Rightmove currently provides the best conversion rates when it comes to estate agency property portal sales leads, a new report has claimed.
Lead generation management provider Agent Response has analysed conversion rates across the three major property portals, Rightmove, Zoopla and OnTheMarket (OTM).
The study, which looked at June’s numbers – based on around 100,000 leads and 400 branches – to see which platforms deliver the most engaged lead, revealed that Rightmove leads the way on 48%, followed by OTM (37%) and Zoopla (25%).
Finding qualified leads is crucial for closing deals, and so it is interesting to find that Rightmove reigns supreme in June, with a near 50% conversion rate (lead to completed form). This means almost half of all leads from Rightmove took the next step by filling out our pre-qualification forms (lettings) or enquiry forms (sales).
“This [data] suggests Rightmove users are likely further along in their property search and more serious about talking to an agent,” said Michael Nettleton, founder of Agent Response.
He continued: “Agent Response says that OTM shows promise with a solid 37% conversion rate. While trailing Rightmove, it signifies a significant portion of On The Market leads are interested in moving forward. With their recent investment by CoStar, a major industry player, it’ll be fascinating to see how On The Market’s conversion rates evolve and how Zoopla reacts to this growing competitor. Could this be the spark that ignites a price war among portals, with each fighting for agents’ business through lower fees?”
Zoopla comes in at 25%, indicating potential for improvement. This, Agent Response says, could be because Zoopla users are at an earlier stage in their search. However, with Silverlake as their owner, a company with deep pockets similar to CoStar, it is unclear if Zoopla plans to seriously challenge Rightmove’s dominance.
Nettleton added: “While content with second place now, a potential shift to third due to On The Market’s rise might not be tolerated. With these three giants in the game, could we see a price war erupt, with each portal lowering fees to attract agents?”
