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Today's Headlines:
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Welcome to a new monthly blog by Henry Pryor, estate agent turned entrepreneur, inventor and expert
Rightmove profits climb 39% as more agents sign up
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The proportion of mortgages being taken out for purchases, as opposed to remortgages, is at its
News Story
Digital Property Group subscriptions to rise "for some agents"
Wednesday 10th December 2008The Digital Property Group, owners of Primelocation and FindaProperty, have revealed that their new system of charging – which involves mandatory listing properties on all their sites – will mean a price increase for some and a reduction for others.
One London agent told Estate Agent Today that his fees had gone up since it became ‘mandatory’ to list on both Primelocation and FindaProperty, or to leave. He claimed that FindaProperty subscribers could find their subscriptions are being hiked by up to 200%, and he said he had been told that FindaProperty had been under-priced and subsidised by Primelocation. He said he had been told that if he refused to list his properties on all the sites, he could not list them at all.
However, this morning, the organisation, owned by the Daily Mail group, denied it was forcing its agents to list on all its portals.
In a statement, it said: “Agents can continue to advertise on a single site if they wish to do so, while missing out on the proven value brought by advertising on all four portals.
“Being listed on FindaProperty, Primelocation, Homesandproperty and FindaNewHome helps member agents to reach wider audiences than ever before; connecting them with more than 3.7m consumers per month.”
Sam Reynolds, trade marketing manager, said: “The benefit to agents is that properties will attract different types of buyer through each of our portals. For example, a newly built £250,000 one-bedroom apartment in London listed with the Digital Property Group may attract a first-time buyer through FindaProperty and an investment or pied-a-terre purchaser through Primelocation.
“It may also attract home buyers who only want to buy a new build property through FindaNewHome as well as home buying readers of the Evening Standard through Homesandproperty
“We are currently rolling out this expanded offering to our existing customers and introducing our new value-based model of charging.
“The model takes into account the agent’s location as well as the number of properties listed and their average value, to calculate a fair and competitive price. In short, the fee they will be charged moving forwards will reflect the potential value that our service can offer to an agent’s business. In some cases this will lead to a price increase and in others it has already meant a reduction in fees.”
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Posted By portalwatcher on Thursday 11th December 2008 12:40:39
 Get Profile | Does anyone here remember the voice from the crowd at the Expo which said that their Rightmove fees "have increased 1000%"? If you do you'll remember it followed a statement from Rightmove that they were not increasing prices. I think we should assess what we get from the internet portals, and make our own decisions. Put it this way, if the quoted company was historically paying too little for using findaproperty, I'm pleased the Daily Mail are realligning their charges to make it fairer. So long as I know I am being charged a fair price and I get results, I am relatively happy |
Posted By Peed Off on Thursday 11th December 2008 11:22:02
Get Profile | Kick us while we are down! I hope this all goes pear shaped, these portalls feed off us agents so when times are bad rather than help us they raise their costs. I hope they get what they deserve. |
Posted By EW on Thursday 11th December 2008 10:36:07
Get Profile | The truth is that you can list with just one of their portals, but you pay for both regardless. They don't mention that bit. |
Posted By northernboy on Thursday 11th December 2008 01:20:29
Get Profile | Before everybody jumps on this particular bandwagon - if you currently list your properties on FindaProperty and Primelocation why don't you wait and see what it means for your business before you jump on here bleating! The Digital Property Group have at least been consistent in their stance on this over the past few months. Each Agent is individual and therefore this method of charging they feel is fairer across the piste. Why do some Estate Agents feel that they should get everything for next to nothing. If you haven't got a big enough marketing budget to cope with advertising with the two biggest portal groups then trim your costs accordingly. But what right do we as Agents have to demand reductions in fees. These businesses have profits to make as well. If you can't afford to be on the big portals then have the balls to get off them. I suppose you have all been onto your electricity providers and demanded a reduction in their bill as well have you? Some of you need to be more realistic about the world of business! The portals, and for that matter local newspapers, provide a service for which they have a right to charge a fee for. It's your business choice if you choose to pay those fees or not. I can't imagine that anybody was moaning about Rightmove's fees when times were better 3 years ago. By the way I have been on FindaProperty for some time. I am now on Primelocation as well which is costing me £20 a month more. Previously it would have cost me another £250 to list on Primelocation. So, I for one have no complaint about The Digital Property Groups 'value based' pricing model. See what it means for your business first! |
Posted By Alan on Wednesday 10th December 2008 11:22:25
Get Profile | So - will they put prices up to more agents than they give a reduction??????? |
Posted By MD on Wednesday 10th December 2008 07:33:56
Get Profile | We were not on Primelocation just FAP. We paid £1500pcm. Now they want £5000pcm for FAP and PL, or we will be removed. Thats it - I was told it wouldnt be fair on other agents. We will se how long this policy lasts. |
Posted By John S on Wednesday 10th December 2008 06:58:08
Get Profile | We have been advertising on a TOTALLY FREE portal called PropertyFoyer.com and have been receiving some leads. Time more agents used free portals and built these up as an alternative to keep the sharks in check. |
Posted By James on Wednesday 10th December 2008 06:50:50
Get Profile | This feels like a classic poly to mask the real facts. How can being forced onto loads of web sites save agents money. Unless of course the portal owner is taking a massive hit of lost revenue.
Given the losses being incurred by all portals except Rightmove - I somehow think that most agents will be forced to pay more. I would predict that once DPG have all the same data on all their sites they will then close all but one - leaving the high cost to agents in place but them receiving a very significant cost savings Off to the bookmakers now to place my bet ! |
Posted By brightmove.co.uk on Wednesday 10th December 2008 03:14:37
Get Profile | Hey Guys. I've got a great idea. Just send me a cheque for £500 and i'll go and spend it in time for Christmas! I may be going to Dublin for Christmas. One of the few places I know where the people have a real sense of humour! Just look up the "Floozy in the Jacuzzi" for example, or the "Stiletto in the Ghetto", or the "Tart with the Cart". All the Irish out there - Happy Christmas! Hi de Hi! |
Posted By brightmove.co.uk on Wednesday 10th December 2008 03:04:55
Get Profile | What on earth is an "intergrateable" front end? Is it a new type of cheese grater perhaps. A good suggestion - market it in time for Christmas on the latest "What I really want but don't really need" web site! |
Posted By Stel on Wednesday 10th December 2008 02:48:22
Get Profile | Not one to get involved in these blogs, as most of the time its used by companies to promote themselves and distort the truth. A London agent who is looking at an increase per office of twice that of right move membership price. The right move price is held for 12 months and whether we like it or not its the one portal asked for by clients. At least we have now seen DMG's real intentions...punish the more successful agents and benefit those who can't get stock and only sell the crap. Every agent has the same opportunity, so I don't agree in paying a fine for being successful. Agents getting a reduction need not reply! |
Posted By Peter on Wednesday 10th December 2008 02:19:02
Get Profile | Previously invoiced for advertised individually on both findaproperty and primlocation. Now jointly invoiced and fees down by 15%. |
Posted By Jim on Wednesday 10th December 2008 01:57:45
Get Profile | have the Monopolies and Mergers Commission looked into this? |
Posted By janet on Wednesday 10th December 2008 01:50:45
Get Profile | We have just had a free trial from the above company and have had endless complaints from our vendors. They got primelocation right but nearly all our properties shown on find a property had the wrong location i.e. Eccles instead of Monton (which is a suburb). They coudnt rectify this immediately so we have withdrawn our free trial. Be warned! |
Posted By INEA on Wednesday 10th December 2008 01:09:12
Get Profile | Hi All, INEA is a full blown mls and growing portal. Just £40 pcm per office, plus as of yesterday we are now able to offer agents intergratable front end websites starting from £500. We can be contacted on 01233 633633 or emailed at admin@inea.co.uk |
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