GOOGLE ENTERING THE PROPERTY MARKET...
A recent report in the financial times has stated that Google has been talking to British Estate Agents to incorporate property listings into Google Maps. A move which has serious implications for Estate Agents across the UK.
Following the report, Rightmove shares plummeted 10.3% showing significant concerns from investors.
A statement from Rightmove's Managing Director Ed Williams, showed faith in the Rightmove business model, 'We provide visibility of brand and logo. Agents are spending money on raising brand awareness, not getting more properties online.'
What does it mean for Estate Agents?
Peter Bolton King chief executive of the NAEA gave a good insight at an early stage, 'I am aware of what Google has been doing in Australia and the US. I have talked to estate agents there and been keeping an eye on the situation'.
'There had been fears that there would be an effect on the market in terms of private sellers, but I am told this has not happened. It is an interesting model, and of course it is free. For agents, there are potentially some very interesting opportunities'
Troy Stanley, CTO of Resource Techniques comments, 'This is a remarkable opportunity for estate agents!'
'Google has already established 92% of the search engine market; there is no reason as to why users won't use Google maps for property listings in exactly the same way. Instead of going straight to property portals, users can potentially start with the Google Homepage, click on Google maps and then search for local properties in and around their area.'
'This puts greater pressure on Estate Agents to have a website that has the functionality, design and user experience to compete with large corporations, something which is more achievable than many conceive.'
Bonett's has always made sure we are the forefront of new ideas in the property industry in Brighton and we look forward to seeing how this evolves. Paul Bonett