Rightmove has stated that the company will increase its revenue by using its collection of smaller agents every year until 2022, stating that the plan is "very achievable."
Rightmove emerges as the top pick in the analyst’s report into global property portals.
The study, by William Packer of Exane BNP Paribas, gives Rightmove an ‘outperform’ rating and sets a target price for its shares at 560p. The shares recently closed at 487p.
Exane says that it expects Rightmove to sustain its dominant share of traffic, underpinning pricing power as a lead generator and being the marketing platform required by vendors.
The report rates Australia as the best property portal market in terms of dominance, products, and services for vendors, followed by the UK. The two have respective scores of 129 and 106.
Trailing are the US, Germany, and France with scores of 78, 61 and 57.
The Germany and French markets “suffer” from private listings, while in America there are third-party vendor lead-generation services.
Read more here
Join us in Madrid from the 13th to the 16th of November for the Property Portal Watch Conference.