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New Rightmove Add-On Shows 'mis-Priced' Properties

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New add-on to Rightmove gets set to show more of a homes selling history

A new online service that acts as an add-on to Rightmove is to add new features by the end of the year, including the highlighting of mis-priced properties on the portal.

The new add-on is not an in-house offering run by Rightmove but an external service called Propcision.

Propcision already shows much of a homes selling history, including the number of sales that have fallen through.

Users of Propcision can add it via internet browsers Firefox and Chrome and, shortly, Internet Explorer enabling them to see pricing and other information on Rightmove.

Currently the information is only available for London properties, but the service is due to roll out nationally.

When the property seeker browses properties on Rightmove, Propcision automatically displays information including: price adjustments; number of times price adjusted; time on the market; number of failed sales; estimated rental income and yield; and Stamp Duty Land Tax costs.

Also displayed may be a flag for motivated sellers, based on the propertys history.

There is also an advanced search tool, allowing users to search by for example price reductions, scope for improvement and ex-council houses.

For instance, users can search for the sharpest price reductions among the 75,000 homes currently listed in London.

Features to be added between now and the end of December include flags for a property that is undervalued as well as the highlighting of mis-priced properties.

Propcision is also promising a host of other features to empower the buyer with knowledge.

Currently, Rightmove shows when a property was added and when its price was changed.

Zoopla goes further, showing the changes in original asking price by percentage.

OnTheMarket does not show listing history or price changes, arguing that this does not help the agent actually to sell the property, and therefore does not help the vendor.

While Propcisions offering may be seen as consumer friendly from the buyer perspective, it would be interesting to know what agents and vendors make of it.

Propcision is the brainchild of Michelle Ricci, a former credit derivatives analyst, and Julien Zak, a financial services developer.

http://propcision.com/

Source link: http://www.propertyindustryeye.com/new-add-on-to-rightmove-gets-set-to-show-more-of-a-homes-selling-history/

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So they're maybe trying to introduce the idea that there's a right price for every property rather than the price being set at the margin and only worth what someone is prepared to pay.

There's nothing wrong with the basic idea (identifying current asking price outliers). It depends on how they try to portray it.

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I've always liked Zoopla, because of the 'most reduced' search facility, and detailed history of reductions.

I'm surprised Rightmove hasn't done it sooner.

Onthemarket clearly does not want the buyer to have the benefit of any such information.

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I've always liked Zoopla, because of the 'most reduced' search facility, and detailed history of reductions.

I'm surprised Rightmove hasn't done it sooner.

Onthemarket clearly does not want the buyer to have the benefit of any such information.

"Most Reduced" is of course not the whole story. Just occasionally a property's initial asking price is firmly on the reasonable end of the spectrum.

Agree about Onthemarket: it's there for the benefit of Agents, not Buyers (nor even sellers). As Rightmove originally was back when it was the agents' baby. Nowadays we have Rightmove and Zoopla competing to satisfy their users - including buyers - and OTM p***ing in the pool to try and kill off that competitive situation.

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I was working on something similar but never got round to launching it last year. There's a lot of scope for improvement but it sounds promising. What they should prioritize is to find original removed listings that agents use to hide a price drop. They should also show the SOLD price for that actual property on the right-hand side. Rightmove used to do this but they now hide it on the actual property page for that property...you need to click to view all sold prices and find it that way.

It's obvious they removed that becaue of pressure from EAs. The statement by OTM speaks volumes, can't wait for them to die a painful death. Can't be long now, nobody uses them.

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