Unlocking the Secrets: What Does Off-Market Mean in Real Estate?

Why Independent Agents Are Frustrated with Rightmove's Fee Hike

Update The Growing Discontent Among Independent Estate Agents Shaun Adams, the owner of Cooper Adams in Preston, has ignited a firestorm of discontent among independent estate agents by publicly criticizing Rightmove—a leading online property portal—for its relentless fee hikes. As Adams recently reported, his agency is facing an increase of over 12% in fees, significantly outpacing the current inflation rate. This escalation follows a staggering 20% rise just a year prior, raising serious questions about the value provided by Rightmove in return for these increasing costs. Rightmove’s Monopoly Effect and the Costs of Exit Adams’s open letter to Rightmove reflects broader frustrations felt across the sector. He argues that the company operates with a powerful market monopoly that is detrimental to independent agents. “Leaving Rightmove is not comparable to switching software providers,” Adams asserts, pointing out that the loss of access to this widely-used platform could jeopardize client confidence and the viability of many small firms. This monopoly ensures that there are few alternatives available to estate agents, trapping them in a cycle of rising fees and limited options. The Human Cost of Increasing Fees The repercussions of these fee hikes extend far beyond mere financial strain. Adams highlights the very human costs associated with the struggle to maintain profitability amid soaring costs. Many independent agents are already feeling the pinch from the relentless increase in portal fees, prompting some to cut staff hours, reduce marketing investments, or even shut their doors entirely. These actions are often driven by necessity rather than poor management. “These are not inefficient firms,” Adams notes, emphasizing that the agents impacted are trusted members of their communities, responsible for fostering local economies and creating opportunities for young professionals. The disappearance of these agencies leaves lasting scars on local job markets and diminishes community choice. Market Comparisons: A Call for Fairness The cost of using Rightmove has come under scrutiny when compared to other digital advertising platforms. Adams argues that many alternatives in truly competitive markets offer comparable services for a fraction of the price, with some costing as little as one-tenth of what Rightmove demands. ”In the internet-driven economy, digital gatekeepers like Rightmove can wield significant pricing power,” he warns, irrefutably highlighting the overarching concern facing independent agents—a lack of fair pricing. A Broader Industry Perspective This issue is not isolated to the estate agency sector; similar narratives are emerging from other industries, notably the automotive sector, where platforms like Auto Trader are drawing criticism for their role as dominant market players. As the barriers to entry for smaller players grow, the implications for competition and consumer choice widen. Dealers are echoing the sentiments of agents, noting that sustained above-inflation price increases hinder their ability to operate and maintain customer trust. Call for Change and a Fairer Future Adams’s impassioned plea for reform in the estate agent sector underlines an emerging sentiment: independent agents deserve better treatment than being regarded merely as revenue sources. They face daily challenges just to maintain their businesses in a climate where dominant players dictate terms. An industry-wide push for transparency and fairness in pricing could help restore balance and support long-standing agents in an often volatile property market. Conclusion: Amplifying Voices for Change With voices like Shaun Adams leading the charge against disconcerting practices, there is hope for a more equitable structure within the real estate market. It is becoming increasingly vital for independent agents to unite and advocate for fair treatment, with lawmakers also encouraged to explore regulations that balance power dynamics within the industry. The time for change is now—both for the benefit of these agents and the communities they serve.