Knight Frank is a founding member of not-for-profit site OntheMarket, which is due to launch in January. It is estimated that 5,000 estate agents’ branches have signed up to join the new portal, out of a total of 19,000 across the country.
The Financial Times reports that Noel Flint, a partner at Knight Frank, said: “After consideration of the data available to us, we noted that Rightmove generates considerably more referrals to our website than its sole rival in the existing market, Zoopla. Feedback from our agents across the country also confirmed that Rightmove was the best choice available to us at this time and, most importantly, the best decision for our clients.”
Last week we wrote a series of articles about the rise of the agent owned and operated sites and concluded that while they may have some initial impact, over the long term, they are unlikely to change the structure of the industry. This is reflect in a quote by Alex Chesterman, in which he said "“may have some short-term impact on our agency membership numbers [however] we have seen numerous launches into our market before and taken effective action to compete with them”.