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The truth is, most home hunters don’t have the time or inclination to shop around for properties and real estate agents every day. That’s why people are clamoring for the convenience of searching a wide range of property listings online. Rightmove is the number one platform of choice for many consumers.
This property website helps introduce agents’ brands and properties to the largest audience of house hunters in the UK, giving businesses a competitive edge in the local market while being profitable. ing.
Rightmove boosted its revenue and profit last year as estate agents increased spending on Britain’s largest property platform to sell properties as the housing market slowed significantly. The company reported on Friday that its annual pre-tax profit rose 8% to £260m, due to higher advertising revenue due to higher agency marketing spend.
Rightmove also predicted a 7% to 9% increase in revenue and warned that customer numbers would likely fall this year, despite the fact that online traffic to its site fell last year.
The property portal added that revenue in 2023 surged by £31.7m, up 10% from 2022, to £364.3m.
This momentum has been driven by agents upgrading their packages and adopting digital products, while Rightmove connects real estate agents to its online application system, without users ever leaving the platform. We have made it possible to receive advice regarding mortgages.
Notably, average revenue per advertiser (ARPA) increased by 9% to £1,431 per month, which contributed to the slight decrease of 1%.
But the reality is, right now, many agents simply can’t do without Rightmove.
Russ Mold, investment director at AJ Bell, said:[Rightmove’s performance] Reinforcing its position as a must-have product for real estate agents, it provides greater pricing power when securing subscriptions from real estate agents. ”
But he noted that “nagging concerns” have emerged for Rightmove.
“The on-the-market threat currently supported by Coster’s large US operator is of great concern to investors,” he explained.
Having established itself as the UK’s third largest portal after Zoopla in terms of consumer traffic and agent support, OnTheMarket believes it is now well placed to challenge Rightmove’s dominance at the top of the portal market. doing.
OTM focuses on becoming ‘Britain’s number one property portal’