Rightmove’s decision to enter the mortgage market presents a very real threat to financial services leads, estate agents have been warned.
The property portal revealed its strategic expansion this week, with ambitions to break into the direct lead, broker lead, and remortgaging lead generation, after identifying substantial revenue growth potential.
The proposed focus on financial services is to provide consumers with direct access to brokers, with Rightmove projecting a surge in mortgage revenue from circa £2m to an estimated £25m over the next three years.
This development has “significant implications for estate agents” who offer financial services, intensifying competition in the sector, according to Richard Combellack, chief commercial officer at nurtur.group, emphasising the need for agents to adapt and enhance their lead generation and lead nurturing strategies to navigate what it going to become an even more competitive landscape.
He said: “As Rightmove increases its focus on the mortgage lead generation sector, estate agents providing financial services must develop robust plans and systems to generate and nurture leads effectively. With a smaller share of the market pie, agents need to pull out all the stops to remain competitive and sustain lead generation efforts.”
He underscores the need for a comprehensive lead nurturing process, highlighting that lead generation is a journey, not a moment. Combellack advocates for a strategic approach supported by automations to ensure efficiency and responsiveness.
“In the face of growing competition, businesses must prioritise the ability to qualify and convert more leads. Automation, exemplified by innovative tools like LeadPro Autocaller, streamlines lead management, enabling teams to focus on priority appointments,” he explained.
Moreover, response time to incoming leads is identified as a critical factor in lead qualification success. Combellack notes the impact of proptech elements, such as live chat services, in responding promptly within the crucial five-minute window. “Live chat services, like Yomdel, are now indispensable tools for businesses aiming to respond promptly. Approximately 85% of companies now offer live chat services, leaving those businesses and sectors without it lagging behind in today’s fast-paced market,” he comments.
Key recommendations for estate agents aiming to thrive in this competitive environment include optimising their online presence. Combellack stresses the importance of having a website that is search engine optimised, citing statistics that highlight the significance of appearing on the first page of Google search results.
“Around 30% of customers choose a business that is within the first three positions on Google search, with the top position generating a Click Through Rate (CTR) as high as 28%. The rate drops to around 15% for the business in the second position, while dropping to tenth position gets about 7% traffic only,” he commented.
In conclusion, Combellack emphasised that, as competition intensifies, businesses in the financial services market must adopt innovative solutions that enhance efficiency and drive revenue.
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