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Today I noticed two ways in which Rightmove is hiding price increases

26 replies

KievLoverTwo · 16/10/2023 15:27

So, I thought I would share, for the purpose of possibly helping those currently house hunting. I can see these because I have the Property Log chrome extension (which I am in NO way affiliated with). I'm not gonna share the property URLs, it's not fair on the owners.

What RM currently says: Added on 08/09/2023
It was added on 12th September for 195k
16th October it was increased to 210k

So, Rightmove is saying it was added four days before property log thinks it was, and it doesn't show the price has increased.

What RM currently says: Reduced on 17/08/2023
It was added on 3rd August for 389k
It was reduced on 17th August to 375k
It was increased on 4th September to 400k

So, despite it being increased by 15k from it's lowest number to its current number more than a month ago, Rightmove is only showing it as having been reduced.

On a slightly different subject, but about the same company. I'd heard that RM now charge EA's basically the equivalent of a full time member of staff, but I couldn't quite believe it, til I came across this:

https://propertyindustryeye.com/rightmove-defends-17-fee-hikes-as-estate-agent-says-no-option-but-to-pay/

Article from June.

'White explained: “At a time when their clients are facing pressures in a much-reduced market, and with high general inflation of around 10% from their suppliers, estate agents on the core Essentials package, Rightmove’s standard package, are being hit with an almost 18% increase in annual fees, taking the basic package to £1,385 per month.'

and from Feb 2021

https://propertyindustryeye.com/rightmove-defends-latest-price-hikes/

'When a sales representative from Rightmove approached a well-established London agent this week and asked for a 10% increase in their yearly tariff, the agent was shocked at what she described as “the cheek” of this proposal.
But despite expressing her displeasure the agent, who has asked to remain unnamed, reluctantly agreed to pay the increased amount.

A spokesperson for Rightmove told EYE yesterday: “We can confirm that we’re having conversations with some agents where their contracts are due for renewal.'

Rightmove defends 17% fee hikes as estate agent says 'no option' but to pay - Property Industry Eye

Rightmove defends 17% fee hikes as estate agent says 'no option' but to pay - Breaking news for estate agents and the residential property industry. Independent, unbiased, and factual reporting. A forum for discussion and debate of topics of the day. S...

https://propertyindustryeye.com/rightmove-defends-17-fee-hikes-as-estate-agent-says-no-option-but-to-pay

OP posts:
CrashyTime · 21/10/2023 13:52

GasPanic · 19/10/2023 15:33

Property is one of those few areas where you often get complete amateurs dealing with relatively large sums of money.

Especially if they have come from relatively humble backgrounds but have been lucky enough to own property that has undergone vast price inflation.

There are always going to be people who think putting a few twigs in vases on the shelves, adding a feature wall and making the sofa red is going to make a 2 million house worth 3 million. And people who will knock £250 of a £1 million pound house because to them it is "a lot of money - that would buy you a car in the war".

A lot of people just don't understand concepts such as price discovery and chasing the market down. Which is why when the property market does go, it is a fear based stampede rather than rational actors repricing based on market value.

"Which is why when the property market does go, it is a fear based stampede rather than rational actors repricing based on market value."

Exactly, the majority of people won`t be able to emotionally deal with a proper crash, they will make panicked irrational decisions, the smart money left property some time ago.

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