Industry podcast: ‘Rightmove is too cheap’

"Stockholm syndrome", psychological response wherein a captive begins to identify closely with his or her captors, as well as with their agenda and demands.
Britanica definition.

What a classically naive theory... but there would be some value in it... if it weren't for the fact that other portals / channels are less than half the price and also help deliver leads in exactly the same way.
What a load of guff.

I would have zero issue with Rightmoves charges if they showed any innovation or progression as a tool.

Realestat . com. au behaved exactly the same way, until the aussie agents turned on it, and they could do so because they have a strong second platform to work from, an organised industry with governing bodies that actually represent them, and the fact that they charge proper fees.

Its way beyond the point where Rightmove should be offering agents far more for what they charge, but as they have the monopoly why should they care.

• Bob Lopez
• 18 March 2024 20:16 PM

Do you reckon a cost per lead approach would be better or even a cost per successful lead. In terms of the cost per lead I'm not sure what would be a fair price so both parties benefited, potentially the cost per lead is related to the property listing price but what percentage of this I would have a clue. On top of that with cost per succesful lead how could there be a verification system that ensures that the lead genuinely came from the portal and that they are paid accordingly

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Hmm, this piece does get one thinking, mainly about the price justification. Let’s dive in a bit, shall we?

The big reason agents stick with Rightmove is the lack of solid alternatives. No one wants to risk losing market share by trying to boost a new platform up to Rightmove’s level.

I’ve met loads of estate agents, proper ones at that, who aren’t fans of Rightmove. If it was just the ‘non-proper’ agents complaining, why would there be a whole Facebook Group dedicated to discussing Rightmove’s downsides?

Now, the bit about enquiries and conversions seems a bit off. In a perfect world, sure, if 20 enquiries came to one agent alone, they'd likely convert more. But let’s be real, those 20 enquiries probably landed in the inboxes of five other agents too. So, the conversion maths here doesn’t quite add up.

Paying £3000 a month in 2023 feels a bit steep, especially when tech has made things cheaper.

And about charging ‘proper decent fees’ to cope with the cost - that's an idea, but will it just end up costing the public more? Is that the right way to go?

Lastly, this article does have a bit of a Rightmove cheerleader vibe. Was there a little nudge from Rightmove in the background maybe?

This whole thing does leave one with more questions. It's a bit of a head-scratcher, isn’t it? Was this backed by Rightmove by any chance?

Hmm, this piece does get one thinking, mainly about the price justification. Let’s dive in a bit, shall we?

The big reason agents stick with Rightmove is the lack of solid alternatives. No one wants to risk losing market share by trying to boost a new platform up to Rightmove’s level.

I’ve met loads of estate agents, proper ones at that, who aren’t fans of Rightmove. If it was just the ‘non-proper’ agents complaining, why would there be a whole Facebook Group dedicated to discussing Rightmove’s downsides?

Now, the bit about enquiries and conversions seems a bit off. In a perfect world, sure, if 20 enquiries came to one agent alone, they'd likely convert more. But let’s be real, those 20 enquiries probably landed in the inboxes of five other agents too. So, the conversion maths here doesn’t quite add up.

Paying £3000 a month in 2023 feels a bit steep, especially when tech has made things cheaper.

And about charging ‘proper decent fees’ to cope with the cost - that's an idea, but will it just end up costing the public more? Is that the right way to go?

Lastly, this article does have a bit of a Rightmove cheerleader vibe. Was there a little nudge from Rightmove in the background maybe?

This whole thing does leave one with more questions. It's a bit of a head-scratcher, isn’t it? Was this backed by Rightmove by any chance?

• Bob Lopez
• 18 March 2024 20:18 PM

Do you reckon a cost per lead approach would be better or even a cost per successful lead. In terms of the cost per lead I'm not sure what would be a fair price so both parties benefited, potentially the cost per lead is related to the property listing price but what percentage of this I would have a clue. On top of that with cost per succesful lead how could there be a verification system that ensures that the lead genuinely came from the portal and that they are paid accordingly

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I thought it was quite rude some of the comments they all made, totally missing the point sat in their own laughable corner of the school yard. If ones head is so far up ones A*** you may stop breathing.

Lets face it there a many estate agents office who simply aren't on the ball with their Rightmove leads. I recall attending a RM road show a while back and some data was gathered showing the stark contrast in lead reply times between agents. The top agents deal with inquiries within 5 minutes, the bottom agents often don't even bother. So before anyone moans about Rightmove ask yourself if your teams are really pushing it and making the difference and earning their keep. Then the debate can begin.

• James
• 04 November 2023 10:17 AM

The debate isn't about what one does with the leads its about the cost of acquisition. If RM closed tomorrow the leads would come via ZPG and OTM for less than half the cost.

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• Bob Lopez
• 18 March 2024 20:19 PM

Do you reckon a cost per lead approach would be better or even a cost per successful lead. In terms of the cost per lead I'm not sure what would be a fair price so both parties benefited, potentially the cost per lead is related to the property listing price but what percentage of this I would have a clue. On top of that with cost per succesful lead how could there be a verification system that ensures that the lead genuinely came from the portal and that they are paid accordingly

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Of course Perry's theory falls apart the moment we remember that it was Rob Sargent the CEO of The Acorn Group who lead the Say No To Rightmove campaign!... hardly an example of a "non proper agent".

I'm not sure that the average fee is £6,000, ours certainly isn't and I suspect that the majority of agents outside of expensive areas do not have an average fee of £6k.

Rightmove, what I don’t understand is agents not making the best use of it.
I am talking about Photographs!
Unmade beds, clutter everywhere…….how come the clients don’t feel embarrassed or complain?