Rightmove’s push into mortgages has significant implications for estate agents

In a recent Capital Markets Update Rightmove revealed its strategic expansion into the direct lead, broker lead and remortgaging lead generation markets signalling substantial revenue growth potential.

Rightmove’s proposed focus on financial services is to provide consumers with direct access to brokers with the portal projecting a surge in mortgage revenue from circa £2 million to an estimated £25 million over the next three years.

SIGNIFICANT IMPLICATIONS

This development has significant implications for estate agents who offer financial services, intensifying competition in the sector.

It also emphasises the need for agents to adapt and enhance their lead generation and lead nurturing strategies to navigate what it going to become an even more competitive landscape.

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.

It is essential to have a comprehensive lead nurturing process in place because lead generation is a journey, not a moment.

STRATEGIC APPROACH

I am strong advocate for a strategic approach supported by automations to ensure efficiency and responsiveness.

In the face of growing competition, businesses must prioritise the ability to qualify and convert more leads.

Automation, exemplified by innovative tools streamlines lead management, enabling teams to focus on priority appointments.

Moreover, response time to incoming leads will be a critical factor in the lead qualification success.

Proptech elements such as live chat services will have a big impact in responding promptly within the crucial five-minute window.

Similarly, live chat services are now indispensable tools for businesses aiming to respond promptly. Approximately 85% of companies now offer live chat services, leaving those businesses and sectors without it lagging in today’s fast-paced market.

KEY RECOMMENDATIONS

Key recommendations for estate agents aiming to thrive in this competitive environment include optimising their online presence.

It is essential to have a website that is search engine optimised, as statistics highlight the significance of appearing on the first page of Google search results.

Around 30% of customers choose a business that is within the first three positions on Google search, with the top position generating a Click Through Rate (CTR) as high as 28%. The rate drops to around 15% for the business in the second position, while dropping to tenth position gets about 7% traffic only.

As competition intensifies, businesses in the financial services market must adopt innovative solutions that enhance efficiency and drive revenue.

Richard Combellack (main picture) is Chief Commercial Officer at nurtur.group