Facebook has told EYE that its rental property listings, supplied by Zoopla and OnTheMarket, will take a few days to go fully live on its Marketplace section.
While the announcement was made yesterday at 2pm, there was some surprise that the listings – said to look portal-like but with social media features – could not be seen.
However, yesterday evening a Facebook spokesperson told us there had been no blip.
He said: “This is a gradual launch starting yesterday and we won’t be fully live for a few days in all likelihood.
“This rolling launch approach helps to ensure no technical issues.”
While Zoopla and OTM are supplying the listings, there has been silence from Rightmove which appears to be absent from the initiative.
EYE has approached Rightmove for comment.
However, Thomas Ashdown of rental portal Citylets said his firm is, like Rightmove, not participating.
Ashdown suggested it is all about a power battle.
He told EYE: “Networking of listings at scale carries king-maker responsibilities.
He said: “One should scrutinise the long term business objectives of any potential partner to understand precisely whom it is one would make king and ask if it is in the long term best interests of agents.
“It is arguably now good practice for any portal seeking new partnerships to take a consultative approach to networking laying out the short and long term issues.
“It is interesting these partnerships do not pertain to sales.
“Alternatively agents may take a ‘bread today’ approach.
“Citylets has in the past witnessed the full range of reactions to networking but as the size of the potential partners increases, so too do the potential ramifications.”
He added: “The deed is done, Facebook is now here in rentals.
“Whether consumers will engage with Marketplace for this remains to be seen. We’ve had big names such as Google dabble in property classifieds in the past.”
The Beginning or The End?
Zoopla have nothing to lose
OTM however is now dangling like a puppet
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Let’s see what happens.
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Rightmove need a run for our money – they are daylight robbers.
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It’s all spin to fleece agents with higher fees at a later date.
If private advertisers can advertise along side agents then agents need to opt out.
Remember it’s agents stock which makes RM the millions of profits.
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Fair point! Not quite sure how that’s going to work?
Still, if it gives RM something to think about, that’s not a bad thing I guess?
What if Google got into listing properties? I have no idea why they haven’t already?
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Google did. It flopped. They pulled out.
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Google also had a go at social networking. Facebook is better placed to do this. eBay next.
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Any tech savvy agent will tell you that this is a great move by Z and OTM.
God only knows what RM are doing!
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Why do you feel like that eastside? Genuinely interested
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Because for the last few years many agents have been successfully marketing through both portals and social media.
Within 12-24 months everyone will need both a portal and social media presence and the marketing budget will need to be split accordingly.
Z and OTM have also spotted it and by doing a joint partnership these two portals have positioned themselves perfectly.
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I take your point about social media and use it myself but IMO social media for agents is more about promoting the brand than properties.
From a property aspect nobody looks exclusively on social media for properties, however I imagine everybody visits at least one of the portals. As i see it Z and OTM have just given Facebook the opportunity to become the portal of choice certainly over Z and OTM as they will have more available stock than either.
Other than getting one over on Rightmove I cant see it makes sense for Z and OTM. I imagine Rightmove were offered this arrangement before Z and OTM and declined for whatever reason say what you like about Rightmove but they arent stupid.
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You’re right it is about “promoting the brand”…this is also what I am saying.
FB is a great place to promote yourself locally, it’s purely a brand awareness exercise just like advertising at a roundabout or on a billboard.
I suspect that RM doesn’t want it to work because they want agents promoting their brand through featured listings and un necessary add ons!
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“I imagine Rightmove were offered this arrangement before Z and OTM and declined for whatever reason say what you like about Rightmove but they arent stupid.”
AQ73 – “for whatever reason” it is – Rightmove have a plan to turn this to their advantage.
Anyone not thinking that doesn’t know the animal.
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I remember the days on here when agents would argue constantly that their data was their IP and that giving it to Zoopla and Rightmove was giving the goose her golden eggs.
Now you guys are not only happy with this, but you’re happy that Facebook (whose execs would sell their own mother’s if it meant a share price increase) get sent this data to do what they want with!?
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I agree, we should have been consulted. And be good to know what access to data FB have.
It does show agents are poor at protecting their most valuable asset ….. stock.
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smile please.
Of course Members should have been consulted. Gold and Silver Members who have invested in – and pay monthly for – the site as part and parcel of their Agents Mutual Membership, that is. But we never are.
We have a bored (sometimes I love Autocorrect…) that makes all our wrong decisions for us.
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I wonder, as joint owners of the portal, how many OTM members were consulted about their Board capitulating to Facebook (and apparently co-operating with Zoopla, hitherto OTM’s sworn enemy) and giving away their members’ data to their biggest potential competitor? IMO, an agent’s social media business is precisely that – his own business and his own decision.
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Not THIS one, for sure!
As usual, the news was broken to us by EYE before the ‘official notification’ email hit the Inbox…
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tough one this…. I promo my stock to local people, who choose to follow our page and then hopefully share…
However FB becoming a place people turn to for property is ****** dangerous! full stop. Best private listing site you could ever imagine.
All FB would need to do is have a lot of people in the world use it, including the future generations, before it would become a why not stay on FB to look for houses… are FB popular yet.
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Don’t get too excited guys.
Google tried and failed to list properties a few years ago – I’m surprised no-one has mentioned this/remembers.
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Nearly a decade ago, 2009 they launched it (how time flies!)
Tech, searching habits and the economy have changed in this time, would not be surprised if Google dip their toe in again at some point.
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Do they already do it anywhere else in the world ?
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Google also pulled their US version in 2011.
It is surprising that Z or OTM (or Zillow in US) haven’t partnered with Google as their mapping/search technology is always going to be the best. If you add in Google reviews it would seem to be an obvious match for estate agents to promote their brand and stock.
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Presumably agents will have the choice to ‘opt out’ of Faceache uploads?? Anyone know?
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Depending how FB develops I await the prospect of being invited out to value clients homes so they can then post them for sale privately on facebook
I listened to Ian Springett’s dry OTM/Facebook online promo/interview last night. I sensed as I do on most occasions, that focused pursuit of a wealthy exit strategy, for himself.
In my view, the problem with OTM is that it is faceless in terms of UK estate agency and it now hands its very hard earned members housing stock to Facebook
Lets hope it really is a masterstroke of manoeuvring and not just another Baldrick style cunning plan
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I couldn’t agree more. Exit strategy and capitulation is written all over OTM.
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All of our properties plus every other agent in town are now on the Facebook Marketplace, duplicated many times over at the moment. There is no indication of “let agreed” at the moment, will monitor and see how we get on, I have to say that we have had good response previously with properties advertised on our Facebook page.
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The agents that win out of this will be those that find a way to combine their fb advertising with their properties now listed through Z and OTM.
Its a massive USP that used properly will help you win instructions.
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And if all your competitors are on Z or OTM hows it a USP ?
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I would imagine that RM would rather have agents build their brand though featured listings and add ons rather than through Facebook!
For me this is a statement by Z and OTM to say that they are going to be more listing focused which is exactly what a portal should be.
Great move by both companies. And I expect to see more and more agents cut down their RM spend to the bare minimum.
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Eastside Story. I regard myself as a tech savvy agent but I’m afraid you don’t speak for me when you say ‘any tech savvy agent will tell you its a great move by ZOTM ‘. Not in my opinion its not and as a (‘forced’) subscriber to OTM, this is just another nail in their coffin. I don’t think you’re looking at this holistically and therein lies the problem for most ardent disciples of proptech.
A big part of managing ones business profitably is in directing precious resources – whether that’s time, money or effort into the most cost effective, high margin earning areas of the market. The advantage of people contacting you via the portals’ own websites is you know that they’re at least half serious about wanting to buy or rent. Flooding FB with ZOTM’s listings will have the effect of prompting the non-serious and voyeurs into making enquiry. ………Just watch the time of your front end staff being sucked dry by utter timewasters.
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GeoH78 observes accurately re how Estate Agency actually works
Next time you’re actually in a McDonalds just count the staff, look at the sheer number involved to provide 99p burgers. Remembering that everyone who walks through the door or drives in is actually BUYING a burger or whatever
Estate Agency doesn’t have the luxury of everyone being a buyer so I’m with GeorgeH, Facebook may well increase enquiries however the value of those enquiries may well equate to a giant heap of dung being deposited on your desks daily and staff shovelling away daily to dispose of it. Not the best use of resources!
It’s a headline grabber, its facebook trying to rebuild their battered & bruised image/brand.
Zoopla simply throw their hat in the ring with no real negative impact to their business.
OTM just stand there gawping at this amazing opportunity to do what? further diminish their weak brand which their old/new members have supported
OTM had the option to stand firm and battle the exclusivity of their property portal brand, instead it’s the makemeamillionairequickhopefullyfingerscrossed buttonthat was pushed
It’s no surprise, this comment sums it up perhaps “you are a kite dancing in a hurricane Mr Bond-OTM”
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George Orwell…..
It makes absolutely no sense to denegrate OTM yet (in a way) applaude Z for making precisely the same decision.
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Eastside
I’m hoping you know the difference between Zoopla and OTM
Also, as a paying! member of OTM, not free! and having loaned them money at the V1 outset (along with many others), I reckon that I am entitled to express my view, which I have, which you don’t agree with, and that is a demonstration of free speech
I expressed my opinion during OTM V1 and they crashed/burned so forgive me not adopting the same view as you, not because I’m cynical or desire to denegrate, merely to express my differing view
If it troubles you then call the Disciples Only Police however I am a paying/debt owed by OTM member
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Of course you are entitled to express your opinion all I’m saying is that your opinion makes no sense.
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makes no sense to you, Eastside
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