Meta is not going to replace Rightmove or replicate the services portals provide to consumers. But somebody might, one day…
Firstly, Rightmove has become deeply ingrained in the property search culture in the UK. It’s a platform people turn to when they want to find a new home. This brand loyalty and the cultural habits associated with using Rightmove make it a significant barrier for Meta to overcome. Homebuyers are accustomed to the convenience and familiarity it offers.
The UK doesn't have a widespread culture of using buyer's agents for finding homes like in the US or Australia. Instead, platforms like Rightmove and Zoopla have become the go-to tools for independent property searches. This reliance on self-searching has become deeply rooted in the UK property market, making it even harder for Meta to penetrate the market and replace the services provided by Rightmove. Even if we get more people using buying agents, collaboration is still a problem and there’s no MLS for agents to use.
Meta has billions and billions of users, I get that, but not everyone uses their products, especially not for property search. Rightmove, on the other hand, has established itself as the leading platform specifically designed for property search, attracting a substantial number of users who are actively looking for homes. It’s a culture. Convincing these users to switch to Meta would require offering clear advantages, superior features, or a significantly better user experience.
Yes, there is Facebook marketplace, but it’s far too generic to compete. Are Meta going to make the necessary changes to compete? Unlikely.
Furthermore, Rightmove has been collecting extensive data over the years, enabling them to provide personalised property recommendations and targeted advertisements to their users. Meta's access to user data is undoubtedly powerful, but they would need to demonstrate significantly better data analysis capabilities and deliver highly personalised property suggestions to entice users away from Rightmove. Again, it’s not their market.
The fact is, Rightmove has a dominant position in the UK property search market, and breaking that stronghold is a considerable challenge. Meta would need to introduce truly innovative features and provide a compelling reason for users to switch platforms. That’s not going to happen. Changing established habits and convincing users to trust and invest time in a new platform is an uphill battle, even for a company as influential as Meta.
While Meta is a valuable resource for agents and homeowners, I think there are fundamental flaws, like the 15km minimum radius for paid ads which limit it’s effectiveness.
I could talk about this all day, particularly as I’m on a train to Birmingham and have nothing better to do right now!
Meta replacing Rightmove is wishful thinking. It’s a great headline, but nothing more. That’s my opinion.
What are your thoughts on this?
Is Rightmove about to be shut down by Meta?
Agents offer their views on the ever-changing landscape that is social media, and how it could affect the main portals
Read full article on the EYE website: https://is.gd/xABjX2
Social Strategy Director at Wieden + Kennedy
2moI had so much fun celebrating our partnership and giving folks a peek behind the curtain. It was an honor to sit alongside you on the Meta NewFronts Couch, JJ!