Agent Mutual – A new beginning or false dawn?

what is happening to house prices

And so Agent Mutual finally confirms its brand name- on the market! not very original but I suppose easily remembered and relevant. It also triumphantly claims over 3000 member offices of various colour shades as it prepares to take on the duopoly of the mighty property portals Rightmove and Zoopla. So is it the charge of the light brigade or the dawn of a new era?

Estate agency is traditionally cyclic and many of us can look back at iconic industry changes over the years that have changed the way we work- colour printers, digital cameras, laser measures, the internet, property portals, the list is many. However I feel we are now on the cusp of some monumental industry changes and agents would be wise to wake up, smell the coffee, get prepared or be left behind.

But what of Agent Mutual? I remain unconvinced by its current business model, although wholeheartedly support the concept. Like most agents I am sick and tired of the portals riding roughshod over us. I will never forget Rightmove hiking prices even during the recession years, so nobody would enjoy seeing its demise more than me.

The biggest problem I see is agents themselves! Many are intrinsically lazy- Rightmove serves a purpose, it is a strong, easily recognisable brand that generates leads and vendors expect their property to be listed on the site. And when the MD of one of London’s leading estate agencies claims “his agency couldn’t survive without Rightmove” you know you are facing an uphill battle to sway opinion and attitudes.

A lot of agents don’t like, want or will embrace change. But let us be silly for a moment and take this discussion to the enth degree. If every agent came of both Rightmove and Zoopla, the portals would have no product. I have heard the argument that Rightmove would simply open itself up to private listings, but since only some 5-7% use cheaper online agents now, would the public really want to do it themselves? I am not so sure they would.

I realise this is not going to happen anytime soon but home buyers do not have any loyalty. If tomorrow every available property was displayed on the new on the market website, do you honestly think the public would care? absolutely not. They are product led.

For Agent Mutual to have a realistic chance of establishing itself as a major player in the portal market, it needs the total support of all agents and I do not get the impression it has this. Partly as there is nothing tangible to see yet, no branding and too many sitting on the fence watching and waiting for others to show their hand. Perhaps it’s attempt to divide and conquer is a step to far for some? by stipulating subscribers can only advertise on one other portal. We do not want to be returning to the days of cartels.

I would also have not excluded online agents from advertising on the site. I would encourage everyone to list with Agent Mutual. Once the site has total support, then is the time to come of the other portals en masse. As it is I can only see the current idea serving to strengthen Rightmove’s position as the leading property portal as more agents are likely to ditch Zoopla than Rightmove, certainly here in the North. I have even heard it suggested that Agent Mutual are hoping that this will be the case and that Rightmove will continue to abuse it’s status, pushing up prices and thereby driving the waiverers into the waiting arms of Agent Mutual, which would be an incredibly risky and foolhardy strategy to say the least.

Finally there is the concern over funding, which has also been raised by city analysts and financiers, although I am sure somebody somewhere has done the maths! Apparently there is an initial launch budget of £6m and £7m in annual subscriptions. This sum pales into insignificance by comparison with the multi millions available to both Rightmove and Zoopla for TV advertising, national press and whatever other marketing it choose’s- interestingly both portals are currently gearing up for new TV campaigns, which means that agents will have to be braver than ever, have the courage of their convictions and stand united to force through much needed change or continue to be at the mercy of the portals.

I wish Agent Mutual well, but I do have my concerns which I hope prove unfounded going forward.

Alex Evans

You May Also Enjoy

Breaking News

Popping the Asking Price Bubble

Where in the Uk Can Buyers Snap Up Property Bargains and Where Properties Go for a Premium Above Asking Price   New research from fast selling property company, Upstix has uncovered the UK’s most surprising postcodes for snapping up a property at bargain prices this year, highlighting a widening gap between sellers’ expectations and the…
Read More
Rightmove logo
Breaking News

Highest demand to lease office space since pre-pandemic

The latest insights from the UK’s number one commercial property website Rightmove, reveals that the number of unique enquiries to lease office space is at its highest point since pre-pandemic, as businesses look for spaces that meet modern requirements. Demand to lease office space is 19% higher than the same period a year ago and…
Read More
Planning disputes on new build land
Estate Agent Talk

Planning consultations for major infrastructure to be streamlined

Robert Bruce, a planning and infrastructure partner at law firm Freeths LLP, said he: “Welcomed the change as a significant step to speeding up the DCO process and the focus on the quality and effectiveness of the consultation, rather than box ticking and a risk averse approach to pre-application consultation due to the current legal…
Read More
Breaking News

‘The property ladder pulls further away’ warns Open Property Group

For many first-time buyers across England, the dream of homeownership continues to slip further out of reach. Despite rising wages, soaring house prices are making it harder than ever to get on the property ladder. A leading UK professional house buying company ‘Open Property Group’ based in Buckinghamshire UK, has raised concerns over the ongoing…
Read More
Estate Agent Talk

How Long It Takes to Buy a House in the UK: 5 Common Delays That Can Slow Down Your Home Purchase

Wondering how long it takes to buy a house in the UK? The average timeline ranges from 8 to 22 weeks, but even that can stretch significantly due to unexpected delays, especially if you’re a first-time buyer or caught in a chain. That’s why working with experienced professionals like Belvoir — one of the UK’s…
Read More
Love or Hate Rightmove
Breaking News

Rightmove to host Renters’ Rights Bill webinar with Guild of Lettings

Rightmove is hosting a live and interactive webinar session with the Guild of Lettings to help agents get Renters’ Rights Ready. The webinar will take place from 10:00am – 11:00am on Wednesday 23rd April. Susie Crolla, Managing Director for the Guild of Lettings, will be joining Rightmove to help agents with questions they may have about…
Read More