If you are currently considering Selling or Letting a property, you will no doubt be exploring local agents and arranging valuations. You will be asking them how much they believe your property is worth, what commission they charge, what experience they have in your area and so on. There's no need to ask where they will advertise your property because we all market properties in the same places right?
Since the launch of Rightmove back in 2000, buyers and tenants have been able to access nearly every single property available in their chosen area with a few clicks. At first Rightmove and Zoopla (FindaProperty at the time) presented a low cost to agents of around £1 per property per month, and estate agents across the country embraced these new lead generators with open arms. Gradually however, agents became dependent on these property portals and soon the related costs began to rise into the hundreds and now thousands of pounds per month.
Now this may seem like bad value for money for estate agents, but consider this. The average price of a property in Molesey for example is over £500,000, let's say a typical high street agent will charge 1.5% to sell your property, a commission of £7500. This agent could sell 1 property per week and still generate a profit, even with the significant cost of the property portals. Sounds like good value for money to us!
However some agents felt this was not the case, and so OnTheMarket.com was formed. Founded by a group of some of the industry's biggest players, this new property portal has been launched to bring prices down for estate agents nationwide and to put a stop to Rightmove and Zoopla's duopoly of online property marketing.
Why should you care about this?
Rightmove and Zoopla state that over 90% of buyers and tenants look for property online first, before going into a local branch and before picking up the phone and calling agents in the area. When your property goes to market, it is essential that this 90% of your target audience can find your property! If your agent does not advertise online you are almost certain to have to wait longer for a buyer/tenant and will most likely not achieve the best possible price.
The majority of agents that have decided to move their properties to OnTheMarket.com to save themselves money have dropped advertising with Zoopla.co.uk, as Rightmove is widely regarded as the most effective property portal. If your agent advertises with OTM instead of Zoopla.co.uk your properties exposure to potential buyers and tenants will be approximately 95% LESS by comparison according to data released by Hitwise.
Your property will have to be listed with OnTheMarket.com for a year compared to 3 weeks on Zoopla to be seen by the same amount of potential buyers or tenants. So while local knowledge, experience, and competitive commission rates are important. They are worth nothing if your agent is not advertising your property correctly. It is in your best interests when searching for an agent to Sell or Let your property, that you make sure they are on both Rightmove and Zoopla first. You will ensure you get maximum exposure helping you to get an offer quickly and achieve the best possible price.
For more information on how to ensure the best marketing for your home, please call us on 0208 396 6717 or email email@example.com