A new online service that acts as an add-on to Rightmove is to add new features by the end of the year, including the highlighting of “mis-priced” properties on the portal.
The new add-on is not an in-house offering run by Rightmove but an external service called Propcision.
Propcision already shows much of a home’s selling history, including the number of sales that have fallen through.
Users of Propcision can add it via internet browsers Firefox and Chrome – and, shortly, Internet Explorer – enabling them to see pricing and other information on Rightmove.
Currently the information is only available for London properties, but the service is due to roll out nationally.
When the property seeker browses properties on Rightmove, Propcision automatically displays information including: price adjustments; number of times price adjusted; time on the market; number of failed sales; estimated rental income and yield; and Stamp Duty Land Tax costs.
Also displayed may be a “flag” for motivated sellers, based on the property’s history.
There is also an advanced search tool, allowing users to search by – for example – price reductions, scope for improvement and ex-council houses.
For instance, users can search for the sharpest price reductions among the 75,000 homes currently listed in London.
Features to be added between now and the end of December include flags for a property that is undervalued as well as the highlighting of “mis-priced” properties.
Propcision is also promising a “host of other features to empower the buyer with knowledge”.
Currently, Rightmove shows when a property was “added” and when its price was changed.
Zoopla goes further, showing the changes in original asking price by percentage.
OnTheMarket does not show listing history or price changes, arguing that this does not help the agent actually to sell the property, and therefore does not help the vendor.
While Propcision’s offering may be seen as consumer friendly from the buyer perspective, it would be interesting to know what agents and vendors make of it.
Propcision is the brainchild of Michelle Ricci, a former credit derivatives analyst, and Julien Zak, a financial services developer.