One of the world’s leading analysts of portals has warned Boomin, OnTheMarket and others challenging Rightmove - millions have been spent so far on the attempt, but all efforts have failed badly.
In a critique of how challenger portals try to beat Rightmove - and similar attempts in the US to try to overtake number one portal Zillow - Mike DelPrete suggests there is almost zero chance of success.
DelPrete is former head of strategy at a New Zealand portal and a long-standing analyst of online agencies and portal in many western countries.
In his latest blog he says: “Attempting to directly compete with market-leading property portals is an incredibly difficult proposition, with success unlikely.”
He suggests the challenge is not to get agents to list - many portals have been successful at this - but the real mountain to climb is building traffic and brand awareness, once a market leader has dominance as great as Rightmove in the UK and Zillow in the US.
DelPrete puts it this way: “The primary value a real estate portal provides its customers is exposure to the most potential homebuyers and homesellers.”
He continues: “Through the years, the top portals have maintained their lead against billion-dollar, multinational media organizations, industry-backed, publicly listed upstarts such as OnTheMarket vs. Rightmove and private-equity backed #2’s such as Zoopla vs. Rightmove.”
“Hundreds of millions of dollars have been thrown against the top portals for years with no effect on their dominant position whatsoever.”
DelPrete often comments on the UK portal and agency landscape, and you can subscribe to his mailing list here.