Want to know what the City is told about Rightmove? Well, here is one nugget.
In January 2010 the proportion of independent estate agency offices spending over £1,000 per month with Rightmove was 4%. In January this year, the figure was 45%.
EYE has already carried a short summary from one of the analysts who attended the ‘Discovery Day’ event on Monday this week, but now Rightmove itself has posted up the entire presentation on its own site.
Note that we use the word ‘entire’ advisedly.
Powerpoint struts its stuff over no fewer than 97 pages, with enough graphics, flowcharts and pie charts to cross your eyes and work up a thirst – the presentation thankfully ended with drinks.
However, even if you only have a flat white to hand, there is plenty of interesting stuff here for agents, including an explanation of Rightmove’s forthcoming consumer offering, the tenant passport (page 36 if you want to go straight to it).
Its key benefits for agents are said to be instant, free referencing, and seamless access to traditional referencing.
A test of the tenant passport with agents is due to start next month.
The presentation is almost entirely about agents – intriguingly, we could spot only one reference to the hybrid variety, in a case study featuring Yopa – and what Rightmove does for its paying customers in terms of products and tools, plus training and support.
There is a great deal about efficiency and innovation, with the final section (page 72) about helping agents win instructions.
Some of the innovation is, of course, intriguing and very clever, while some of it is just obvious: not so long ago, agents would rely on physically counting For Sale boards to assess market share.
Now, Rightmove reports simply supply the information to agents without damage to shoe leather or costing anything in petrol.
Perhaps most interestingly is the confirmation that estate agency really is a cottage industry: 50% of Rightmove’s customer base is made up of one- or two-branch agents, illustrating why it is so difficult for challengers such as OnTheMarket to break Rightmove’s dominance, as there are so many individual business owners to reach.
http://plc.rightmove.co.uk/~/media/Files/R/Rightmove/2018/DiscoveryDay_web.pdf
Comments (15)
I agree with you RAL.
What territorial ambitions does RM have planned next?
How about a ‘free’, point of sale, AML check, for buyers?
After all, have they now sewn up the rest of the data market for ‘free’?
Thanks
We can start the divorce proceedings with Rightmove by taking it slowly……first the marketing material, pens, calendars, leaflets,etc etc….chuck it all in the bin. It will make you feel better.
Secondly when you get visitor to the office and they are reluctant to leave contact details because they keep an eye on Rightmove ….explain to them that before listing you approach people registered with you.Do your job properly you don’t need to rely on basically a modern newspaper. Make Rightmove listing your last job not your first…
Third ….for the time being just have the basic package.
Four…. in time just ask for clarification of the notice that needs to be given …. we could all send that note at the same time
Sorry for the ramble but just very frustrated
I think rightmove is great as a product… everything in one place etc…. its the price that is wrong and their attitude to what constitutes a real estate agent and a sketch of house when its built in 3 years time ( new homes) .
also have rightmove not seen allthe agents purplebricks reviews…. if i had one review as bad as that i would expect to close down in weeks.
A test of the tenant passport with agents is due to start next month.
Please everybody do not participate in the test or use any of the new innovations…..
Change is coming this year.
How you mean?
If there was an emoji of someone tapping the side of their nose, I would use it here.
Strike strike strike!
1) £600 cap
2) no new homes unbuilt houses
3) no payanyway agents
Join here at http://www.blessyou.com
Just need somebody with access to every agents email..
Ciela??
How much is atishoo.com in anticipation of blessyou.com….:-)
You can also reach me on buy-sprigget-a-new- bungalow.com
A strike wouldn’t work; the 76% profit margin means for every year you strike they already have 3 years fixed costs in the bank (from last year alone, how long have they been making super excessive profits?)
The house builders are as fed up with portal costs as you are and given you often have listings that are of interest to them having a symbiotic relationship with builders is a very sensible for you both.
It doesn’t make sense to exclude your competition on the basis of their charging model.
Dear boy… what a strange attitude.. we are all fed up but do nothing.. greed has already killed otm… / …watch r.m. share price dive when media get hold of it.
It might seem a strange attitude but it is a strategic assessment from someone who has done something. Someone who has invested time and money and who has endured quite a bit to understand and build a solution.
As for the greed bit, not interested in that. I have enough and have no intention of having my bank balance carved into my head stone. Here lies a good man will do for me.
You should invest in a reading course then… greed was to do with otm…not a judgement on you….
I forgive you.
Strike strike stime.
1) £600 cap
2) no new unbuilt homes
3) no payanyway agents.
Join here at http://www.blessyou.com or
http://Www.ianspriggotgotanewbungalow.com