatility in the property market, driven by a combination of supply/demand, affordability, policy changes and interest rate/mortgage market uncertainty. Despite these adversities, our company not only persevered, but emerged considerably stronger.
“Achieving the right balance between being hands-on in strategy delivery and empowering your team to take ownership is crucial.”
In your opinion, what are the top attributes of a great CEO?
From my perspective, the role of the CEO encompasses three primary aspects. Firstly, it involves setting the business strategy and direction, embodying the vision, and ensuring the company has a clear purpose to centre around.
Secondly, it is about hiring a great team and knowing when to step back and empower them to execute the strategy effectively. Achieving the right balance between being hands-on in strategy delivery, and empowering your team to take ownership is crucial.
Thirdly, the CEO plays a vital role in cultivating and embodying the company culture. This entails defining the type of workplace we want to be and the type of people the company aims to attract and retain. I often emphasise creating a work environment where everyone feels valued and fulfilled, fostering a culture where employees love to work, and others aspire to join. It is about understanding the company's behaviours and how we collaborate, how we treat one another, and how we engage with the broader community. In our case, we take a firm stance against homelessness, focusing on addressing its root causes rather than merely treating the symptoms. This commitment therefore extends to policy advocacy and community engagement, aligning with our position as a leading real estate brand committed to addressing and playing our part in improving significant societal issues.
Bringing all these aspects together, a successful CEO ensures the organisation remains steady and focused. Just as a boat moves faster on an even keel, the CEO's role is to maintain organisational stability, allowing it to innovate, engage with customers, and drive positive momentum effectively.
Are there any future facing trends that are of particular interest to you that you think will have a large impact in the next 3-5 years?
When I look at the current state of the property market, it becomes evident that it remains fundamentally outdated in many aspects. Consider the evolution of digital property search over the past two decades: initially, users could search properties based on value, number of bedrooms, postcode and other basic criteria. Surprisingly, even today, more than 95% of property searches still rely on these conventional parameters. The property market has lagged behind in terms of personalisation, curated experiences and interactivity, unlike other sectors such as music streaming, movie watching, grocery shopping, holiday booking or even everyday purchases.
The next generation of homebuyers will be unlikely to spend countless hours navigating classifieds sites as current generations do. Therefore, it is imperative that we embrace several fundamental changes. First and foremost, personalisation must take centre stage. Leveraging data to gain deeper insights into consumer preferences is essential. Secondly, the search process itself needs to evolve. Instead of visiting specific websites, users should have the flexibility to voice their preferences and receive tailored recommendations, leveraging artificial intelligence and audio search to streamline the process. For example, if someone is walking down the street, they should be able to instruct a search orally and receive the reply in real time, such as: “I want a home with 2 bedrooms in or near Islington with a grocery store less than 5 minutes away; a tube station less than 5-minute walk away; on a high storey and for less than X.” This unstructured approach to search allows for a more intuitive and user-friendly experience, and appeals to an audience that is no longer desk-based, but mobile.
Additionally, there is a pressing need to digitise the entire transaction process. Currently, buying a home in the UK can take up to 26-28 weeks, causing immense stress and uncertainty for buyers. By embracing digital solutions, we can significantly reduce the time it takes to complete a transaction and alleviate common pain points for consumers. This transformation not only benefits consumers by reducing stress, but also enhances efficiency and reduces costs for all parties involved.
So for me, I think the key forward-looking trends in the property market include: increasing personalisation and data utilisation, embracing AI for more intuitive search experiences and recommendations, and digitising the transaction process to enhance efficiency and alleviate stress for consumers (and cost for professionals) through increased transparency and shorter lead times.
Touching on data, you are obviously sitting on so much real estate data, so how do you approach using that outside of the immediate consumer context?
Certainly, data is undeniably the new oil. As such, we have dual responsibilities. Firstly, we must harness data to facilitate meaningful connections and empower informed property decisions across all stakeholders, be they consumers, mortgage lenders, estate agents or government policymakers. Utilising data/insights to inform and refine decisions lies at the core of our mission. Secondly, we are obligated to employ this data in the most innovative manner while upholding stringent data governance standards. With our extensive data repository spanning from consumer inputs to insights gathered from estate agents and mortgage lenders—where a significant proportion of UK real estate transactions flow through our platforms—comes the imperative to explore its full potential ethically and compliantly.
Addressing these responsibilities prompts two fundamental questions. Firstly, what transformative actions can we undertake by leveraging this data wealth? Secondly, how can we navigate this landscape while adhering to GDPR regulations, respecting privacy concerns and ensuring data providers are comfortable with our utilisation? It is paramount to strike a balance between innovation and compliance, especially given the burgeoning advancements in AI and large language learning models. As the risk of data misuse looms large, our commitment lies in pioneering innovative data usage practices while steadfastly adhering to compliance standards.
Is there any advice you would give to aspiring CEOs?
This is a question I frequently encounter, especially internally, and while none of the principles I advocate are groundbreaking, they are often overlooked. Firstly, I adhere to absolute honesty and integrity. As a CEO, I believe transparency is paramount, except when confidentiality or sensitivity demands otherwise. Where possible, providing candid, expansive answers fosters trust—a CEO's most potent asset. Trust is cultivated when people believe there are no hidden agendas. Secondly, I emphasise real ownership, especially pertinent in private equity contexts. Dispelling the illusion of puppeteers behind the scenes is vital. In reality, a business's fate rests on those running it. Every member of the team must understand this and approach each day with a sense of purpose, being prepared to pivot when needed and constantly iterate and experiment. Our shareholders often remind us that “all plans are written in pencil”, encouraging adaptability and viewing mistakes as learning opportunities. Thirdly, active listening is key. While it is cliché, as CEO, it is essential to listen to all viewpoints and exercise judgment on which to act upon. Lastly, after gathering insights, it is imperative to make decisions swiftly. While consensus-driven approaches have their place, there are times when decisive action is required. Balancing these approaches is a critical skill.
How do you stay informed in your industry. Do you listen to podcasts, or do you use other mediums?
One area I wish I could improve upon is curating the right podcasts and articles to consume, and making the time to read/listen to these. In today's information-saturated world, it is a common challenge. I will admit that I could be much more proactive in this respect. Fortunately, I have a few go-to individuals—like my Chief People Officer and my personal coach—who both excel at sharing valuable content tailored to my interests. They have a knack for filtering out the noise and sending me precisely what I need or should be reading. Additionally, there are some industry peers who are adept at sending quick, digestible snippets, making it easier to stay informed without it becoming overwhelming. In an ideal scenario, I would have more time to dedicate to reading and listening to a broader range of content.
