A four-branch estate agency in Devon has been acquired by franchisee Sara Watkins-Schmidt, expanding her managed property portfolio from 33 to 408 properties.
The acquisition of Complete Estate Agency adds 375 managed properties and 23 employees to Watkins-Schmidt’s operation. Complete will continue trading under its existing brand and retain all four branches and staff.
The agency operates from Bovey Tracey, Newton Abbot, Teignmouth and Exeter (Cranbrook), covering residential sales and lettings. Complete also maintains a presence in the new-build sales market.
Franchisee expansion strategy
Watkins-Schmidt entered the property sector in 2022 following redundancy, launching a lettings business before becoming a Sourced Living franchisee in spring 2024. She grew her managed portfolio organically to 33 properties before completing the latest acquisition.
The transaction comes as landlord costs have risen significantly across the UK lettings market, placing pressure on smaller operators.
“Complete was exactly the type of business I was looking for. It has an experienced team, established branches and a really strong local reputation,” Watkins-Schmidt said. “The Complete name is staying, the branches are staying and the existing team is staying.”
Consolidation trend in agency sector
Sourced Living, part of Sourced Property Group, supported the acquisition. Stephen Moss, founder and CEO of Sourced Property Group, said acquisitions could become an increasingly important route to growth for the company.
“There is an interesting dynamic developing in the agency market. You have established owners who have spent years building successful businesses and are starting to think about succession and what comes next,” Moss said.
The acquisition reflects broader consolidation trends in the UK property agency sector, as independent operators face challenges from regulatory changes and rising operational costs. Watkins-Schmidt’s expansion follows a period of declining mortgage approvals, which have impacted transaction volumes across the residential sales market.
The franchisee now plans to grow both sales and lettings operations across Devon, building on Complete’s established market position in the region.
