OneDome, a company that provides back office services to estate agents, has announced that it is launching a property portal which will compete directly with portals like Rightmove.
It is reported that their portal, which is currently in beta stage, will be free to agents and even generate revenue for them – on the basis that the portal can monetise their data. It also offers other innovative features, like free text search, as well as a platform that progresses enquiries and sales.
CEO Babek Ismayil says: “Listing on property portals is one of the largest lead-generation costs for agents and it is increasing every year. We are building the first search engine that not only doesn’t charge agents but pays them for their listing if we can monetise it. We make money when agents make money.”
If everything goes to plan, this could be a real game changer for the portals business. However, the question might be whether OneDome will be able to generate the money it will undoubtedly need to grow the business in the face of the sizable revenue stream that Rightmove already receives from its agents.