OnTheMarket (OTM) has claimed this morning that a minor rebellion is underway against Rightmove among independent estate agents fed up with the 20% or more hike in fees introduced this year by the UK’s No.1 portal.
Ian Springett, CEO of OTM, claims that many agents are spending more on their Rightmove subscriptions than they are on renting their branches each month and that ‘decision time’ has come as many face reduced revenues from lettings after June 1st.
“We believe the value provided by each portal will become even more important,” says Springett.
OTM has persuaded five single-branch estate agents around the UK to go public and reveal that they have cancelled their Rightmove subscriptions after signing up to long-term listings agreements with OTM.
These include Albion Sales & Lettings in Northampton; Camerons in Bournemouth; Clintons Management Ltd in Ilford, Essex; Glastonbury lettings firm Jungle Property and Skipton estate agency James Pye & Sons.
Although small operations, it is unusual for agencies to publicly reveal that they have quit Rightmove, such is the fear that vendors and landlords will question why they’re no longer marketing their properties through the UK’s largest portal.
“I’ve chosen to terminate my contract with Rightmove after nine years because of the successive price increases – many of which have been eye-watering and above inflation,” says Tom Morgan of Jungle Property (left).
“The market has changed a lot in the last two to three years. Back then you probably had to list with Rightmove, but many agents no longer see this as being necessary. OnTheMarket has become a major portal and has given agents a much-needed alternative.”