Housing market analyst and PropTech entrepreneur Anthony Codling says that the next few weeks will determine whether Boomin is the portal to topple Rightmove from the top.
On Friday Rightmove delivered to shareholders its trading statement for the calendar year 2021, showing more remarkable figures.
The key Average Revenue Per Advertiser was up 12 per cent on 2019; time-on-site averaged a highest-ever 1.5 billion minutes per month; and site visits are up from 2.1 billion to 2.5 million in just 12 months.
Codling - a long-standing critic of Purplebricks and more recently the creator of PropTech service Twindig - describes the pandemic as fuelling the UK’s property addiction, with Rightmove there to help us scratch our property itch.
Codling, in a blog on his website, writes: ”Rightmove’s business model remains the best we have ever seen. It has profit margins that defy gravity, it has seen challengers come, go and co-exist, and even if they do stay, none has yet caused Rightmove any concern.
“It took a hit during the pandemic, but its wounds healed quickly, the attempted coup did not work and as Nietzsche said: 'What doesn't kill you, makes you stronger’.”
He says rivals have come and gone and judgement on the latest - Boomin, set up by the people behind Purplebricks - is still to be made.
Codling states: “Boomin is free for estate agents until 31 March 2022. Founding agents have had a year to assess the merits and value of Boomin.
“If the formula is judged to be a winning one expect a raft of press releases from Boomin talking about how many agents have become paying customers after the trial, how many leads have been generated and how much business has been won.
“However, if conversions for Boomin are not matched by defectors from Rightmove, rather than disrupting the portal market have they just created another mouth to feed, another drug for estate agents and the homebuying public to get a taste for?
“If agents support Boomin there is little evidence so far that their support is coming at a cost to Rightmove as ARPA, estate agency branch numbers, and profits are growing.
“If Boomin’s bubble bursts, Boomin will join the long list of those who have come and gone.”
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Here today, gone tomorrow.
No. Next question?
Boomin are terrible.
Who Are Boomin? and who are Rightmove? Contrary to belief being on any gives NO advantage whatsoever. Many Agents are foolish enough to listen to them.
Must admit, this did make me chuckle this morning.
2.5 BN views amazing and yet, the amount of completions in the UK stays pretty static over the past decade, obviously zero correlation from browsers looking at property on RM to more people buying property. So what is the value proposition?
It is like saying to agents, we ensure a million people will look at your window cards as they pass your office; but if only one in several millions pops in to buy, or let, is this a service worth £1,200 a month on average? When you only agree eight sales or let 10 properties every month.
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