Landlords using the OpenRent online agency will not be listed on Rightmove from September 1.
Rightmove - in a statement issued via the London Stock Market - says it’s ended its partnership with OpenRent following a failure between the two parties to agree on fees.
The statement says: “Rightmove plc, the UK’s number one property portal, updates that its contract with OpenRent will terminate with effect from 1 September 2024, as conditions for OpenRent’s ongoing Rightmove membership could not be agreed.
“OpenRent is classified as an online lettings agent within Rightmove’s Estate Agency (Lettings) sub-segment and represents approximately 700 branch equivalents, with less than 8% of Rightmove’s lettings listings in July 2024.
“As has been seen recently, market dynamics – within lettings in particular – are fluid. While we remain confident of delivering revenue and margin in line with the guidance above, the precise mix of membership and ARPA may vary.
“Our current estimate is that membership will decline by up to 3% year-on-year, with a year-on-year increase in ARPA of £90-£100.”
Rightmove says it delivers eight times more properties than the next most popular portal - currently Zoopla - with over 80% of all consumer time spent searching for a home online done on pages of Rightmove.
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