Agent owned portal to compete with Rightmove?

“Agents Mutual has passed a milestone after recruiting its 1,000th gold member office – the threshold it needed to reach to achieve start-up funding, with £3.6m pledged.

Ian Springett, who leads Agents Mutual, said: “The level of support for the creation of a new, 100% agent-owned property portal has exceeded our expectations and the founders are extremely pleased.

“The company anticipated getting to this stage towards the end of this year and calling in funds from hold members to start work on the portal at the start of 2014 for delivery at the end of that year.

“The basis of this rapid growth in support is founded on agents of all sizes recognising the growing threat to their businesses posed by the dominance of the two large portal groups. They regard Agents Mutual as being a necessary development to protect and further their interests.”

However, Agents Mutual says there has been  good progress in recruitment outside London and right across the country. Springett said that more than 55% of the offices signed up are outside the M25 and that it has the support of many of the most prominent regional agents in every territory in which it has actively recruited.”

Full story here on EAT

Rightmove is king in this market by a long way.  It will be far better for agents to have a portal that has a lower cost to advertise on.  I think it’s going to be a tough road to grab market share for Agents Mutual, but I really do hope they make it work.

Where do you do your searching for property?

Simon Ward
Mr Green Estate Agents