The top ten online agents accounted for 4.77% of all new listings in the 14 days to last Friday.
The latest research from The Advisory, which tracks the industry on a fortnightly basis, says this is an increase of 0.04% on the previous 14-day period.
High street agents increased their instructions by 5%, while Purplebricks – the runaway market leader in the online sector – increased its instructions by 3%.
While Purplebricks’ market share of the online sector fell by 2.1%, it nevertheless listed 3,011 new properties between February 21 and March 8, representing market share of 69.7% in that sector.
Its nearest competitor, House Simple, listed 485.
Yopa was in third place with 453.
EasyProperty edged back into the top ten with 14 new instructions, compared with none in the previous fortnight, but Emoov edged out having listed just seven new properties.
In total, there were 90,665 properties brought to the market in the period – 4,289 more than in the previous fortnight.
All the data used by The Advisory is taken from Zoopla.
If you are outside the top 3 “online” types, you may as well knock it on the head now. Some local single branches will have taken on 14 instructions during this period, how EasyProperty and Settle can jusitfy keeping going is beyond me.
I wonder how many instructions someone like Countrywide (the whole group) took on during this period?
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Not all high street agents are listed on Zoopla where as all on-liners are. Therefore these percentages are actually lower for the on-liners and probably more like sub 4% market share.
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Good point. I would estimate at least 10% of agents use RM and not Zoopla, so sub 4% is about right.
In time, in spite of the collective gazillions spent on advtg and PR, the public will eventually ask the very obvious question which is why aren’t the masses going down the online route? Surely, if its all its cracked up to be and ultimately , if it works, why aren’t more people doing it?
At the same time, a similar thought might actually occur to the onliners themselves…
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Worth bearing in mind that Housesimple have only achieved the numbers they have because they are currently giving it away for nothing ! In fairness though that’s probably all it’s worth !
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Are they really? So when you see their agents on in LinkedIn boasting about achieving 50-60 instructions in a month, all is not as it seems! Wow, that’s incredible.
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The important figure is being overlooked here – that while overall listings rose by 4.9% against the previous the 2-week period; PBs “listings” rose by only 2.7%.
Most people would call that losing ground – and heavily at that.
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And yet for the previous fortnight the market contracted and PB’s listings rose according to “The Advisory”
https://www.propertyindustryeye.com/top-ten-online-agents-market-share-now-5-of-all-new-listings/
Perhaps we should have daily comparisons? PB’s competitors and detractors could all get really excited (or depressed) every day then instead of fortnightly.
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But how many of these are those coming back from a ‘marketing break’ or instructions that have been ‘reissued’ following a fall through? Given PB will have a higher percentage of fall through, they will have a higher number of ‘reissues’
More smoke and mirrors …
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>Given PB will have a higher percentage of fall through
Well that’s speculation.
I can’t speak for this guy’s figures as i don’t know how he produces them but I do have my own proxy data which shows on average the proportion of new listings that are properties coming back onto the market are about 17% (last time I checked). This includes those coming back from marketing breaks so not all fall-throughs.
I understand the average fall-through rate is a lot higher than 17% but again that’s just from things I’ve read so youm may want to show contradictory “evidence” that substantiates your assumption.
I won’t link to other trade press articles but this was from an article from 1st August 2018 in the Negotiator
“Connells has also been investring in a new digital sales progression tool for vendors and buyers called MIO, which is available both for its branches and other estate agents.
Competing agents trying it out include Allen & Harris, Peter Alan, Taylors and Brown & Merry.
The online service has been piloted in Cardiff in recent months and claims to reduce fall-through rates to 20% compared to the national average of 30-35%.”
From PropertyWire on 9th April 2018 “The number of house sales falling through before completion in the UK is rising up to 38.8% at the beginning of 2018 from 34.9% in the first quarter of 2017, the latest research has found.”
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That depends on how the figures have been collated and presented, Shaun77 – but I can tell you that by my reckoning, the figure is running at around 300 #RElistings a week.
Yes – you did read that correctly.
THREE HUNDRED.
A WEEK.
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PeeBee,
>THREE HUNDRED.
>A WEEK.
So what’s that in percentage terms? Of new listings and stock levels?
Using “The Advisory” figures that’s about 20% of new listings isn’t it? Including those coming back from a marketing break.
My proxy numbers are lower for both listings and the percentage of relistings, although they have matched up pretty well to officially published and audited numbers in the past.
And your fall-through figure for the industry? Perhaps we need to take 35% off the Advisory’s figures for the industry?
So 20% off 3011 for PB gives approx. 2400.
35% off the 90,665 industry number gives approx 59,000.
Making PB’s market share of new listings for the 2 week period about 4%.
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Care to chuck in any other blatent statistical *********** (credit: Jonnie) that would skew the figures more in favour of your purple bezzies, ducky?
How’s about only counting the last 14 days… “new”… listings with gardens full of blooms and trees in full leaf?
They’d have a CRACKING result that way.
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“Listing” Houses versus “Selling/Exchanging” Houses are poles apart.
Likewise the “price achieved” by a real Estate Agent versus the Online Fake “Agent” ……again, very often it would be poles apart.
Until we see actual “Evidence” the “Listings Game” remains just that. I’ll take less instructions/quality fees and deliver exceptional service for clients way before the “Cheeseburger Listing” Onliners.
Online Only most often equals poor presentation/poor service/no interest in client’s best interests ……need I go on with why cheap means cheap! There will always be those that think cheeseburgers are fine ……I just wouldn’t choose one to Sell my Home!
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Thing is, if u haven’t listed it then u can’t sell it and that is a quarter of the job!
I refused to throw mud at the wall and list no matter what price but the less professional did it anyway with a couldn’t care less attitude and at the end of the day that stock may reduce in price and sell so who was right doesn’t matter, it’s who has the stock gets the prize/fee.
I really didn’t like admitting that but it’s becoming a fact of estate agency and not for the better good.
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I listed a £650,000 property (which is high value for my area ….half a garage in Chelsea! lol) because that owner saw a bigger brand agent listing more and more properties then dropping the prices repeatedly ……the client saw through that agents ploy, although not everyone does.
I used to get prospective homesellers shopping around for the cheapest fee years ago….. I gave them my unique response when they clearly wanted just the very cheapest fee ……and then I suggested that they go to the cheapest agent in our area who had over 300 properties for sale …..off they galloped! That agent went bust a year later, under the weight/volume of houses which they couldn’t Service at cheap fees! I still use that example today!
Purplebricks only avoid that scenario by taking money up-front, when they have to give that up to remain competitive they will implode!
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The firms that are cutting fees to compete with the call-centre listers are actually doing the industry a favour. Sadly their businesses might not come out the other side of the current ‘disruption’.
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Not sure how this guy gets his numbers but “In total, there were 90,665 properties brought to the market in the period”. That just doesn’t seem right for a fortnight. Looking at his bar chart that would make a very approximate 1.2 million listings in 32 weeks. I thought there were about 1.4 million in a year.
I stand to be corrected on that number, it’s something I read somewhere a while back.
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Surely the most important stat here is that at least £1.5m in fees has been ****ed up against a wall and the vendors don’t even know yet.
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Here we go again knocking PB when rightmove have your pants off. I have been in and around agency since 86 and enjoyed everything from being an ops director trying a management buyout to one of the most successful FSDs in Countrywide. I now listen with increasing levels of concern over what was a generally an honest business. Everyone talks about fees and quality of service and of course there is some merit in that. But do not confuse quality of service with intention. Lots odf people intend to do well but don’t. Maybe they don’t know what good looks like. let me give you a few examples My 2 daughters are going through university and after their first year in halls looked for rented accommodation. The standard of accommodation is appalling with obvious signs of landlords having residential mortgages on the property. The giveaway is post from banks or b/s still being addressed to the rented accommodation. Smoke alarms fitted to the ceiling with nothing behind it (2 sep properties) Mice in one of the properties and fees that make your eyes water. Unduly unfair clauses in the contracts ie if the landlord chooses to do an inspection with 24 hours notice then a fee of 250 quid is due. On 2 of the properties the landlord tried it on with repairs until i educated him on the mail going to his property and he backed down. The agent who actually see themselves as upmarket agents don’t sort out any issues until dad goes in and illustrates the error of there ways. Guys the public are seeing through the ******** of limited panels lenders fees for this fees for that and are choosing to vote with their feet. you don’t need a big fee if you don’t pay the fees that rightmove are charging and have been charging you. PB are not your enemy…you are your worst enemy.
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hodge…. disappointing to read that you didn’t buy your daughters a property for Uni and left them in grubby rentals?
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Buying one for them when they graduate 6 years to become a Doctor means lots of moves to different locations.
PS is that the same grubby rentals you manage? With ideal for students centrally located, recently refurbished, well in recent history just after the war. I mentioned the war and i think i got away with it.
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I don’t manage property hodge however I’m happy to advise your daughter/s how to get their tight old father to cough up some money to give them their own place to live in whilst at Uni…. remembering that if one/other or both qualify as Medical Doctor’s you’ll be certified and sent to The Old Folks Home and all your assets sold!
War? …..I dare say we’re not allowed to mention that now ……Captain Mannering out of a job! “Who do you think you are kidding Mr ??????? if you think we’re on the run, we are the……”.
Pipe, Slippers, BBC2 reruns….. “….don’t panic Mr Mannering, don’t panic!” ……”you stupid boy!”
Time for my Afternoon Nap…..
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