Only half of the 10,00 estate agents who list their properties with Zoopla have taken up the portal’s Coronavirus-related fees suspension package, the portal’s managing director Charlie Bryant has revealed.
The portal has subsequent clarified that its sales team have contacted 70% of the total agent base, and that so far half of its customers have signed up to the new deals.
On 20th March the portal announced that 80% of its customers, namely those with 30 branches or fewer, were to be offered two packages – a three-month fee suspension or a five to nine-month free deal if they left Rightmove and met other conditions.
The three month deal was later increased to five months’ free usage after a group of London agents secured a similar deal that was then rolled out nationally.
Both deals come with strings attached, which include signing up to longer contracts after the Coronavirus crisis is over of between 12 and 36 months, depending on need.
During an interview with The Telegraph’s website, Bryant (left) also revealed that Zoopla generates 60% of its revenue from agent fees, 20% from agent software subscriptions and the rest from its data gathering operations, Hometrack and Calcasa.
He also said that he understands that many agents will take several months to get back to normal trading once the crisis has relented as the economy awakens from its viral slumber.
“It is going to take them time before their pipeline builds up again. We are acutely conscious of that,” he said.
But Bryant is hopeful for a quick bounce-back once the market begins to operate again, and that listings are only 1% down on five weeks ago.
“Having that stock will be really, really important to enable a bounce back once the market reopens. I wouldn’t go as far as saying it’s a green shoot, but it’s a seed in the ground.”