That’s why the big high street chains pay millions each year to Rightmove and Zoopla. The rumour is that LSL Property Services, owners of Reeds Rains and Your Move, pay £2m per annum to Rightmove alone. They wouldn’t do that if online representation wasn’t vitally important to them. As it is, industry estimates are that 95% of house purchases start on the internet with a search on the major portals and the individual sites of agents themselves.
Just to reinforce this, visitors to Rightmove alone look at over 1 BILLION pages on their website each month via 80 million visits.
eMoov.co.uk were on one of the very first internet estate agents. When we launched in early 2010 you could count us and our peers on just one hand. Now? There are 50 sector participants with another two announced as launching this week. Indeed each week, one new competitor or another issues what is now a pretty standard press release announcing ‘a revolution in property sales’. So what to make of all this recent activity?
Well, it is certainly the case that the online estate agency space has rapidly expanded in terms of popularity amongst home sellers. Four years ago, some 2000 homes were listed with fixed fee online agents. This has grown to over 12000 in 2014 according to research that we have just completed.
A six fold increase in activity is impressive in any industry in such a short space of time yet the overall numbers hide a compelling fact. Which is that despite the stellar hike in the number of canny property vendors resorting to a value for money, high service alternative to the high street, the newest firms to enter the sector are simply not finding traction.
eMoov.co.uk have just completed an analysis of the entire online property market and the stand out facts that emanate from this are as follows:
68% of the entire online estate agency space is dominated by just four companies. 32% of all listings are therefore shared by forty eight different companies. The oldest, most established, perhaps better trusted agents continue to top the league.
eMoov.co.uk continue to be the largest player by inventory and have increased their lead over their nearest competitor by 23% since our last research piece was conducted in September 2013. eMoov.co.uk have an inventory of 1294 live properties.
Thirty six internet agents have less than a 1% market share each. Thirty nine have fewer than 100 homes listed.
Importantly, we also probed the level of property listings that each agent with a market share of 1%+ actually sells, according to their status on the portal sites. And eMoov.co.uk have a far higher percentage of sales relative to overall stock than any at 43.4% sold. By comparison, the Royal Institution of Chartered Surveyors has recently stated that the typical sale to stock ratio across all of it’s UK estate agency members is 35% (its highest since 2006) and so eMoov.co.uk are outperforming the market significantly.
How do we do it?
Now that would be giving a bit too much away however if you are a property seller anywhere in Britain, sign up with us and find out.
Selling your house online. It’s a no brainer.