A respected business journalist says Agents' Mutual must launch with the same technical infrastructure that makes Rightmove and Zoopla so convenient and useful to millions.
Julian Harris, news editor of the business daily City AM, says the existing major portals have sophisticated technology but Zoopla has, in this regard, moved ahead of Rightmove.
Harris also says that Zoopla is relatively well protected from the potential impact of Agents' Mutual's OnTheMarket portal, launching in the New Year, and from any dip in the UK housing market.
Over 3,000 of its members are housing developers or foreign agents, for a start. Its revenue stream of subscription payments from members is not directly impacted by prices, and is being bolstered with premium listings, appraisal boosters, and area sponsorships he says.
He also believes that the threat of the new rival portal has already been factored into Zoopla's share price.
Harris adds that he himself recently dealt with High Street estate agents when he was considering buying an investment property in London.
The first agent was about as useful as a chocolate teapot. The second was mildly better, perhaps like a balsa-wood teapot. Ishould instead have been walking about with a Zoopla app that would've provided far more facts about the local market he says.
Meanwhile at the new online agency Purplebricks, controversial fund manager Neil Woodford has purchased a 30 per cent stake for £7m.
Launched in April by Michael and Kenny Bruce, the company is charging a fixed sales fee of £599 instead of the high street agents' average of around £5,600.
Woodford, previously a high-performing fund manager at Invesco Perpetual, recently set up his own company, Woodford Investment Management.
Comments
We came off Zoopla about 6 months ago due to the fact we will have to choose Rightmove or Zoopla next year with Agents Mutual. The vast majority of our competitors are still on both but I am delighted to say although I was nervous about it at the time it has not made any difference to us at all except it's left us with a bit more cash to do other things with.
Don't feel too bad Ray, I think this quote from 'The Devil's Advocate' is quite apt
John Milton: Don't get too cocky my boy. No matter how good you are don't ever let them see you coming. That's the gaffe my friend. You gotta keep yourself small. Innocuous. Be the little guy. You know, the nerd... the leper... shit-kickin' surfer. Look at me.
[stops and pauses]
John Milton: Underestimated from day one. You'd never think I was a master of the universe, now would ya
Surely this is just stating the obvious Teething problems will be inevitable, but if Agents' Mutual is to compete of course their infrastructure will have to be as sound and user-friendly as the two big ones, otherwise no-one will want to use them. I'd be surprised if the new portal isn't up to scratch from a technical point of view. If not, what's the point People will just continue to use the tried and trusted platforms on Zoopla and Rightmove.
"The first agent was about as useful as a chocolate teapot. The second was mildly better, perhaps like a balsa-wood teapot. Ishould instead have been walking about with a Zoopla app that wouldve provided far more facts about the local market he says".
Terrific words. Yet another so-called 'property expert' sounding off. Makes one want to stick ones head in a bucket and scream!