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Monday, 17 September 2012

Big portals react to change in Estate Agents Act

Both Rightmove and Zoopla were asked by EAT whether the change to the Estate Agents Act will affect their business models and/or property listings.

We also asked whether they would accept listings from ‘passive intermediaries’ who essentially list properties for sale privately – with some concern being expressed by agents that this is already be happening.

Rightmove was the more wary of the two.

A spokesman for Rightmove said: “We will be carefully reviewing the changes announced to understand if they have any implications for media companies such as Rightmove.”

A spokesperson for Zoopla gave a more unequivocal statement.

He said: “We do not accept advertising on any of our websites from either private sellers directly or indirectly from intermediaries for private sellers, and the changes to the Estate Agents Act will not alter this.

“In order to list properties with us, members need to operate and be instructed by the vendor as the agent for the property and be responsible for, amongst other things, preparing the marketing details, conducting viewings and intermediating negotiations.

“Estate agents play a fundamental role in the process of buying and selling homes, and whilst there is obvious appeal to the concept of saving money through DIY home-selling, more often than not this proves to be a false economy, with private sellers either failing to achieve the best price or failing to achieve a sale at all and ultimately ending up at an estate agent’s door having wasted time and money trying to go it alone.”