Next big thing in the property market

Conveyancers take note – a new national online estate agency site within the UK is set to be released come the New Year. OnTheMarket.com is predicted to be the latest and greatest competitor for property search giants, Rightmove and Zoopla. All property professionals should prepare for a potential shake-up in the market and work towards gaining referrals prior to launch.

Chief Executive of OnTheMarket.com, Ian Springett, says many estate agents will be moving all their listings from the other main national property sites, onto the OnTheMarket.com database. They are expecting more interest in the weeks running up to official release, and on registration, will be given the option to have listings appear on just one other competitor site.

One of the most significant business moves that has been reported was the breakdown of partnership between Knight Frank and Zoopla. This London estate agency is one of the co-founders of OnTheMarket.com and believe the new site is a “significant step for the property market”.

According to the YouGov Conveyancing 2014 report, almost 70% of home buyers use online national property sites as part of their property seeking process. This means that there is significant potential for any new businesses of this sort, who are looking to break into the market alongside the two biggest rivals.

Furthermore, the report revealed that a quarter of property seekers use recommendations from estate agents to choose a conveyancing service. If OnTheMarket.com is a success, it could prove to be an excellent source of business for conveyancing firms throughout the UK.

Recent reports have stated OnTheMarket.com will be focussing on providing quality service to not only estate and letting agents, but also vendors, landlords, and property seekers themselves. This client-focussed service offering has seemingly sparked thousands of agency sign ups already, including Savills and Strutt & Parker.

There has been speculation around the website’s overall design and user experience, which allegedly combines the latest in design attributes with effective responsiveness. The site will also be avoiding intrusive marketing and advertising campaigns and will feature accurate property valuations, directly from local estate agents.

The property stock within OnTheMarket.com will only be managed by estate agents with physical offices. This means that consumers will be able to deal with agents directly and face-to-face, if required.

The official launch of the website is expected to be 26th January 2015.

To find out more, and to register for updates, simply visit the Agents’ Mutual website.

 

Today's Conveyancer