Rightmove’s entry into the mortgage market presents a threat to financial services leads, agents have been warned.
The portal said in a trading update this week that it is making “good strategic progress” with its mortgages business and has launched its first broker product to enable consumers applying for a mortgage to access brokered advice.
It is projecting a surge in mortgage revenue from around £2m to an estimated £25m over the next three years.
Richard Combellack, chief commercial officer at nurtur.group, warns that this development has “significant implications” for estate agents who offer financial services, intensifying competition in the sector.
He said: "As Rightmove increases its focus on the mortgage lead generation sector, estate agents providing financial services must develop robust plans and systems to generate and nurture leads effectively. With a smaller share of the market pie, agents need to pull out all the stops to remain competitive and sustain lead generation efforts.”
Combellack said agents must prioritise the ability to qualify and convert more leads and make use of services such as live chat to respond promptly to queries.
He also stressed the importance of having a website that is search engine optimised.