This article concerns London’s housing industry current trends. Many real estate agents have stopped posting their properties on PropertyPal due to increased posting charges. The agents at Greycoat decided to pull their listings following an announcement regarding changes in the pricing.
They further explain this. PropertyPal, a dominant successful property website with operations in Northern Ireland, communicated its decision to increase the fees to ensure better service delivery. According to Greycoat, the decision by some estate agents to stop making their listings on the website was communicated to the whole housing industry world.
It was communicated through a letter sent on behalf of the group representing the agents in the region. One of the real estate agents said they felt coerced to meet higher costs as the new system required them to pay 25-45% more for every listing on the website. According to Greycoat Real Estate, the agents must adjust to meet the drastic changes.
A steering group speaking on behalf of estate agents communicated the intention to stop placing listings on the website until they find a solution. The agents said they felt PropertyPal was using its dominant position in the real estate market to force the agents to meet the higher costs (CoStar).
On the other hand, PropertyPal said the change in pricing would offer better chances for everyone as new members would be able to advertise and sell properties for an average of £20 per listing, and they will also have access to powerful tools they need to support their business. At Greycoat, the proposed price changes would mean passing the additional costs to the customers.