It is never a dull moment in the UK property portal space. Since the launch of OnTheMarket a couple of weeks ago, the market messages, claims and counter claims are coming thick and fast. Yesterday we reported that the stock broker Canaccord Genuity had estimated that Zoopla had lost 18% of its estate agent customers. Today, Zoopla has fired back claiming that a small number of agents who had left to join OnTheMarket have returned within the first 2 weeks.
In addition, Zoopla continued to highlight the poor traffic to the OnTheMarket site.
Here is their release ...
As latest independent data shows ZPG audience around 100x that of OTM
The latest data from independent web monitoring firm Hitwise shows that over the first two weeks since the launch of OnTheMarket (OTM) it has attracted a total of 194,000 visits (an average of 14,000 per day) versus 18.8 million visits for Zoopla Property Group (ZPG) over the same period.
The Hitwise data reveals that ZPG’s daily audience has averaged 97 times that of OTM over the two week launch period and that OTM’s market share of all UK property website visits during this period stands at just 0.22% in comparison to ZPG’s market share at 22%. This data implies that at current levels an OTM agent would get the same level of exposure and enquiries in 3 months that an agent on ZPG would get in a single day.
Assuming similar visit to enquiry conversion rates for OTM as Zoopla and Rightmove, estimated enquiries generated by OTM over its first 2 weeks would be less than 10,000 (2 per branch) versus almost 1 million for ZPG (or 57 per branch) giving an implied cost per lead of over £65 for OTM and under £3 for ZPG respectively, based on publicly available average rate information.
And Zoopla Property Group has confirmed that it has already re-signed a number of agents who had previously cancelled to join Agents’ Mutual as they have quickly realised the damage to their business and reputation of the restrictive ‘only one-other portal’ rule and not being visible to the significant audience offered by all the major portals.
Lawrence Hall of Zoopla Property Group said, “We can confirm that a small number of agents who had previously left to join OTM have already returned even in the first 2 weeks. These agents have already realised that the Agents’ Mutual experiment is hurting them and they are no longer prepared to be guinea pigs in this process and lose out on valuable exposure and enquiries.”