A survey of members within the four ‘agents unite’ groups lead by Rob Sargent’s Say No To Rightmove Campaign has revealed that 10% have already left the portal.
Also, a further two thirds will leave if there is no extension of the 75% fees reduction Coronavirus deal, 7% are waiting for their contract with the portal to expire and just 2% are happy with its service.
If this trend is being replicated across the industry outside of the four groups, which are almost exclusively representative of single and multi-branch independent agents, then Rightmove will have seen some 1,000 to 1,200 estate agents quit its platform in recent months and that a further 850 will join them soon as contracts expire.
The number of agents listing on the portal has already been dropping. Its latest annual report revealed that customer numbers were down 3% to 19,809 and that a steeper drop in agents had been offset by an increase in developers listing on its platform.
The results of the survey have been published within a briefing document for investors prepared by City consultancy Jefferies, written by Giles Thorne and Sebastian Patulea.
The pair claim that the campaign is picking up between 60 and 70 estate agents a day which means, by the end of the 75% deal offered by Rightmove due to end in July, it will have 5,000 branches signed up.
Jefferies reports that the campaign is picking up support because there is a ‘groundswell of resentment, built up over a decade, towards paying ever-higher amounts’ among agents.