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300 estate agents a month quit property website
Hugo Duncan13 Nov 2008
The crisis facing estate agents was laid bare today as property website Rightmove said that up to 300 members were quitting the service each month.
Rightmove, which last month axed 60 of its 300-strong workforce, said use of the website has plummeted as estate agents go out of business. Membership numbers have fallen 15 per cent to 10,700 from 12,600 a year ago with between 250 and 300 agents leaving every month between August and last month. A record 500 estate agents quit the site in July.
Rightmove said at least three out of every four which have left have either gone bust or were removed for not keeping up with membership fees. Estate agents on average are selling one home a week although many in London are struggling to sell two a month. Rightmove finance director Graham Zacharias said: "An estate agent's business is guided by transactions more than the price of houses and those transaction volumes are down to at least half the levels they were a year ago."
Rightmove has between 80 per cent and 90 per cent of homes for sale in the UK advertised on its website but has been hit by the slump in the housing market.
Reader views (7)
We have all used agents who should know the market place and the property buying process better than we do. They are necessary and hopefully this downturn will cut the wheat from the chaff. These portals make the whole market more transparent so we are better educated and are less likely to fall foul of poor agents (especially for those who use the walkabout method). We are all better informed which is great and hopefully these tough times will lead to a more well served public now and when the upturn surely comes.
- Bernie, London, 14/11/2008 10:30
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As an agent our business came off rightmove in july, and have saved thousands of pounds by doing so,Cant believe so many agents are sticking to Rightmoves sky high fees.
Those who continue to pay greedy Rightmove deserve all they get.
- Andrew, Middlesbrough, 14/11/2008 10:06
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Who on earth would feel sorry for an estate agent?
They have been instrumental in the house price increases over the years, now they are reaping what they have sowed for all of us, and themselves.
- P I Staker, London, 14/11/2008 08:18
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Perhaps Rightmove should SLASH their membership fees in order to keep up their membership and provide ongoing assistance to their obviously hard-up members?
Overall, sensible estate agents will decide to cut back and reduce their commission rates on property sales in order stay in business. After all, I do not believe that estate agent's commission charges have ever fallen given that all paperwork etc used to be done manually - taking into account the widespread use of computers in the estate agents sector today. The savings incurred (time, resources and money) as a result of the employment of modern technology certainly have not been passed on to the customers.
- Fraser, Telford Park, 14/11/2008 00:53
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Nothing gladdens my heart as much as seeing bankers and estate agents suffering.
I presume John of Westminster works for right move or an estate agent?
if I want to move, and I have done a few times. I go to an area, look around, find something and put in an offer. I don't need a website to do it for me.
- Kerry, Purley, 13/11/2008 16:27
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Oh my heart bleeds.
- Albert Swift, Aberdeen, Scotland, 13/11/2008 15:53
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I hope these property sites continue as they are invaluable for those buying and selling property.
The 'Rightmove' site is one of the best with prompt updating of property details.
It is super to be able to see property details for anywhere in the world at the click of a mouse.
- John, Westminster, London, 13/11/2008 15:23
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