Want to know what the City is told about Rightmove? Well, here is one nugget.
In January 2010 the proportion of independent estate agency offices spending over £1,000 per month with Rightmove was 4%. In January this year, the figure was 45%.
EYE has already carried a short summary from one of the analysts who attended the ‘Discovery Day’ event on Monday this week, but now Rightmove itself has posted up the entire presentation on its own site.
Note that we use the word ‘entire’ advisedly.
Powerpoint struts its stuff over no fewer than 97 pages, with enough graphics, flowcharts and pie charts to cross your eyes and work up a thirst – the presentation thankfully ended with drinks.
However, even if you only have a flat white to hand, there is plenty of interesting stuff here for agents, including an explanation of Rightmove’s forthcoming consumer offering, the tenant passport (page 36 if you want to go straight to it).
Its key benefits for agents are said to be instant, free referencing, and seamless access to traditional referencing.
A test of the tenant passport with agents is due to start next month.
The presentation is almost entirely about agents – intriguingly, we could spot only one reference to the hybrid variety, in a case study featuring Yopa – and what Rightmove does for its paying customers in terms of products and tools, plus training and support.
There is a great deal about efficiency and innovation, with the final section (page 72) about helping agents win instructions.
Some of the innovation is, of course, intriguing and very clever, while some of it is just obvious: not so long ago, agents would rely on physically counting For Sale boards to assess market share.
Now, Rightmove reports simply supply the information to agents without damage to shoe leather or costing anything in petrol.
Perhaps most interestingly is the confirmation that estate agency really is a cottage industry: 50% of Rightmove’s customer base is made up of one- or two-branch agents, illustrating why it is so difficult for challengers such as OnTheMarket to break Rightmove’s dominance, as there are so many individual business owners to reach.