Is increased portal choice benefitting property investors?

Increased choice of property portals provides estate agents with the opportunity to reach a wider audience of potential buyers local, nationally and internationally, according to free-to-list site Residential People.

For investors looking to sell a property, having access to a wider audience of prospective purchasers could help to achieve a quicker sale for the best possible price.

According to Residential People, consumer research generally suggests that sellers prefer to have their property advertised across multiple portals.

It says this is due to the belief that a greater advertising spread will attract more potential buyers and improve a seller's chances of getting the highest sale price.

The same approach applies to the rental market, with many landlords wanting to get their property let as quickly as possible.

Christopher May, co-founder and director of Residential People, which launched earlier this year, says it is beneficial for agents and subsequently their clients if there are more property advertising platforms to choose from.

This is because the price of listing on the main portals – particularly Rightmove – has continued to rise in recent years, which in some cases could affect investors if agents have to put up their selling fees. 

"Prices normally come down with competition, and to a degree, we have seen this with most property advertising platforms," says May.

"The exception to the rule here [is] stock market listed companies as investors are looking for profits; therefore, prices are more likely to go up."

In the UK portal sector, both Rightmove and OnTheMarket are listed on the stock market, while Zoopla was also a listed company until 2018 when it was sold to an American firm.

For example, the latest Rightmove figures show that the average agency branch now has to pay an all-time high of £1,023 each month – something which could force some agents to raise their prices or even scale back and close offices.

"The cost of listing on Rightmove continues to rise, putting financial pressure on agents. This is why it's really important that there are low-cost alternatives now available," says May.

He says that consumers will be drawn to the agents with the biggest online presence as they realise ‘effective online marketing is one of the most important factors when it comes to selling or letting a property’.

"If an agency thinks the only way of selling or letting a property is through Rightmove or Zoopla, they need to think again. There are other ways of getting yourself seen online, and free sites like Residential People can help," he says.