Landlords using OpenRent to lose Rightmove access
9:32 AM, 6th August 2024, 2 years ago
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Landlords using OpenRent to find tenants will lose Rightmove access, it has been announced today (6 August).
Rightmove says it has ended its partnership with OpenRent, meaning private landlords using the online letting agent will no longer be able to advertise their properties on the UK’s largest property portal.
The decision follows a breakdown in negotiations over fees.
Contract with OpenRent will terminate
In a statement, the property portal said: “Rightmove plc, the UK’s number one property portal, updates that its contract with OpenRent will terminate with effect from 1 September 2024, as conditions for OpenRent’s ongoing Rightmove membership could not be agreed.
“OpenRent is classified as an online lettings agent within Rightmove’s Estate Agency (Lettings) sub-segment and represents approximately 700 branch equivalents, with less than 8% of Rightmove’s lettings listings in July 2024.
“As has been seen recently, market dynamics – within lettings in particular – are fluid.
“While we remain confident of delivering revenue and margin in line with the guidance above, the precise mix of membership and ARPA may vary.
“Our current estimate is that membership will decline by up to 3% year-on-year, with a year-on-year increase in ARPA of £90-£100.”
Listings will disappear from 1 September
As OpenRent’s listings on Rightmove will disappear from 1 September, the portal has reiterated that its platform is the most popular for finding UK properties.
The margin of popularity is large – Rightmove says it delivers eight times more properties than the next most popular platform.
More than 80% of all consumer time spent searching for a home online, is done on Rightmove.
Rightmove insists its financial outlook remains unchanged despite the loss of OpenRent listings, which account for less than 8% of its lettings inventory.
Tags:
Housing, Impact of OpenRent on Rightmove, Landlords, Landlords lose Rightmove access, lettings, openrent, OpenRent Rightmove partnership ends, Property, Rental market, Rightmove, Rightmove property listings changes, UK, UK property portal updates
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Member Since July 2024 - Comments: 11
10:10 AM, 6th August 2024, About 2 years ago
Having had the misfortune of working with Rightmove for a few years in the past, I can tell you that it’s a malign near-monopoly that would never exist at the scale it does if the CMA did it’s job properly.
They squeeze and squeeze their “clients” on fees until they give up.
In a mature property market that is remarkably fragmented and competitive in most parts of the chain – estate agents, solicitors, lenders, surveyors, etc. – they stand alone in scale and pricing power.
Mark my words, OpenRent will fold and pass on most of the costs to their clients. At present, there is no lettings business that can operate at scale without agreeing to whatever Rightmove proposes.
Member Since July 2013 - Comments: 467 - Articles: 1
10:15 AM, 6th August 2024, About 2 years ago
Reply to the comment left by Mark Cairns at 06/08/2024 – 10:10
I completely agree with your comment.
How the heck the Competition and Markets Authority is not all over them, God only knows.
I will say too though that Open Rent’s communication on this matter to landlords who have inquired comes across as arrogant and vague too, very corporate speak. Not impressed with them either.
Bring back James Davis and his Upad, they had the personal touch before their demise.
Member Since June 2023 - Comments: 14
10:35 AM, 6th August 2024, About 2 years ago
I understand the issues somewhat but if as a landlord you use openrent to access Rightmove what is the alternative now for a landlord
Member Since January 2023 - Comments: 317
10:48 AM, 6th August 2024, About 2 years ago
Visum is an excellent platform. I use OR for their free portal advertising and Visum at £89 to access RM, Zoopla and the rest.
I agree OR will close so use your credits if you have any. As I had UPAD credits before they closed luckily I was able to reuse them again when they got a revived!
Member Since January 2023 - Comments: 317
11:07 AM, 6th August 2024, About 2 years ago
I’m loading all my property marketing info on Visum because when UPAD folded you could not extract the data from the account
Member Since January 2024 - Comments: 24
6:02 PM, 6th August 2024, About 2 years ago
I believe Hello Neighbour can provide the same as OpenRent but more costly,
I personally will be giving it a try even if it is just to get on the Rightmove platform.
Member Since March 2022 - Comments: 142
8:03 AM, 7th August 2024, About 2 years ago
When I look to buy property I use at least the main 4 search sites. I would have thought tenants would at least use Zoopla as well as Rightmove given the high demand. Not sure if this will really have a major impact to securing a tenant. I guess time will tell.
Member Since January 2023 - Comments: 317
8:44 AM, 7th August 2024, About 2 years ago
Reply to the comment left by Unloved Landland at 06/08/2024 – 18:02
Visum is the new disruptor. I have used it for £89 for all main portals for 3 months advertising (you may not need it for that long in todays market) vs. Hello Neigbour at £200. No brainer.
The Visum portal is easy to navigate like OR. Give it a go. You can put your high-res pics on up to 20MB
It gives you stats on where you enquires come from. RM, Zoopla, On the Market etc
Member Since April 2019 - Comments: 1
3:59 PM, 7th August 2024, About 2 years ago
Reply to the comment left by Mark Cairns at 06/08/2024 – 10:10Rightmove would have everyone think that is the case, it was very much implied to us when we parted ways and got rid almost a decade ago. However as a lettings agency we have been thriving ever since without their services.
Comments: 85
5:18 PM, 8th August 2024, About 2 years ago