Agent Mutual – A new beginning or false dawn?

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.

You May Also Enjoy

Breaking News

Breaking Property News – 28/03/24

Daily bite-sized proptech and property news in partnership with Proptech-X.   tlyfe the tenant App gets huge marketing boost from national team tour from the Openbrix team As many will know tlyfe, powered by OpenBrix, is the UK’s most innovative tenant lifecycle app, taking the stress out of the move in process and helping to…
Read More
Breaking News

Over Four Out Of Five Tenants Unaware Of The Renters Reform Bill

OVER four out of five tenants remain unaware of the Renters (Reform) Bill and its contents, according to new research. The data comes from a representative survey of over 2,000 private renters conducted by the TDS Charitable Foundation, which works to advance education about housing rights and obligations in the private rented sector. The Bill…
Read More
Estate Agent Talk

What is Property Damage in a Personal Injury Case?

Property damage refers to any damage that affects things instead of a person. This might include damage to your car, house, etc. As such, it is not regarded as a personal injury case. However, when an individual is injured when the accident occurs, the affected person can file a personal injury claim. A typical example…
Read More
Love or Hate Rightmove
Breaking News

Rightmove comment on new 99% first-time buyer mortgage product

Matt Smith, Rightmove’s mortgage expert said: “It’s encouraging to see lenders continuing to try to innovate in the mortgage market, even after the government abandoned its own plans to encourage lower deposit mortgages in the Spring Budget. This new product has the potential to help some first-time buyers who fit the affordability criteria, but are struggling…
Read More
Breaking News

Breaking Property News – 27/03/24

Daily bite-sized proptech and property news in partnership with Proptech-X.   Coadjute ahead of the game as they are already licensed to provide digital TA6 Forms to property stakeholders This week, the Law Society announced its TA6 Form will now include Material Information as per the the National Trading Standards Estate and Letting Agency Team…
Read More
Breaking News

Breaking Property News – 26/03/24

Daily bite-sized proptech and property news in partnership with Proptech-X.   Sharing Success: The Guild Conference and Awards celebrate Member achievements The QEII Centre in Westminster, London, was abuzz with excitement on Friday, 22 March 2024, as The Guild of Property Professionals hosted its highly anticipated annual Guild Conference and Awards. Under the theme ‘Sharing…
Read More