Agents' Mutual has announced that Kinleigh Folkard & Hayward has joined founder agents Knight Frank, Savills, Strutt & Parker, Chesterton Humberts, Douglas & Gordon and Glentree Estates in backing its project to develop a new, 100% agent-owned property portal to compete with the existing major portals.
With more than 50 branches across London and over 700 staff, KFH was founded 35 years ago and is one of the capital’s largest independents, dealing primarily in the middle markets.
Paul Masters, group marketing and operations director at KFH, will join the board of Agents’ Mutual to help oversee the development of its portal project.
Agents’ Mutual is a company limited by guarantee and all agents listing with its portal will be members of the company on the basis of one firm, one member, one vote.
The company says the aim is not to create shareholder returns – there are no shareholders – but to deliver a high-quality portal for consumers and agents at the lowest listing fees consistent with achieving and maintaining a leadership position.
Masters said: “KFH is delighted to be supporting Agents’ Mutual in this way. There is a clear strategic need for all agents to create an alternative to the existing major portals in order to control our property data and our advertising costs. I am looking forward to being part of the team which will deliver this for the industry.”
Noel Flint of Knight Frank, who is a director of Agents’ Mutual, said: “We are delighted to have KFH and Paul Masters on board. Their support further underlines our commitment to delivering a new nationwide portal for ALL agents in all markets and further strengthens our position in the key London market.
“The initial response to Agents’ Mutual from agents right across the country has been very encouraging and we are making excellent progress in gathering the support and funding we need to begin the implementation stage.”
Meanwhile, the other challenger, Nethouseprices, has 1,500 agency branches signed up, said managing director Catherine Lamond
www.agentsmutual.co.uk
https://www.nethouseprices.com/agentownedportal/
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Comments
We have just had our rightmove 'review'. Quite frankly I'm disgusted by their reps attitude. They have always been arrogant but the latest takes the biscuit.
I asked the rep to justify the price rise, (getting on for a £1100 for a single sales and lettings office) extra advertising, brand awareness blah blah... I pointed out that zoopla where getting the same in terms of leads but at least 4 times the valuation requests. To which he replied 'well you’re not paying for valuation leads' So I asked if I could and guess what. My post code had already been bought up by corporates from another area.
So the brand plus I have been buying = useless, micro site = useless, premium displays = useless.
I feel like I've had my pants pulled down. End result is I have withdrawn every single product I take with them and yet due to the price structure I've saved myself a whopping £250!
If anyone from rightmove is reading this then your rep has taken me from being someone who was indifferent about agents mutual to someone who will now back them fully.
I hope it works.
Interesting to see the early post by people scaremongering in reaction to what is clearly positive news for Agents Mutual.
It looks as though this is clearly going to happen now.
There are parallels,such as Autotrader.
If the private seller were to pay the same sum as Rightmove,it should be considered.
You can advertise cars in competition to garages,but agents should provide value.
Hailsham Hogg introduced owner-conveyancing,but who does their own now?
The point is to avoid the abuse of position,before Rightmove dominate the market.
I was amazed to see how little Vebra etc turn over,basically because there are many competitors/no dominant software providers.
If they were to adopt the Sage model,then again agents would be vulnerable.
The point is agents promote Rightmove who then increase sums without reason apart from greed.
Stop promoting Rightmove!
A full blown national MLS would be a better platform to unite agents.
Why, because MLS gives agents
. a platform to access more local and national listings
.. a platform to offer greater exposure via fellow agents and their outlets
...the ability to pass over redundant main portal leads to other agents and start spreading the high portal costs between many agents rather than all having to subscribe.
MLS in the UK is already getting deals done B2B between agents. Many agents are dropping some portals because other agents have sellers who becoe buyers. Sub agents can then do what portals can't and endorse fellow agents listings to be viewed.
Whilst it may sound like a good idea I just cannot see how agent mutual can be a good thing and am not convinced it has been properly thought about strategically. Surely Rightmove will defend its income and profit and if agent mutual suceeds it will push them to start dealing direct with sellers privately as it has such a huge audience. Mutual feels very much like it is penny wise pound foolish as in the short term it will add to costs and hurt business because of exclusivity and in the long term it may put us all out of business. I hope Paul Masters and Noel Flint understand what they are really doing here and the potential disaster this may unleash. These 2 and the other ones leading agent mutual could well be causing the begining of the end of the industry as we know to try to save a few quid.