Zoopla reveals £30 million investment in agent partners as it reports on progress
11th June 2020
Two new fee structures introduced in March worth £30 million to agents
400 new branches have joined Zoopla since the end of March and over 90% of Zoopla agents have committed to a long-term partnership with the portal
Sales, rental and valuation leads enjoy post-lockdown bounce with agents receiving a lead from Zoopla every 1.1 seconds
Zoopla’s market leading research, insight and analysis is the most widely cited in the industry, featuring in over 2,800 articles on COVID-19 and the property market - four times as much coverage as any other portal
Zoopla, the UK’s most comprehensive property destination, has revealed it has made a £30 million investment in its agent partners to help them survive the market shutdown following COVID-19. The figure was released today as part of an update which shows the progress the company has made in the first half of 2020, despite the unprecedented impact the pandemic has had on the property sector and the wider economy.
Investing £30 million in our agent partners
Realising the devastating impact of the market shutdown on its agent partners, Zoopla unveiled two new fee structures in March, offering agents up to nine months on Zoopla for free. These terms, which the company believes were the most generous of any portal globally, represented a £30 million investment in its agent partners and helped agents by freeing up vital cash to help secure their long-term future.
Agents recognising the value Zoopla will add in the long-term
The positive feedback Zoopla received from its agent partners following the launch of the two new payment plans has been accompanied by agents committing to their relationship with Zoopla. 400 new branches have joined Zoopla since the end of March and, despite a tumultuous few months and a 50-day market suspension, over 90% of branches have signed up to a long-term partnership of at least 17 months with Zoopla.
A resurgence in sales, rental and valuation leads
Since the market reopened for business, Zoopla has stepped up to ensure its agent partners can build the pipelines they need to ensure their long-term success. During this time, it has provided over 2,000,000 applicant, valuation and phone leads to its agent partners. This represents a lead every 1.1 seconds being sent to agents the length and breadth of the UK.
The market reopening means more home hunters using Zoopla to reach their goals
The relaxation of lockdown restrictions, with home hunters now able to visit properties again, has helped galvanise the property market. Last week, total sessions on Zoopla were up over 58% compared to the week before lockdown ended. Also last week, Zoopla enjoyed its busiest day of the year to date on 6 June with nearly 207,000 hours spent searching the site by eager home hunters.
Improved targeting of active home hunters is providing real benefits for agents
Zoopla’s ability to directly target consumers that are actively looking to move home is a key tool in driving increasing value for agents. Zoopla’s database of potential buyers, renters and sellers is growing by 5% week on week while email engagement is up 13% compared to the period before the pandemic. All of this means more home hunters are engaging with Zoopla and, in turn, its agent partners.
Market-leading insight and analysis keeping agents and home hunters informed
In its role as agents’ champion, Zoopla has played the leading role in keeping agents and home hunters informed during this period. Zoopla’s data, research and insight was market leading, being referenced in over 2,800 articles about the impact of COVID-19 on the property market. This culminated in an exclusive column on Zoopla.co.uk from Rt Hon Robert Jenrick MP, Secretary of State for Housing and Local Communities, detailing why it was time to restart the housing market and his vision for the future.
Commenting on the update Charlie Bryant, Zoopla CEO, said:
“There is no doubt this has been an unprecedented time for our industry but I’m proud of how it has weathered the storm. We have tried to play our part, focusing on supporting our agent partners so they can enjoy long-term success. It is rewarding to see our significant investment in the agent community repaid with the overwhelming majority signing long-term partnerships with Zoopla. This means we can build together and plan for when the market and wider economy returns to normal, and underlines Zoopla’s position as the scaleable, established and well-funded agent focused portal.
“Outside of our agent partners, it’s great to see home hunters not only continuing to visit Zoopla in growing numbers but also that this is translating to more sales, rental and valuation leads for agents. This shows that the interest isn’t just idle browsing, it is serious activity that will help build the long-term pipeline for agents. We’ve been the leading source of insight, research and analysis during this time and look forward to working with both agents and consumers to capitalise on the market reopening and helping them ensure they can reach their goals in the months and years to come.”
Founded in 2007, Zoopla is a successful property marketplace offering services to renters, buyers, sellers and landlords. The company returned to private ownership in July 2018 after a purchase by a group led by global private equity firm Silver Lake. Since the purchase a new leadership team has been implementing a focused strategy investing substantially in talent, technology, marketing and sales to help Zoopla enhance the service it offers consumers and to meet its ambitious growth plans.
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