Rightmove’s profits and revenue soared last year, the portal announced this morning. Rightmove also revealed that it is unscathed by the launch of OnTheMarket. Just 260 branches have quit Rightmove, which this morning said it counted nearly every single agent in the UK as a customer.
Chief executive Nick McKittrick said: “We are delighted that nearly every agent in the UK has chosen to remain on Rightmove following the recent launch of a new entrant, OnTheMarket.com, cementing Rightmove as the best property advertising option in the UK.
“As at the end of February customer numbers were unchanged from our record year end position.
“With our market leading position strengthening, average spend per advertiser continuing to grow and record January traffic numbers, the Board remains confident of making further progress in growing the business organically in 2015 and beyond.”
The Rightmove customer base grew 5% during last year to a record high of 19,304, with overall customer numbers unchanged as of today – the end of February. Of the total, 16,843 are agency branches, with the remainder being new homes advertisers.
The portal reported revenue up 19% to £167m, and underlying profits up 20% to £124.6m.
Rightmove’s profit margin is also slightly up on last year, from 74.3% to 74.6%.
Agents paid more to Rightmove.
Average revenue per advertiser (ARPA) rose by 13% to £684 per month, up from £607 per month in 2013.
Rightmove said “around 70% of ARPA growth has been driven by customers choosing to spend more on additional advertising products and packages”.
A record 15.4 billion pages were viewed across all Rightmove’s platforms in 2014 (desktop and mobile), up 10% on 2013.
Enquiries from home-hunters to advertisers increased by 19% to 42.8m during the year.
Rightmove said growth has continued into 2015 when traffic passed 1.5bn page views and 100 million visits in January, resulting in a record 4.3 million leads for customers in the month.
This morning, Rightmove also announced a big increase in dividend to shareholders, up from 17p to 22p – up 25%, and certain to be a City-pleaser. In the first 90 minutes of trading this morning, share prices rocketed 260p – up almost 10%.
I HATE this duopoly and the greedy fat cats behind it. I am sick of being dictated to by selfish shareholders. I WANT MY MONOPOLY BACK!
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Agents mutual agents are helping nicely with the monopoly and further strengthening RM’s monopoly. So guess your a happy person then.
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I’m delighted – couldn’t be going better for me…
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The quicker we all drop this lot, the better.
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Whatever you do on this bright and so far sunny Friday, do not go onto twitter and look up #thedress it will divide your office in half!
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Who remembers Rightmove – the agent’s ‘friend’ – of ten years ago?
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Congratulations to them I say. A great British success story!
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Reading this this morning is the reason I supported OTM and their strategy to help break the duoploy, I know you will all say that we have all strengthened RM in the beginning but the hard facts are now hear…. Increased profits, no alteration to number of agents still with them, and happy shareholders, only we can do something about this…. Mass exodus I say come 2016 let’s make RM feel the pinch like ZPG are now . And in the meantime Zoopla still running scared of losing more and more agents printing scandalous information, giving our stock info to agents to tout… Dirty trick and desperate in my book… OTM are already the second property portal in some areas of the uk let’s make it everywhere then take down RM…. Only WE can do it…. Stop sitting on the fence and make a difference!!!!!!!
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Thanks Ian, but no thanks…
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An extremely optimistic (and perhaps unrealistic) opinion. Rightmove are here to stay.
Keep patting yourself on the back concerning OTM. If it makes you feel better that is. ZPG are not going to ‘go away’. A short term ‘lull’ will soon end with OTM members running back before long.
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Of course it will………..in your reality world.
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@Archie…you said “ZPG are not going to ‘go away’. A short term ‘lull’ will soon end with OTM members running back before long.”
Could you explain WHY you think this will happen?
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You must consider the association and financial backing coupled with the established national recognition. Zoopla has done well as a ‘prime competitor’ for Rightmove. OTM simply doesn’t have the same and therefore any initial interest will be difficult to sustain.
The NAEA could not sustain Property Live when it had 10,000 agent members. I appreciate this had much to do with funding yet the NAEA as an established organisation promoting a web site thru its associated ‘members’ soon disappeared.
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The profits are largely driven from agents choosing to spend more on additional products. Do us a favor “………..Agents don’t choose to spend more on additional products. If we don’t are core rate goes up.
therefore if we are spending a higher amount we might as well have the products.
Hardly a choice
Thanks for nothing.
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Im a gold member but I tried to be a basic member. The difference was £5 per month. So I might as well have the products for what they are worth.
its makes me laugh that nonsense this lot come out with.
they have been blinding apt heir customers with self promoting stats (that are hardly objective) for years.
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RM will only grow stronger now those of you who joined Ian’s battle to ‘reduce costs’ stayed the more expensive portal (who for the first time last year & because of my Z results hadn’t put my rate up )…be careful what you wish for – the monopoly of RM back means 20%+ price hikes every year again for all of us – all thanks to the ‘by agents for agents portal’. Well done!
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Oh so 20%+ price hikes will not alienate agents further and make them even more determined to support the ONLY portal that can break this monopoly, have I got that right?
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You should stick to property punditry. The reason they can get away with 20% increases is because agents cannot leave them…
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Most deluded comment of the week.
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I think the headline should have read….
Rightmove announces booming profits as agents ARE FORCED to spend more.
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Rightmove do not ‘force’ agents to buy more products. That is your own decision. You can say no. Of course the base membership rate increase (7% this year) is unavoidable.
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It’s like you’re writing it from a script.
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They don’t force you to buy more products ……… Really! So they don’t water down the previous years offering with a new product that does the same but you have to upgrade to and pay for? and their price hikes are justified as well are they?
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They DO force you to spend more, otherwise you go back to the latest pricing!! Are you sat on Miles lap Archie?
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For the record I am estate agent with 22 years experience. The property I market are included on both Rightmove (Premium package) and Zoopla (with enhanced products).
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I was with RM for 3 years, I was forced into premium paying about £10k+ a month, it was rubbish, just an extra banner I think and a microsite that was worthless, if I wanted to go back to the standard package it was at the latest price. Premium stuff is their way of justifying another price increase, I would stick to basic with no logo, people don’t look at logos when they are buying a property.
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In many ways I understand what you are saying. However those additional products that you mention demonstrate, in my opinion, ‘good market share’ within your area. Effectively they provide an increased presence with those visiting Rightmove. The more people (prospective clients) that see and acknowledge your logo the better.
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Hey Archie, Share your 22 Years versus my nearly 30 Years. What firm do you work for and what area?… I can verify my near 30 Years in Estate Agency, so, let’s see your background in black & white.
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I wonder if RM would be able to publish the same brown stuff if the policy was that the core rate didn’t change depending on the product spend.
Errrr I don’t think so. they lie to agents and their investors. They are the most fiflthy organisation ever
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I think we all hoped that OTM would force the big two in to dropping prices and becoming more competitive now there is more choice. Sadly, it seems that the majority of OTM supporters dropped Zoopla and have actually strengthened RM’s position. Now with ‘another site’ reporting agents not adhering to the one portal rule, it seems that unless this restriction is dropped, not much will change. Few agents will risk dropping RM. The way forward, perhaps, is to allow agents to advertise wherever they wish. If the leads start building then these agents may well have more confidence to drop another portal as ultimately, the customers will decide which site is best for them. Doing so would give OTM more traction, more market share and more VFM. At the moment, with say 20% market share, buyers / tenants are forced to look at another portal. in the duopoly days, a large number of customers only looked at one site as the results were indistinguishable.
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No, the answer is to stay strong and focused. OTM can succeed but needs agents to stay committed and not be swayed by the doom mongers out there.
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Property Pundit, it is voices like yours that have drawn large numbers of agents into this debacle.
Those of us who have stayed out are generally breathing a large sigh of relief. These rightmove results today just confirm what people like me have been saying for months: pulling of Zoopla for Agents mutual does only one thing, strengthen Rightmove. As much as it is understandable that those who have invested their reputation into the project hold this line, it really only speaks to the survival instincts of those involved in the project.
No one I have spoken to so far have seen any real impact from agents mutual/otm in terms of consumers. In fact I was speaking to someone at an event earlier in the week who has received 60 leads in the last month from otm. They used to get 60 per DAY from Zoopla.
At some point it will become clear that otm delivers precisely the opposite outcome to that most agents set out to achieve. At that point a significant number – possibly the majority – will turn their backs on it and no doubt return to Zoopla.
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‘Breathing a large sigh of relief’. The site is around a month old. Do you realise how ridiculous your comments make you look? When you’ve grown a spine come back to the debate.
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EHenderson?….ah, yes…. people like you?! Answers on a very small postcard!
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First we need to remove Zoopla then we can work on Rightmove. Halfway there on the first part. If OTM are a credible alternative then you can be more confident about leaving Rightmove. Unless we get behind OTM you are really stuck with Rightmove and nothing can stop them increasing prices year on year.
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Such misguided wrong-thinking.
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Anyone else pleased they didn’t cut of their nose to spite their face?
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Doesn’t RM’s profit margin trouble anyone here? Whatever the current version of the OFT/Monopolies Commission is, they need to look into these figures. They cannot be justified by ANY means AT ALL.
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You’ve really got me wound up today pundit. So many ignorant comments. Why would the competition authorities give a damn about an industry that is dead set on recreating the monopoly that they sought to break when they approved the Zoopla/DPG merger? They will be looking at this with incredulity and feel no compulsion to act whatsoever.
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I’m happy to debate this with estate agents who shell out to the portals but not with someone who is so far removed from understanding the real debate here. Jog on.
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So 75% of what agents pay ********* are pure profit. Knock 75% off your monthly bill to see what the running costs are. The running costs include all the managers top pay. We are all lining the pockets if the greedy fat shareholders.
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Yes, but according to EHenderson, this is acceptable practice and to paraphrase L’Oreal ‘because they’re worth it’.
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Agents have great fear of dropping RM. OTM should act immediatly and drop the one portal strategy since its not working in fact its hurting them. OTM´s only worry should be in getting as many listings as they can in order get more visibility/leeds/visitors. The only way they can achive this is to open the doors to all agents and they will eventually reach their goal of being market leaders.
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Well done Rightmove!…pleasing to see that the UK Estate Agency industry supports you…. whilst we despatch Zoopla!… although they are doing a good job of killing themselves off by their own efforts to knock OnTheMarket. Thing is, we have a boxing match here with 3 contenders so strategy says we as OTM must focus on despatching the weakest 1st….. hence Zhoopla plummeting towards the canvas. By despatching Zoopla we, the UK Estate Agency Industry via OnTheMarket will have proved that it actually is our industry and in fact UK Estate Agency in portal terms is not run by The Duopoly! Then… we turn our attention to Rightmove… a tougher battle no doubt however I would much rather be one of the thousands of UK Estate Agents with property stock deciding where and when I will move my property stock…. rather than being the Defending Duopoly! Rightmove have played wisely in letting Zoopla deliver self-inflicted blows however RM had to come out fighting at some point as they are the No1… as they start to do so they will drive nails into their long term coffin as UK Estate Agency has finally woken up and found it’s happy!…. and that is we don’t like being dictated to or sh@fted financially and those declared Rightmove Profits emphasise that RM have Zero regard for our industry as they continue to milk it!… await the telescopic sight of OTM, its members and the growing disgruntled Duopoly members swivelling towards RM having despatched Zoopla. 2016 will be a revolutionary year in our industry. I have been running Full Page Promos in my Local Paper alongside my very healthy property advert and trust me…. OnTheMarket.com is here to stay and it’s exhilarating to wipe The Duopoly brand off the property market and enjoy the impact and growth of OTM. My clients don’t care about The Duopoly selling their property because they (The Duopoly) don’t sell homes, my company, my team and I sell homes! My business is already ahead of last year without Zoopla and I have no doubt that when I and thousands of others dump Rightmove it will make Zero difference as OTM will provide the No1 Portal Services & Exposure that I choose to pay for. You keep hammering those nails Rightmove as you self-harm your long term position. Your recent Seminar demonstrated that your business is about you, not about me and my business. You are no more than a portal facilitator.. and I can move my business when I decide the time is right. The Duopoly do not own my business!
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Well said GPL but your remarks are going to cause cardiac arrests among some posters on here.
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GPL, Love your rants but i find your comments hard to read, As a favour can you leave some line spaces between paragraphs 😉
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Rants is unfair me thinks?…. passionate views perhaps! And paragraphs?… can you imagine how long my sermons would be?
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Nah still rants 😉
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GPL – your ranting does not make any sense. To use your pugilistic analogy, let’s position this as a fight.
Rightmove is fighting fit and getting fitter every day. In fact, if not weakened it may well get beyond the reach of all the other fighters – forever. Then there is Zoopla, not as fit or with the technique of Right move, but a plucky contender nevertheless and has landed some blows recently. Enter Agents Mutual, completely unproven but with all of ‘the chat’. Outcomes:
1. Agents Mutual teams up with Zoopla and take on Rightmove before they get too strong. Already Zoopla had made good headway and with the combined strength of Agents Mutual the team has a real chance. Result = market evened up
2a. Pick a fight with Zoopla. If they win, Rightmove have continued to train and get stronger and are odds-on to kick 7 barrels of brown stuff out of Agents Mutual. Result = Agents Mutual weak second place to Rightmove with no chance of winning
2b. Pick a fight with Zoopla. If they lose, Rightmove have been training in the meantime and Zoopla don’t really have a chance on their own to win. Result = Zoopla weak second place to Rightmove with no chance of winning
No doubt you will paint an alternative outcome where Agents Mutual lands a knock out blow on Zoopla and then move on to Rightmove to demolish them. NEWSFLASH: if Agents Mutual has 7,500 offices, its TOTAL REVENUES will be 25% of Rightmove’s PROFIT. Not a chance, never, not in a million years.
Maybe this language is a but strong, but it is idiotic to think that agents will ever leave Rightmove if there is no strong competition.
I am so glad I am out.
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EHenderson- Your ranting does not make sense. If you are going to pick GPL up on his fighting metaphors then you have no right to use phrases like ‘7 barrels of brown stuff’ without qualifying it in the real world. Some of your comments today have been so poorly considered, it’s laughable, for example you say agents ‘cannot leave [Rightmove]’ as if Rightmove has some transcendental business model that will see them through eternity- As a heads up it won’t, all businesses pass by eventually.
Things can change EHenderson, and Zoopla’s steady decline is showing that. For OTM to work (if it gets the chance through beating Zoopla of course), it doesn’t have to be better than Rightmove across the country, in fact it doesn’t need to be better than Righmove anywhere, it just needs to be sufficiently competitive. Then areas could begin to drop Rightmove as OTM would be able to provide them with the leads they require while offering a better proposition than Rightmove- control over their future.
Surely that in itself gives OTM some chance of success?
And you’re right, OTM is in no position to challenge Rightmove whatsoever at the moment, but I’m pretty sure most have known that would be the case since last September- and back then many people thought OTM stood no chance against Zoopla…
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I said you’d made the most deluded comment of the week above. I take it back, it’s right here.
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EHenderson… I haven’t even begun to rant! … When I do, you’ll know. In the meantime continue to sit in the corner of your padded room and try to figure how those buckles are undone… just think of those buckles as Zhoopla & Hikemove! You may be stuck there for eternity… which is no bad thing in my view… in the meantime the rest of us will crack on with the task in hand. Thing is OTM is already a success as it launched despite the ramblings of Doom Ranters like you… the word chosen by you… idiotic… has to be applied to your ramblings about why RM & Z will always be the property portals of choice. Zoopla is spiralling downwards and attention will turn to Rightmove in due course. To think that the UK Estate Agency Industry does not have the intelligence to recognise when it is time to drop Rightmove… that is truly idiotic… unless of course you think that Portals actually perform as fully talented estate agents… when in fact they provide online advertising… noticeably not just what agents are paying for… a page with our clients property featured on it… it has become a page with multiple unrelated products & services… so, in fact it no longer serves our purpose. If you are an estate agent just tell me where your offices are and I will gladly come and paste various unrelated ads across your windows and websites! Idiotic?… you are if you think this Duopoly Portal Sh@fting Estate Agents Nonsense is going to continue forever! Take this comment and deliver it to Rightmove & Co when you next visit them for sucking up detail… Find you’re Happier with OnTheMarket.com
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I do find it laughable how some can be so up in arms at the price increases Rightmove ask you to pay if you wish to still use them as an advertiser.
Firstly, you dont have to use them, yet the way some go off on here it’s like a gun is literally being put to their hand to sign up each year.
Secondly, the standard fee charging model of an agent to vendors is such, that during a period of house price rises the fee received for selling a property also increases obviously. So for example, the average UK house price rose £26500 to £277000 in the 12 months to October 2014. If an average fee is 1.5%, then then the charge to the vendor went up for 9.5% in the year also.
Perspective, folks.
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I think your “perspective” point is not the most important issue….Control of business and associated data is the MAIN issue .
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Outsider,
Cost is one issue and yes prices are rising but fees are being eroded (also in 2008/9 when the market was dire RM still incresed fees!).
The other issue is RM is now using OUR data to generate profits off the back of us AND STILL increase our subscription.
You also have the fact that they are trying to edge high street agents out, they are bleeding us for as much money as possible whist trying to remove us as much as possible from the process of moving.
No they do not hold a gun to our head but as an industry we supported them from day one, they have taken advantage of this and we have created a monster its hard to walk away from.
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No gun Outsider… simply the choice to remain with Hikemove as it suits my purpose just now. I dumped Zoopla and have never ever paid for any extras from HIkemove. I would love to see the real income stats from Hikemove! I sat at one of their recent seminars and watched them projects stats, views, opinions as if they were wholly factual, researched independently and proof that what they stated was fact?
It was in fact a monumental example of them bathing in their own Portal Glorification…. all hail The Rightmove Messiah and you will walk on portal water!
It was a staggering display of belief in their self perceived untouchable position as portal purveyor of all things estate agency! I swore I saw a halo appear over whathisname and he seemed to elevate above his chosen followers with a ray of light eminating from his mouth as he spouted all things good that are Rightmove!
Then it finished! I was first out the door and back in the real world!…. not the hallowed virtual world! That’s the thing, I believe in the real world…. and not The Duopoly Vision!
Hallelujah OnTheMarket.com … you arrived to save us before we toppled our industry over the portal abyss!
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Much easier to read 🙂 thanks GPL
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No gun Outsider… simply the choice to remain with Hikemove as it suits my purpose just now. I dumped Zoopla and have never ever paid for any extras from HIkemove. I would love to see the real income stats from Hikemove! I sat at one of their recent seminars and watched them projects stats, views, opinions as if they were wholly factual, researched independently and proof that what they stated was fact? It was in fact a monumental example of them bathing in their own Portal Glorification…. all hail The Rightmove Messiah and you will walk on portal water! It was a staggering display of belief in their self perceived untouchable position as portal purveyor of all things estate agency! I swore I saw a halo appear over whathisname and he seemed to elevate above his chosen followers with a ray of light eminating from his mouth as he spouted all things good that are Rightmove! Then it finished! I was first out the door and back in the real world!…. not the hallowed virtual world! That’s the thing, I believe in the real world…. and not The Duopoly Vision! Hallelujah OnTheMarket.com … you arrived to save us before we toppled our industry over the portal abyss!
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This is good news as far as I’m concerned.
I dropped all my branches from Zoopla to go on OTM and RM, definitely the right decision judging by this announcement.
I dropped all extra spending with RM (as I don’t believe it works any more). I also got a reduction in RM fees(£10’s of thousands saved as a result of these actions)
Our sellers are really happy about being on RM and OTM (the latter doing the most tv ads at the moment and RM being the top portal for viewing leads)….Our sellers no longer care about Zoopla at all……Even if you aren’t on OTM, save some money and come off Zoopla as they are now a complete waste of money, imo.
Loads of agents in our towns are switching from Z to OTM and yes, you are right, this IS creating a new duopoly with RM and OTM……….BIG difference from the last duopoly is that WE own one of the portals now….and it’s NOT FOR PROFIT!
When OTM finishes off Zoopla it will continue to grow traffic (it is already providing a high level of leads for us from the relentless tv advertising). Also, over the next couple of years , agents will be able to turn the lights off at Rightmove overnight, saving otm agents billions of pounds and safeguarding their businesses for future generations.
I must admit, I am amazed at how fast the exodus from Zoopla has continued. For me it is more than going to plan(z first, RM 2nd), and most of all …..I’m really glad that the decisions that I took have turned out to be IN OUR CUSTOMERS INTERESTS.
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OTM Is now producing as many if not more leads than Zoopla ever did for our business. Nothing lost and money saved. As OTM grows over the next 1-2 years Rightmoves stranglehold will weaken as a credible alternative evolves.
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OTM for us is doing very well, we are getting great feedback, our vendors love it. The ease to change property details with the login is a breeze and the graphs showing the hits is very good. I would say we are getting more locals now looking at OTM 1st. This new portal is getting stronger by the day. The sooner it’s #2 in the UK the better then we can start hitting *********.
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Got this from an analyst/market commentator from their site earlier;
“OnTheMarket.com can replicate one or both of these key advantages. This could force Rightmove and Zoopla to cut prices, and could threaten Zoopla’s very existence.”
……Isn’t it funny how market commentators/analysts have very quickly changed their tune, even when commenting on Rightmoves’ announcement of bumper profits it is keen to point out it may be short term success for Rightmove?
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@Property Pundit – Doesn’t RM’s profit margin trouble anyone here? Whatever the current version of the OFT/Monopolies Commission is, they need to look into these figures. They cannot be justified by ANY means AT ALL.
Not really…. My profit margin is about 40%. My clients are happy still becuase they get good value for what they pay us to do the job. Rightmove does the same for agents, even with price increases.
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But you worked hard for that profit margin, what did RM do for theirs?
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Create a product which all buyers like, continually improve it, and stay ahead of the competition to be the countrys leading portal. Just like me but on a bigger scale. I work long, long hours and work hard but might not work as hard as a competitor who only makes a 10% margin.
Rightmove and Zoopla are only doing the same as what we all want to do – maximise their potential…. just like agents trying to maximise their profit margins by supporting OTM and reducing their costs
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WRONG! It’s now got to the point of EXPLOITATION.
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You’re all sad and deluded…
This whole exercise was to weaken RM. All that has been accomplished is that OTM and Zoopla will wrestle on the floor, whilst RM continue their quest to rape a pillage our industry, whilst increasing their bottom line.
You had your chance.
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I’ll give you one job for today; get out a dictionary (if you own one) and look up the word perspective. This is a grown ups debate, jog on.
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1st #2 then end goal is #1
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Can I just ask whose idea it was to adopt “jog on” as a response to what appear to be genuine concerns that just don’t sit comfortably with the reader?
That person badly needs a slap.
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What other term to describe the level of contempt some poster’s remarks deserve would you prefer PeeBee?
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