Rightmove shares hit a high this week, of 4,579p, giving the company a market cap of almost £4.2bn.
The price was achieved on Wednesday. Yesterday, the shares closed a whisker down, at 4,567p.
Other property share prices have been stable, despite the announcement on Wednesday afternoon of the Tenant Fees Bill and its likely effect on agents’ income and profits.
Foxtons slipped almost 2% yesterday, to 74.5p, while Countrywide nudged up by under 1% to 110p, and shares in LSL rose over 2%, to 264p.
Shares in The Property Software Group, whose roots are in lettings, did not move at around 140p, and it was a similar story for shares in Belvoir, also still predominantly a lettings business, with a share price unchanged at around 105p.
However, the lettings fee ban – and the Government’s own impact assessment – do not seem to have been reported much outside the trade press.
Amazing really, a company that produces nothing and then rinses the very people who provide them with the product they peddle?
Times are changing though, I’ve noticed quite a few clients using Google to search for properties of recent, wouldn’t it be interesting if they opened a property search portal…….
Something for RM to think about?
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Property search portal……there is one that’s in the process of being rolled out now.
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Pay per click.. be fairer then the current business model rightmove use…Strike Strike Strike!!
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Every £1000 spent with Rightmove. They pocket £760.
Time to stop feeding the cash cow.
Leads are poor and the fees keep rising.
Remind me again, on how this property portal helps us?
Time to fully back the alternatives.
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Why are you on there, and paying all that money if it’s so poor?
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agree !
except clients expect it.
Damm those clients, why couldn’t they just ask for OTM ?
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CMagent58
I took the decision a few days ago to do this. Dropped RM, and resigned with Z. This was initially prompted by my recent increase of 39% THIS YEAR ALONE !
Z offering costs approx 1/10th of what RM are charging. Expect to receive just as many enquiries.
This was done after careful analysis of the leads generated and the cost per lead. We then examined the type of enquiries sent to us to see that over half of them simply wanted to know a little more information – the same information that was already in the advert.
When you factor this in – it is clear clients want face to face communication and simply advertising on an expensive portal is just not the way forward for a service industry.
Again, as you have mentioned – time to support the ones that support the Agents – particularly with the tenant fee ban fast approaching – many companies are going to need to look at other revenue streams and just as importantly – reducing their outgoings !
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Why is their profit margin important to you?
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What if we all just left RM? The punters would have to use OTM…or google.
I now get more leads per month from OTM than rightmove. FACT.
The tide is turning against RM and poor Zoopla is finished. What a waste of £350 pcm…(Zoopla)
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Full agree JonnyBanana43.
I am also receiving more leads (and more motivated) than from RM. I also think the tide is turning, abeit only in hte last few months.
I hope Zoopla can generate more than RM as they have been low in both number and quality of late. I often think RM is a little like Autotrader , a bloated database of browsers clicking buttons and are not motivated movers. (I am guilty of looking at exotic cars that are clearly out of my price range).
It is time to be less fearful of change and for us to educate our clients on what we feel is best for them. Don’t assume Rightmove is a must.
I do hope I am not eating my own words over the coming months !!!!
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applicant contacts now 50:50 between Rm and OTM.
brokers will have to be nimble when agents leave en masse
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Rightmove market cap £4.2b
OTM market cap £89m
That’ a difference of roughly 44x.
That’s just crazy.
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That is reality.
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Totally agree…The current “reality” (up until now) is that owning shares in Rightmove equates to guaranteed dividends as well as the likelihood of a rising share price.
That is the current “reality”!
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