The latest property portal to take on Rightmove and Zoopla claims it is gaining traction after promising never to charge agents to list properties on its site.
Residential People, which operates in the UK as well as six other countries, says it has now signed up 1,000 estate agents in the UK and that it is generating 800 sales and rental enquiries a month to its member agents.
These include franchised businesses Belvoir and Open House. The portal launched officially in February this year and by April had 11,400 property listings in the UK. It now lists 18,910 sales properties and 15,620 rental properties.
“We believe that Residential People offers a unique value proposition to agents, and something that is becoming more and more relevant as things such as Brexit and most recently, the tenant fees ban, which continue to squeeze profits for agencies even further,” its spokesperson Dominic Gabriel told The Negotiator.
The company says that although it is to always be free-to-list, it plans to generate income via advertising on its site including paid-for ‘premium listings’ and consumer marketing tools similar to those offered by Rightmove and Zoopla to agents at the moment.
“The support we have had from agents across the UK so far has been fantastic, and we are confident that we will be able to continue to create an attractive value proposition as we gradually scale-up our business to support more agencies from across the UK and beyond,” says co-founder Chris May.
As well as the UK, Residential People operates in the UAE, South Africa, Bangladesh, India, Nigeria and Pakistan and is preparing to launch in Australia, Ireland and China.