Self-described ‘50% socialist, 50% capitalist’ portal ResidentialPeople has predicted that only two of the so-called challenger portals will make it through to join Rightmove, Zoopla and OnTheMarket, and that his will be one of them.
His claim is the latest salvo in the battle among the challenger portals to win sign-ups among agents and offer an alternative to the main portals.
The others players in this apparently well-funded growing tech-based sector include Homesearch, OpenBrix, PropertyHeads and OneDome.
All know there is an opportunity as estate agent displeasure with Rightmove grows following its Covid listings fees gaffe, years of aggressive cost increases and rise of groups such as Say No To Rightmove.
Set up 18 months ago as a global portal with a UK arm, its boss Chris May says he is working to a three to five year game plan.
“Even if we were the fifth biggest portal we’re still going to deliver good value to agents,” he says.
“I remain confident that, if we can get the agents onboard so that our subsequent inventory can compete with Rightmove and OTM, our ownership model USPs, and our SEO strategy will help us get where we need to go.
“It allows us to run a very slick operation while always guarding our agent’s interests.
“But look, I’m also not pretending to be a good Samaritan. If we can grow to the point where someone buys the portal for $1 billion, if the agents approve the sale, that’s £500 million for us, and another £500 million split between 7,000 agents.”