Are Rightmoves Days Numbered?
If Google go ahead and launch their long awaited property website in the UK, then existing property websites such as Rightmove could soon be facing fierce competition.
Not only are Google proposing to make their website free – thus helping estate agents to advertise their ‘properties for sale’ for no cost at all – but estate agents will also be able to list their properties in a layer on Google maps.
And with this little gismo on board, it will make it even easier for property investors like you and me to view these properties as we will be able to get a Street View of this property and all its listings.
How will this website impact investors?
Now I am not being callous when I say this, but I am quite excited about the prospect of having access to another property website.
Yes I kind of feel sorry for Rightmove, who currently advertises 90% of the properties which are for sale in the UK – within a day of this rumour being launched their FSTE fell by 10%. But what Google are offering is a property investment route which is free from the costs and complications of extortionate estate agent fees.
Instead you will be able to focus on picking from a huge database of properties that estate agents have willingly supplied because they don’t have to pay for advertising.
At the moment this is still all speculation, and Google are choosing to not comment on whether or not it is true, but considering the success of their Australian property portal and the fact that property experts believe it will be launched in 2010, it is hard not to get excited.
What have Rightmove got to say?
Rightmove supposedly are not concerned about this move by Google as they strongly believe Estate Agents are more interested in raising their brand awareness than getting more properties online. However I’m highly sceptical about this.
Think about it a moment… In the current economic climate, Estate Agents need all the help they can get to sell their properties and a free advertising portal is more than ideal when the majority of buyers/property investors are searching the web.
Either way, should Google go ahead with their plans there will be plenty of property sources to choose from. The question is though: who will win out?
Wendy xx
