Recent market news will be causing concern for estate agents across the UK.
“To add to their woes, the past few days have also seen the news that both online agent ‘Doorsteps’ and online portal ‘Boomin’ have gone into liquidation, reducing the options open to vendors and estate agents when it comes to promoting properties online.
“Boomin’s move, earlier this year, to a fee-paying model is very telling about the attitude from agents and surveyors to pay more and more to promote properties online. There are estimates that, within the London market, the costs to estate agent businesses of promoting homes via the big portals can reach up to £3,000 per month. That’s around £36,000 per annum, and a significant amount of money coming straight off the bottom line. This begs the question whether the current costs of marketing via property portals are sustainable for many firms?” he added.
Jangle’s own market research confirms widespread dissatisfaction with the costs charged by the big portals and suggests that there is an appetite from agents and developers for what the business terms ‘Zero Portal Spend’.
“Firms such as Boomin originally set out to disrupt the market, but their liquidation suggests that tweaking the existing concept and broadly following the same business models as their bigger rivals was not enough,” commented Rosenblatt, adding, “With challenging market conditions on the horizon, many observers are asking whether the prevailing property portal concept is fit for purpose?
“We believe that it is time for a new approach that unlocks the market to the benefit of agents and their clients. To this end, we are actively engaging with colleagues within the estate agent community via our website (https://www.jangle.co.uk), gauging market sentiment and opinions regarding a different type of property portal, that helps them to market properties without subtracting from their bottom lines.
“From our conversations and the expressions of interest regarding our concept, there is a clear desire for Zero Portal Spend, which we will deliver,” he concluded.