With the internet having become the primary medium for letting agents to advertise their properties, two property portals – Rightmove and Zoopla – have come to dominate the marketplace. Due to their size, it has been impossible for rival portals to mount an effective challenge. As there is no competition, letting agents are left with no option but to pay whatever fees are demanded.
However, change is in the air. OnTheMarket.com, a new portal created by Agents’ Mutual, will launch on January 26, with the aim of challenging the market duopoly of Rightmove and Zoopla by offering a better deal for estate and letting agents, and delivering a great user search experience.
With over 1,900 agents already on board, and endorsement from both NAEA and ARLA, OnTheMarket.com is set to launch strongly. The latest report from Exane BNP Paribas says that previous forecasts had underestimated the impact of Agents’ Mutual, as 133 branches are known to have jumped ship from Rightmove, and 600 are joining from Zoopla.
Exane predicts that 3,100 branches will actually join Agents’ Mutual at launch. It is expected that, following a successful launch, many more firms will be looking to join the revolution.