Big property portals around the world have built their businesses off of advertising. Much like the classified sections in the newspapers they replaced, portals like Zillow Group in the U.S. and Rightmove in the U.K. offer the most prominent way to advertise properties for sale. But in an effort to grow their revenue streams and provide more value to consumers, many of the portals have added other verticals in addition to advertising, looking to develop other services a homeseller or homebuyer might need. They are expanding across the value chain. One of the big areas of focus over the past few years has been valuation and data services. The first step in many homeselling journeys involves a home value estimate. So, many portals have begun offering this information to consumers through automated valuation models (AVMs), a computer-generated model based on a mix of publicly available information and portals’ listing data. Zillow’s Zestimat...
- Property portals around the world are expanding to provide more value to consumers.
- To date, portals have been active in data, valuation and home services.
- Looking forward, mortgages and insurance will be the most active sectors.