You're on the market - but who's viewing?
Tue 17 Feb 2015
You may have seen in the news that a brand new property portal has been launched, designed to challenge Rightmove and Zoopla as the sites commonly used by buyers to search for properties.
OnTheMarket is run by estate agents, for estate agents, and has been set up on the back of criticism from some agents about the fees charged by Rightmove and Zoopla, which also owns Prime Location. With a host of innovative features and enhanced user experience, it has the potential to really stir up the portal market. But potential is the key word.
The new site is putting up a good early fight and currently has “hundreds of thousands” of properties listed for sale and to rent, but it’s still early days. According to a Sunday Times report published in December, Rightmove has 1.2 million homes listed, with Zoopla listing around 1 million.
Understandably, OnTheMarket is also falling short in terms of traffic too. On its third day, visitor numbers to the site were reported to be just 6,000 – well below the 1.5 million visits achieved each day by Zoopla.
We have been aware of OnTheMarket’s imminent arrival for some time and have watched the launch with interest. A number of local estate agents have signed up and are already listing properties on the site but we’ll continue to watch how the site develops before we commit. And there’s a very good reason why.
Under the conditions of the agreement, any estate agent that signs up to OnTheMarket must stop listing properties on either Rightmove or Zoopla. With both sites so widely recognised amongst buyers of all ages, estate agents are taking a big risk on behalf of their vendors by dropping one of the big two.
At Green & Co we will continue to monitor the new site and, in time, we may reassess if it poses a genuine threat to its competitors. For now though, bearing in mind 85 per cent of all our enquiries from potential buyers last year came from either Rightmove or Zoopla, there is simply no need to look elsewhere.
We will continue to list all our properties for sale or to rent on Rightmove, Zoopla and Primelocation, as well as our own mobile friendly website, in order to attract the most possible interest from buyers.
Paul Ivens, Director