Posts with tag: property portal

Gumtree – Friend or Foe?

Published On: November 3, 2016 at 12:01 pm

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James Davis – Portfolio landlord & property expert

After being a landlord for 22 years and becoming increasingly frustrated with the lack of quality tenant find services for landlords, James started Upad. Upad has mastered the intricacies of online to provide landlords a service they can rely on. In this article, James outlines the pros and cons of using Gumtree to find tenants.

Is it time to stop advertising on Gumtree?

Gumtree - Friend or Foe?

Gumtree – Friend or Foe?

Gumtree, with its village noticeboard approach to classified adverts, has long been the alternative choice for rental property seekers.

The benefits are simple: Landlords reduce costs, as they can advertise their properties without paying for magazine space or property agents. Tenants save time and money, with the ability to flick from home to home, striking deals and dodging agency fees.

Right now, Gumtree is still highly popular. But is it about to be left behind as spam, adverts and unreliable tenant leads flood its user base? In today’s digitally-focused market, should landlords forget about Gumtree?

Around the houses

Where rivals Rightmove and Zoopla have refined their user experience and functionality, Gumtree remains an unspecialised, classifieds website with a rental section, alongside used cars and musical equipment listings. This gives the specialist sites the upper hand, since their search functionality is specifically geared towards happy house hunting. Let’s look at the location criterion as an example of how specialist sites are better for users:

On Zoopla, you can draw lines on a map to define your search area, save the map and come back to it later. On Gumtree, the most refined you can get is village level, such as Hertford. There is no advanced search function to combine areas either. This is clunky and time-consuming for users who are increasingly trying to cram flat hunting into dead time, like during commutes.

Weak stock, fewer options

Gumtree’s problems mean the site only attracts a small fraction of the housing stock on the market at any one time. This might seem attractive to a landlord; a good property on Gumtree will have less competition than some of the bigger property portals.

Having fewer properties, however, means fewer tenants will bother visiting the site – supply could eventually outstrip demand. Furthermore, due to a laxer approach to posts and how they are moderated, Gumtree has become inundated with spammy and out-of-date ads.

The low quality of Gumtree’s site in turn attracts low quality users. Research by Upad found that the quality of enquiries from Gumtree users was lower than enquiries made via the leading online property portals. It took four Gumtree enquires to every Rightmove lead to successfully let a property.

To discover the most effective way to find tenants in a digital age, check out Upad, the UK’s largest online letting agent.

Over 7,000 Tenants Apply to Live with SpareRoom Founder

Published On: February 4, 2016 at 9:46 am

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Just over two weeks ago, the founder of SpareRoom.co.uk, Rupert Hunt, sent out a video message, calling for two tenants to come and live with him at his home in Spitalfields, London.

Since then, he has received more than 7,250 applications from hopeful tenants who wish to live in his Grade II listed property.

So why do so many people want to live there? It may have something to do with the fact that Hunt, 41, is offering the rooms for a rent that the tenant can afford – anything from £1 to £1,000.

Hunt is hoping to find housemates that “enrich” his life. But will these 7,250 applicants do that?

Some of the prospective tenants have applied via video message, with Hunt and his PA going through the submissions.

Some have played the piano, rapped, told jokes and even begged for a spot in his home – you can see a selection here, here and here.

While Hunt’s considering who to pick out of the heap of applications, the interesting process and entertaining videos prove to be good publicity for the property portal.

Hunt’s original advert received tonnes more applications than the second most responded to ad on SpareRoom in January – a room in Finsbury Park, which had 472 applicants.

The group hoping to share with Hunt is a diverse bunch, aged between 17 and 68, including three former contestants of The Apprentice 2015 and Alan Sugar’s cousin.

Additionally, Hunt may soon be sharing his house with a former Miss Universe, three well-known YouTubers and the Guinness World Record holder for the most jokes told in an hour.

Of the applications, 320 were videos in response to Hunt’s own video message, while others wrote songs and poems, and three even showed up at Hunt’s house. One had travelled from Cardiff and the other two bought home-baked gifts.

The process now goes to the interview stage, with Hunt documenting the developments on YouTube.

We’ll keep you updated with who he chooses. But would you apply for housemates in this way?

Rightmove CEO Earns Over £7m after Cashing in Shares

Published On: September 14, 2015 at 2:22 pm

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Categories: Finance News

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CEO of property portal Rightmove, Nick McKittrick, has earned millions of pounds after selling shares in the firm he developed.

Rightmove’s COO, Peter Brookes-Johnson, also cashed in by selling shares, which were awarded at nil cost, similarly to McKittrick’s.

Rightmove CEO Earns Over £7m after Cashing in Shares

Rightmove CEO Earns Over £7m after Cashing in Shares

McKittrick raised £7.4m after exercising his right on Friday to obtain performance shares awarded over the past few years. He sold the shares at an average price of £37.39 per share.

He retains a stake of £5.2m, or 141,027 shares, and sits on options and other bonus stock worth a potential £14m.

McKittrick, 47, was one of the co-founding executives in Rightmove, alongside Ed Williams.

He was appointed to the board in 2004 and became CEO in April 2013, after Williams departed.

Brookes-Johnson also exercised his right to sell shares, but still holds 37,664 shares, plus other options.

He joined the portal in 2006 and became COO in 2013, after being the managing director since 2011 and head of estate agency business since 2008.

Rightmove recently announced the latest in its programme of buying its own shares. It bought 14,000 at an average price of £37.16.

Rightmove has bought 33.3m of its own shares since revealing it’s buy-back strategy on 28th December 2007.

Rightmove was launched in 2000, the brainchild of Harry Hill, the then chief executive of Countrywide. It was owned by the four main corporate firms of that time: Countrywide, Connells, Halifax and Royal & SunAlliance.

It was originally free to agents, but began charging in 2002.

In 2006, it floated on the stock market with a valuation of £425m.

Last week, Rightmove, which made £70.3m profit in the first half of the year, was worth £3.6 billion.

 

Finance Experts Talk Property Portals

Published On: July 31, 2015 at 2:54 pm

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Finance experts have tackled the property portal world, after Rightmove announced record-breaking results earlier this week.

Read more about Rightmove’s success here: /rightmove-announces-record-results-to-the-city/

Rightmove’s results were higher than all broker expectations, with a 75.5% profit margin, 82% market share and growth of 2% in agent members.

In the Financial Times, Henry Mance writes: “Have estate agents shot themselves in the foot?

“Their launch of OnTheMarket [OTM] was meant to break the cosy duopoly of Rightmove and Zoopla that dominates Britain’s market for online property ads. In fact, it may inadvertently be turning a duopoly into a monopoly.

Finance Experts Talk Property Portals

Finance Experts Talk Property Portals

“[Rightmove] now has 50% more listings than Zoopla. Its shares, already at skyscraper heights, added a storey.”

He continues: “There may be a lesson here about first-move advantage: Rightmove grew steadily, before Zoopla was assembled from a jumble of assets by Ferrari-driving entrepreneur, Alex Chesterman.

“More broadly, recent history suggests it is hard to topple an internet business based on network effects, by trying to offer virtually the same thing. Just ask Microsoft how its search engine Bing is getting on against Google.

“OTM says it can still overtake Zoopla and then out-compete Rightmove on price. But if estate agents want to tackle Rightmove’s pricing, they either have to offer something completely different – a Snapchat to Rightmove’s Facebook – or wait for regulators to step in.

“Regulatory action, a distant prospect, becomes a tad more likely if Rightmove ends up a monopoly.”

Mance concludes: “Perhaps that is OTM’s real genius.”1

Business and finance newspaper, City A.M.’s Russell Quirk made some predictions regarding OTM’s future.

He believes that OTM will “fizzle out” before its first year, stating that it has “shouted from the rooftops” about its 5m visitors this month.

Quirk’s firm, eMoov, is one of the agents banned from OTM.

He says that OTM has not had a significant impact on the market, whereas Rightmove and Zoopla go from “strength to strength.”1 

Analysts have also given their opinions.

Finspreads’ Fiona Cincottaa says that Rightmove’s results indicate it “has not suffered the same fate as competition Zoopla, which in contrast has been negatively affected by the arrival of OTM.”1 

William Packer, of Exane BNP Paribas, claims that Rightmove is “gaining traffic share from Zoopla.”

He adds that in its post-results briefing to City analysts, Rightmove calculated that net membership movement from Zoopla has stopped, but it does not expect to witness any “rapid return” of OTM agents.

Packer has advised investors that there is “scope for Rightmove to expand their share of agent wallet.”1 

1 http://www.propertyindustryeye.com/have-agents-shot-themselves-in-the-foot-over-otm-asks-financial-times/

Have More People Heard of Zoopla or Rightmove?

Published On: July 17, 2015 at 12:51 pm

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Have More People Heard of Zoopla or Rightmove?

Have More People Heard of Zoopla or Rightmove?

New research suggests that more people have heard of Zoopla than Rightmove.

The study was undertaken by Harris Interactive on behalf of ZPG, and reveals that Zoopla is the most popular UK property portal with the highest level of national consumer brand awareness.

The survey was conducted between 29th June and 3rd July this year, and questioned thousands of consumers around the country. It shows that Zoopla’s national spontaneous brand awareness amongst adults is at 38% compared to Rightmove’s 34% and OnTheMarket’s 2%.

It is also believed that the second half of this year could see increased vendor activity, with 7% of respondents planning to sell in the next 12 months, up from 5% in February.

Zoopla’s Lawrence Hall says: “This research reinforces how the Zoopla brand remains front of mind with consumers when thinking of property search and research.

“This is a difficult market in which to establish brand loyalty, which we have done through constant innovation and differentiation.

“And our high levels of brand awareness and usage are helping us to deliver record levels of instruction leads for our members to take advantage of.”1 

1 http://www.propertyindustryeye.com/more-people-have-heard-of-zoopla-than-rightmove-claim/

 

Property Portal Reports Record Traffic and Unique Visitors

Published On: July 4, 2015 at 2:31 pm

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Online property portal, OnTheMarket, has reported record visits and unique visitors in June, using data from Google Analytics.

In June, the portal recorded 4.4m visitors and over 2m unique visitors.

Ian Springett, Chief Executive of the website, says: “We are continuing to see strong engagement from consumers in terms of pages viewed per visit and time on site, and a high percentage of repeat visitors.

“This reflects both the quality and range of agents and properties listed with us and the usability of the portal.

“Our ongoing multi-million pound national TV, press and online advertising campaigns continue to work really hard at driving active property seekers to OnTheMarket.”1

OnTheMarket statistics for June

 

 

 

 

 

 

 

 

1 http://www.propertyindustryeye.com/onthemarket-reports-record-traffic-and-unique-visitors/