Latest shock resignation leaves lettings industry leaderless

The latest shock resignation from Propertymark leaves the lettings agency sector rudderless - although enthusiasm for the organisation has arguably never been more muted, anyway.

Tim Balcon’s departure yesterday after just four months in the role of chief executive is merely the latest of many high-profile resignations.

David Cox, formerly chief executive of the ARLA wing of the organisation, left formally in July last year after being snubbed in his bid to become head of the overall body when it came together this January.

A terse statement at the time said: “David Cox, currently the Chief Executive of ARLA Propertymark is leaving the organisation today.  The Board of Propertymark would like to thank David for his significant contribution in his time to the development of ARLA Propertymark, and wish him well in his future endeavours.”

The reason for Cox being prevented from taking the leadership role of the overall organisation has never been made clear; one insider at Propertymark told Letting Agent Today that was due to a series of confidentiality agreements being enforced about the departure of Cox and others. 

Cox has now ended up working for Rightmove.

Just five days ago it was announced that NAEA President Kirsty Finney had resigned after only six of her 12 months term of office - no explanation was given by Propertymark for her departure. 

Over the Christmas period the former NAEA chief executive Mark Hayward - who was scheduled to retire - returned with a new title of Propertymark Chief Policy Advisor. And last autumn former Property Ombudsman and NAEA chairman Christopher Hamer left Propertymark, again at what appeared short notice.

The brief announcement of Tim Balcon’s departure was made yesterday afternoon. 

It said: 

The Board of Propertymark has accepted the resignation of its CEO, Tim Balcon. Following four months in the role Tim has decided, and mutually agreed with the Board, that he will stand down as CEO of Propertymark today.

This follows a short period of handover to Interim Executive Chair, Nicky Heathcote.

Nicky Heathcote, Interim Executive Chair of the Propertymark Board said: “We thank Tim for his time at Propertymark and wish him well for the future. The Board look forward to driving the strategy forward and shall continue to provide the highest level of support and guidance to our members.”

Tim Balcon said: “I have no doubt Propertymark has a very bright future ahead of it.  Sadly, I believe it is in the best interest of Propertymark and myself for me to step down at this point in its development.  I wish to convey to all Propertymark members my gratitude and respect for the way in which they have embraced my leadership. Equally I wish the Board and in particular the exceptional staff at Propertymark my best wishes for the future.”