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danlee74

Property Search Boycott Month - January 2011

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Hello All:

This has been something I've been thinking about for a while ... every time I click onto Rightmove/Zoopla/etc, do my dull daily search (sometimes more than one search) and especially click into an individual property I am giving an EA the impression that I am interested in the property. Now more often than not, I am just being nosey (to see where it is, see the pictures if it is a very bad thumbnail, just to laugh at a vendors valuation of their property etc) but each time the property gets a "hit" that must re-enforce the EA's/vendors opinion that the property is competitively priced. Therefore I try not to click through too often, nor visit property porn websites too often.

The thing is, as an individual my actions are next to nothing. However, here at HPC I suspect that we all do the same with repetitive searches, adding to the website hits and fuelling the belief that there are many serious buyers out there. There must be '000s of us members and even more guests so if we all had a month off all property websites then what would be the effect, if any?! I only pick January 2011 as it is the next month and is also more likely than not to be a "quiet" month for property transactions. If we could make a noticeable dent in the property porn website hits by 'taking a month off' then maybe we can accelerate the downward pressures??!

Just an idea - what does everyone else think?

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Hello All:

This has been something I've been thinking about for a while ... every time I click onto Rightmove/Zoopla/etc, do my dull daily search (sometimes more than one search) and especially click into an individual property I am giving an EA the impression that I am interested in the property. Now more often than not, I am just being nosey (to see where it is, see the pictures if it is a very bad thumbnail, just to laugh at a vendors valuation of their property etc) but each time the property gets a "hit" that must re-enforce the EA's/vendors opinion that the property is competitively priced. Therefore I try not to click through too often, nor visit property porn websites too often.

The thing is, as an individual my actions are next to nothing. However, here at HPC I suspect that we all do the same with repetitive searches, adding to the website hits and fuelling the belief that there are many serious buyers out there. There must be '000s of us members and even more guests so if we all had a month off all property websites then what would be the effect, if any?! I only pick January 2011 as it is the next month and is also more likely than not to be a "quiet" month for property transactions. If we could make a noticeable dent in the property porn website hits by 'taking a month off' then maybe we can accelerate the downward pressures??!

Just an idea - what does everyone else think?

Absolutely great idea! Funnily enough, I was just browsing Rightmove in my area (CA8) looking at all the properties that have been on the market since the end of 2008 - and wondering why many don't have reductions. Perhaps the continual 'hits' of people like me is part of the problem.

So, I for one hereby pledge to stay off Zoopla, RM and the like for all of January. Actually, it will be nice to give it all a skip - sure my blood pressure will come down :-)

Good call - a bit of direct action!

Best, Andy

ps - as you can see this is my first post despite being a member for a year and a lurker for 5. That's how good an idea I think this is!!!!

Edited by andybee33

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price drops on rightmove are the only thing that keeps me strong and committed to not buying. it's my heroin. i couldn't give it up for a week never mind a month. when one of my watch list reduces or even a chain collapses i go into a bearspaff frenzy, don't deny me that.

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price drops on rightmove are the only thing that keeps me strong and committed to not buying. it's my heroin. i couldn't give it up for a week never mind a month. when one of my watch list reduces or even a chain collapses i go into a bearspaff frenzy, don't deny me that.

Cheers andybee33 and welcome to posting!! I only joined a few months ago also after a long time lurking and have found it a good pressure valve release!

hirop, I also think it would be good for all of our collective blood pressures! If enough of us do this then a. it may cause a bit of a worry to the property ponzi VI's, b. may cause another property price downward pressure and c. may help us all get up and go for a walk, ergo get fitter (or just waste the time another way?)!! Plus, think of the excitement on Feb 1 2011 when you can do your usual search but for the whole month and get all those reductions and chain breaks in one hit!! Who needs drugs?!

Any other thoughts out there?!

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Hello All:

This has been something I've been thinking about for a while ... every time I click onto Rightmove/Zoopla/etc, do my dull daily search (sometimes more than one search) and especially click into an individual property I am giving an EA the impression that I am interested in the property. Now more often than not, I am just being nosey (to see where it is, see the pictures if it is a very bad thumbnail, just to laugh at a vendors valuation of their property etc) but each time the property gets a "hit" that must re-enforce the EA's/vendors opinion that the property is competitively priced. Therefore I try not to click through too often, nor visit property porn websites too often.

The thing is, as an individual my actions are next to nothing. However, here at HPC I suspect that we all do the same with repetitive searches, adding to the website hits and fuelling the belief that there are many serious buyers out there. There must be '000s of us members and even more guests so if we all had a month off all property websites then what would be the effect, if any?! I only pick January 2011 as it is the next month and is also more likely than not to be a "quiet" month for property transactions. If we could make a noticeable dent in the property porn website hits by 'taking a month off' then maybe we can accelerate the downward pressures??!

Just an idea - what does everyone else think?

Why? Do they publish a monthly report of their website hits, which is widely reported in the MSM and has a significant impact on people's buying/selling sentiments?

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Hello All:

This has been something I've been thinking about for a while ... every time I click onto Rightmove/Zoopla/etc, do my dull daily search (sometimes more than one search) and especially click into an individual property I am giving an EA the impression that I am interested in the property. Now more often than not, I am just being nosey (to see where it is, see the pictures if it is a very bad thumbnail, just to laugh at a vendors valuation of their property etc) but each time the property gets a "hit" that must re-enforce the EA's/vendors opinion that the property is competitively priced. Therefore I try not to click through too often, nor visit property porn websites too often.

The thing is, as an individual my actions are next to nothing. However, here at HPC I suspect that we all do the same with repetitive searches, adding to the website hits and fuelling the belief that there are many serious buyers out there. There must be '000s of us members and even more guests so if we all had a month off all property websites then what would be the effect, if any?! I only pick January 2011 as it is the next month and is also more likely than not to be a "quiet" month for property transactions. If we could make a noticeable dent in the property porn website hits by 'taking a month off' then maybe we can accelerate the downward pressures??!

Just an idea - what does everyone else think?

Actually I think it would be funnier and easier to bump up the impressions of as many properties as possible YET not arrange one single viewing!!!!

I think that states people are interested and want to buy BUT hmm something is stopping them...

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Why? Do they publish a monthly report of their website hits, which is widely reported in the MSM and has a significant impact on people's buying/selling sentiments?

I'm not sure fellow ... I know an individual can use google trends to see website hits - http://www.google.com/trends?q=rightmove ... I've never worked in an EA so I don't know if they view how many "hits" their stock is getting but I am pretty sure that they would have access to that type of information and may use that to decide if a property is priced correctly?! If we could continue the annual downblip from the google trends graph into the New Year then maybe it would mean that enough EA's would have to go shopping for clean pants and then decide to revalue their stock? Who knows??!

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Actually I think it would be funnier and easier to bump up the impressions of as many properties as possible YET not arrange one single viewing!!!!

I think that states people are interested and want to buy BUT hmm something is stopping them...

haha AskFrank!! But then you are relying on the intelligence of the EA to put two and two together and work out that it is overpriced! Perhaps Feb 2011 we could try that?!?!

How many games can we play with property website hits??? Maybe we could focus on a named individual EA throughout March ... wonder if we could crash an EA's website with too many hits but leave them wondering what's going on with no calls for viewings?!

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Ultimately it all comes down to the number of houses that sell and at what price.

Anything else is chatter

Agree to a point, but I think there is a sentiment factor within that chatter?

Example - if I view a property and register a hit for the EA and a number of other HPCers do the same (I know there are people in the Bournemouth/Poole area on here!) as it also meets their search criteria, multiply that by a couple of hits per week per HPCer, then the EA may suggest to the vendor that as their listing has had x hits then the right buyer is out there at the price being asked. However, if all us HPCers had a month off (granted some would find it more difficult than others) then you'd have x minus HPCer hits which might be a low enough number to make them both think twice. I admit I do not know, I've never worked at or had too many dealings with EA's and I am not sure it would have a measurable effect - just wonder if there we as a group could affect that sentiment?

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no chance! I am to addicted to it :D

I'm going to have difficulty not searching too but I'm determined!! Also kinda want to make sure I can still survive without my RM/Zoopla bear food! I look forward to Feb 1 2011!

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Hello All:

This has been something I've been thinking about for a while ... every time I click onto Rightmove/Zoopla/etc, do my dull daily search (sometimes more than one search) and especially click into an individual property I am giving an EA the impression that I am interested in the property. Now more often than not, I am just being nosey (to see where it is, see the pictures if it is a very bad thumbnail, just to laugh at a vendors valuation of their property etc) but each time the property gets a "hit" that must re-enforce the EA's/vendors opinion that the property is competitively priced. Therefore I try not to click through too often, nor visit property porn websites too often.

The thing is, as an individual my actions are next to nothing. However, here at HPC I suspect that we all do the same with repetitive searches, adding to the website hits and fuelling the belief that there are many serious buyers out there. There must be '000s of us members and even more guests so if we all had a month off all property websites then what would be the effect, if any?! I only pick January 2011 as it is the next month and is also more likely than not to be a "quiet" month for property transactions. If we could make a noticeable dent in the property porn website hits by 'taking a month off' then maybe we can accelerate the downward pressures??!

Just an idea - what does everyone else think?

As an agent I hope I can help with this. Rightmove has a slick professional site with masses of data per property. The most usable data is the number of initial searches it appears as a thumbnail in. This figure is usually in the thousands (tell a vendor that and it keeps them happy for ages).

The next is the number of page impressions or "clicks" as Rightmove describes it. This is how many times the specific property details have been viewed. To the best of my knowledge the figure published doesn't differentiate between for example 10 different views and the same person viewing it ten times.

The third figure is the "Click Through Rate" - that is the percentage of the second number from the first number. The average click through rate is about 5%. So a 7 day search figure of 1000, to a click figure of 50 and a click through rate of 5% wouldn't be unusual.

Finally, compare that to the one phone call and solitary email you've received in the last fortnight about the house and you know that there are a large number of joyriders on the net - however a bear agent can use this data to tell the vendor that all this activity but no calls must mean the price is too high and therefore needs to be reduced.

QED

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As an agent I hope I can help with this. Rightmove has a slick professional site with masses of data per property. The most usable data is the number of initial searches it appears as a thumbnail in. This figure is usually in the thousands (tell a vendor that and it keeps them happy for ages).

The next is the number of page impressions or "clicks" as Rightmove describes it. This is how many times the specific property details have been viewed. To the best of my knowledge the figure published doesn't differentiate between for example 10 different views and the same person viewing it ten times.

The third figure is the "Click Through Rate" - that is the percentage of the second number from the first number. The average click through rate is about 5%. So a 7 day search figure of 1000, to a click figure of 50 and a click through rate of 5% wouldn't be unusual.

Finally, compare that to the one phone call and solitary email you've received in the last fortnight about the house and you know that there are a large number of joyriders on the net - however a bear agent can use this data to tell the vendor that all this activity but no calls must mean the price is too high and therefore needs to be reduced.

QED

Very interesting, thanks for the insight.

We seem to have lost our two resident EAs (Mildura and Honest EA) so welcome.

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As an agent I hope I can help with this. Rightmove has a slick professional site with masses of data per property. The most usable data is the number of initial searches it appears as a thumbnail in. This figure is usually in the thousands (tell a vendor that and it keeps them happy for ages).

The next is the number of page impressions or "clicks" as Rightmove describes it. This is how many times the specific property details have been viewed. To the best of my knowledge the figure published doesn't differentiate between for example 10 different views and the same person viewing it ten times.

The third figure is the "Click Through Rate" - that is the percentage of the second number from the first number. The average click through rate is about 5%. So a 7 day search figure of 1000, to a click figure of 50 and a click through rate of 5% wouldn't be unusual.

Finally, compare that to the one phone call and solitary email you've received in the last fortnight about the house and you know that there are a large number of joyriders on the net - however a bear agent can use this data to tell the vendor that all this activity but no calls must mean the price is too high and therefore needs to be reduced.

QED

That is an interesting read! Thank you for the information. Like the first bit about the 000's of potential viewers to keep the vendor happy, how it moves into the click thru rate and the bear agent comment! Often wonder what it would be like to be a fly-on-the-wall in an EA! Hope things in Peterborough are well for you!

Out of interest, do EA's monitor the level of RM activity as a kind of leading market indicator, further do they use the information you describe to judge if a specific property is priced incorrectly (ie. lots of thumbnails but low click thru rate) and use that for evidence to the vendor (and if so, does it work??!)? Hope you don't think I'm being too questioning!

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That is an interesting read! Thank you for the information. Like the first bit about the 000's of potential viewers to keep the vendor happy, how it moves into the click thru rate and the bear agent comment! Often wonder what it would be like to be a fly-on-the-wall in an EA! Hope things in Peterborough are well for you!

Out of interest, do EA's monitor the level of RM activity as a kind of leading market indicator, further do they use the information you describe to judge if a specific property is priced incorrectly (ie. lots of thumbnails but low click thru rate) and use that for evidence to the vendor (and if so, does it work??!)? Hope you don't think I'm being too questioning!

Not at all, ask away. As I'm sure you know there are good agents and there are some bad ones - we use the data, many don't know it even exists. RM allows us to print reports to show vendors, both of activity on their home and a list of comparable properties with their sold prices (if sold) and time on the market. As I have said elsewhere it is a constant battle to reduce prices. Vendors have a natural tendency to think they live in a nicer house, nicer area, bigger plot, etc, etc. And to be honest if I wasn't an agent I would too. Sometimes the vendors listen and appreciate your help, sometimes they bury their heads in the sand and won't listen at all.

The simple answer and my current favourite RM graph shows that sales transactions have plummeted in the last three years, check this graph:

http://www.rightmove.co.uk/house-prices-in-my-area/marketTrendsTotalPropertiesSoldAndAveragePrice.html?searchLocation=Pe2

It is seen best if you filter the graph to 5 years.

The vast majority of houses that come to the market (approximately 95%) in Peterborough are over priced. Those that aren't will sell. Those where we persuade vendors to price reduce to the correct level sell. The problem is we get comments such as "I won't give my house away" , so most don't sell.

The single biggest problem we have is that (for the most part and by all means not every time) at valuation stage, if we go in and are brutally honest with our pricing we will be politely denied the business and shown to the door, as the vendor will go with one of the other agents who has told him he can get a bit more. It's then not long before we are out of a job as we have no stock. We have to tread a fine line of not overvaluing just to look good (which invariably makes you look bad and costs instructions) and having to sugar coat our valuations a little, to then slowly lower vendors' expectations over time.

Imagine if you didn't use this website, what you would do if you thought your house was worth £250k, two agents tell you they can get you £240-250 and a third says £215-220 even if he has evidence to back it up? Who would you choose?

It's a constant battle, sometimes we win and then we can order a Sold board.

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Imagine if you didn't use this website, what you would do if you thought your house was worth £250k, two agents tell you they can get you £240-250 and a third says £215-220 even if he has evidence to back it up? Who would you choose?

It's a constant battle, sometimes we win and then we can order a Sold board.

I sold a flat back in 2004. We had 3 valuations and I went with the firm that gave the lowest valuation. I did that because they also had the lowest fee but I also made them market the flat at a price between theirs and the highest. They didnt seem best pleased about it but I really didnt care since they were working for me and not the other way around.

When we sold our house in early 2008 we had 3 valuations. I went with the firm that had the highest valuation but made them market at the mid valuation. The fees were pretty much the same with all 3 agent but I didnt like the valuers that I met from the other 2 firms. One of them had tatoos on his neck ffs and sounded like he had learned the job from a prison cell.

I would use which ever agent I preferred. Surely more vendors pick agents based on whether or not they can like/trust/get on with them rather than focusing on the valuation figure?

Can you see stats on all properties listed on RM or just the ones that you have listed?

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I would use which ever agent I preferred. Surely more vendors pick agents based on whether or not they can like/trust/get on with them rather than focusing on the valuation figure?

Can you see stats on all properties listed on RM or just the ones that you have listed?

Of course you're right, and that's where a good agent can be successful, even by telling a vendor a lower figure. A large number of people will go on a combination of personality, company reputation, local board presence, fee and past experience and price quoted is added to the mix, but I've had more than one vendor tell me that they "went with a different agent because he offered me more". Sometimes people seem so confused they're not sure what they're doing.

You can see general trends for all houses, the numbers of properties other agents have listed and their stock levels, but the detailed figures are only for the houses we are selling - and then only our share if it is on with more than one agent.

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Hi PbroAgent. Good to have you posting here.

I have a question, can agents see the notes that users add to Rightmove listings?

Also do you ever refuse to take on properties that the vendor is demanding you price to high? Or do you take them on then pressure them to reduce? Surely it's better not to waste money marketting something you know will never sell?

The reason I ask is I made an offer on a property earlier this year, Febuary I think it was. IMO the offer was generous within 10% of asking, the house had been on the market well over two years with no offers. It was (and still is) obscenely overpriced compared to bigger houses with more land but unique and in a rather nice location. Well after two viewings, several phone calls and negotiating my offer was refused (thank God!) and two weeks later that agent removed it from sale, but it still remains with another agent (now reduced but still overpriced) Could it be that this agent told the vendor that if he is not willing to accept a sensible offer then he is not prepared to market his house?

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Hi PbroAgent. Good to have you posting here.

I have a question, can agents see the notes that users add to Rightmove listings?

Also do you ever refuse to take on properties that the vendor is demanding you price to high? Or do you take them on then pressure them to reduce? Surely it's better not to waste money marketting something you know will never sell?

The reason I ask is I made an offer on a property earlier this year, Febuary I think it was. IMO the offer was generous within 10% of asking, the house had been on the market well over two years with no offers. It was (and still is) obscenely overpriced compared to bigger houses with more land but unique and in a rather nice location. Well after two viewings, several phone calls and negotiating my offer was refused (thank God!) and two weeks later that agent removed it from sale, but it still remains with another agent (now reduced but still overpriced) Could it be that this agent told the vendor that if he is not willing to accept a sensible offer then he is not prepared to market his house?

As far as I am aware the notes are personal to your RM account.

As far as taking on overpriced properties is concerned, it depends on a number of factors. Firstly does it make good business sense? If it is so ridiculously overpriced that if could damage your reputation, then no. However agents would weigh that up against board and internet advertising exposure, whether it might generate viewings or even sometimes just phone calls which allow them to form relationships with new buyers and may lead to further sales on other houses. Is there a chance that they may be able to encourage a reduction and sell at a later date? Have head office put on some sort of incentive for producing a certain number of listings?

It is almost certain that the agent removing the property from the Market stems from a brakedown in relationship between agent and vendor, but it could equally be that the vendor is unhappy with the agent trying to push a lower offer on them.

Edited by PbroAgent

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In terms of protest, I make a one man dirty protest every now and again. Here's how:

Have a general search of the area you're interested in.

Pick a house that you like.

Check propertybee.

When it goes up in price or goes from 'under offer' to 'available', click on 'mail the estate agent'

Fill in the form in an amusing way (address: 50 Interestrates Rise) and vent spleen in the comments box.

I do this from time to time and then move some money from my current account into my deposit savings fund and then have a proper sit down.

Viva la revolution!

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In terms of protest, I make a one man dirty protest every now and again. Here's how:

Have a general search of the area you're interested in.

Pick a house that you like.

Check propertybee.

When it goes up in price or goes from 'under offer' to 'available', click on 'mail the estate agent'

Fill in the form in an amusing way (address: 50 Interestrates Rise) and vent spleen in the comments box.

I do this from time to time and then move some money from my current account into my deposit savings fund and then have a proper sit down.

Viva la revolution!

Lol. I look forward to receiving your "enquiry"

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I tend to disagree and am with PbroAgent on this one.

If no-one looks at Rightmove then agents and sellers would assume that the market is dead and that no-one is even interested in buying and that 'price discovery' is therefore impossible.

However, if thousands of people look at at a property's details but nobody enquires about it then the agent knows that interest exists, but that something (i.e. the price) is wrong. This gives them amunition to take to the seller.

I'd argue that we should actually spend more time browsing properties. I also send off messages to agents about clearly overpriced properties (in the nicest way possible), not to antagonise the agent, but to give them some feedback to pass on to the seller.

Fair enough - I thought it was a good idea but some good points on the reply's here suggest that I may be in the minority!! I do accept the points raised, especially the point about price discovery. As stated, it would only be for one month and the price discovery measure would only be interrupted for a very short while.

Anyway, cheers all for the discussion, and especially PbroAgent for the EA insights. I may start another couple of email accounts, one to be constructive to EA's with clearly overpriced properties as ianbe suggests, and one to antagonise them as Bear Faced Cheek suggests (sorry PbroAgent for abusing your fellow EA's, but rest assured I am not looking in your area!)

Personally I am still going to take January 2011 off anyway, just to prove to myself that I can - a kind of detox!! Perhaps I should try that heroin thing that hirop was talking about??!! lol

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  • 312 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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