Berenberg says the 3.5% slide in agent branches listing with Rightmove may accelerate soon as the reality of Covid changes kick-in for the industry.
Andrew Goldthorpe, the CEO of PropertyMutual.com, a property portal that Jefferies said was "An incredibly disruptive blueprint that takes the agent/portal relationship back to its pure-play mutual roots".
Andrew Goldthorpe of PropertyMutual says too many portals including Rightmove and OTM start out promising to be solely for the benefit of agents, but soon lose their way.
There are another 12,000 – 15,000 agents not currently affiliated to the SNTRM campaign, so it is a massive task to onboard them and I wish the campaign well.
PropertyMutual CEO's LinkedIn strategy gets picked up by Estate Agent Today and gets over 6,500 views.
UK real estate agents are facing a watershed, borne out of a crisis, resulting in an urgent need for a long term solution to their loss of control over marketing costs and data aggregation.
Andrew Goldthorpe MRICS, CEO of PropertyMutual, is changing the game, offering a profitable vision of an entire industry controlling its own destiny, a vision of David defeating Goliath, because David knew where to aim.
Springett given notice to quit immediately by OnTheMarket
PropertyMutual is the independent collective voice to mitigate real estate marketing costs and curate data.
Survey reveals that half of the UK population peruse online property at least once a week usually to snoop on nearby properties or those belonging to celebrities.
Rightmove has sent out letters to agents telling them that their subscriptions are to rise. The portal has strongly defended its hikes.
The head of the portal PropertyMutual has accused Rightmove, Zoopla and OnTheMarket of being “corporate dinosaurs” and has called on agents to instead join his platform.
In a move we predicted at our foundation, a whole year before OnTheMarket went live, the pseudo-mutual Agents' Mutual has announced its plans to de-mutualise.
Rightmove could charge agents an average £2,500 per month per office at some point in the long-term future.
City analysts were briefed after Friday’s results were posted by the portal.
At the briefing, incoming chief executive Peter Brooks-Johnson “sketched out the sustainability of growth to £2,500 longer term”, analyst William Packer reported. The sum of £2,500 is what Rightmove said agents had been spending per month on newspaper advertising in the past.
The new codes will address what TPO describes as 'emerging industry issues', the most high profile of which is the practice known as 'portal juggling'.
Connells has sold part of its shareholding in Zoopla, and now appears to have a stake of under 3%.
As at December 31 last year, it had a stake of around 4%.
LSL, parent company of brands including Your Move, Reeds Rains and Marsh & Parsons, has sold 7.8m shares in Zoopla at an average £3.20 per share, it announced on Friday.
Agents’ Mutual has been ordered to make further payments into court as the legal battle with Gascoigne Halman continues.
At the weekend, Gascoigne Halman issued this statement: “Gascoigne Halman notes that the Competition Appeal Tribunal last week ordered Agents’ Mutual to make a further payment into court of £830k to cover its legal costs in the event that Gascoigne Halman succeeds in the legal action being taken against it by Agents’ Mutual.
“This, together with an additional £450k also ordered to be paid into court in respect of a separate but related action, means that Agents’ Mutual will have paid into Court over £2m by year end.
“Agents’ Mutual also stated to the court that their own legal costs will exceed £2m.
“Gascoigne Halman is committed to defending its position and is confident that the Competition Appeal Tribunal will uphold its right to advertise on portals of its choice.
“As a Gold member of OnTheMarket, Gascoigne Halman is extremely disappointed that Agents’ Mutual has chosen to divert over £4m of its members’ loan notes and subscriptions away from its marketing activities when they would surely be better employed for the benefit of its members.”
It is thought that the other action referred to in the statement relates to Cardiff-based independent Moginie James, which also continues to list at OnTheMarket.
Scammers have been using the Rightmove brand to dupe tenants out of rental deposits.
Property listing website The House Shop says it has seen ‘multiple’ incidents in recent months of fake landlords advertising cheap rents and then sending potential tenants an email from “Rightmove Tenant Verification”.
The email contains a link that looks like a Rightmove web page using the portal’s branding but applicants are invited to pay a deposit that gets sent to the scammer’s bank account held in the name of “Rightmove Plc”.
The OTM Action Group has released a statement claiming that Agents' Mutual has chosen not to address any of the concerns raised in a Letter Before Action.
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