After discussing the importance of lead measurement recently, propertyportalwatch.com asked readers what they see as the most important measure for a property portal.

The results are now in, and we found an overwhelming number of readers – 67 percent in fact – think the number of leads generated by a property portal is its most important measure.

The second most popular measure, albeit with just 13 percent of the votes, was the number of unique visitors a portal sees each month. The number of listings on a portal, the number of agent members and subscribers it has, and its number of page views, all attracted less than 10 percent of the votes.

While leads are clearly seen as the most important factor, it seems property portals still see unique visitors numbers as a vital measure of performance. The battle between the UK’s Digital Property Group portals and zoopla.co.uk rages on, while in the US, Australia, and Europe, leading property portals will consistently point to high unique user numbers to promote their dominance, often leaving out any reference to the number of leads they generate.

As Simon Baker pointed out in his article, the issue of measuring telephone leads can be problematic, particularly when phone numbers and open house times are listed on a portal and house hunters can simply jot down the details and turn up.

While there are plenty of examples of portals that skip over the issue of lead measurement, there are some, such as Dutch market leader funda.nl, which are focusing on ways to track the number of leads they are generating for their agents. Portuguese portal casa.sapo.pt recently touted its record of 51,500 leads generated in September, and US search engine trulia.com has been named “number one lead provider” by its partner, ListHub.

It’s definitely a slow process, but perhaps the tide is slowly turning as property portals realise unique visitor numbers are not the only measure of success.

What are your property portal predictions for 2009? Visit propertyportalwatch.com’s homepage to take our latest poll. You can also have your say below, or join our forum.

[Image: greek-language-lessons.co.uk]

Related posts:

1. It’s All About the Leads
2. How Do You Measure Leads?
3. Is free-to-list the way of the future?

Join the forum discussion on this post

The true test of a leading portal site is not how many unique visitors or visits its receives but its ability to convert that traffic into revenue and eventually profit.  The team at Classified Ad Ventures (owner of Property Portal Watch) has scoured the world and put together a list of the top 25 revenue generating property portal sites.

The top five sites are all market leaders, all generating over US$100m per year, and all profitable.  The highest revenue generating site is immoscout24.de in Germany followed closely by realtor.com in the US.  Rounding out the top 5 is soufun.com.cn in China, realestate.com.au in Australia and rightmove.co.uk in the UK.

To ensure that there is an “apples with apples” comparison, we have attempted to report the advertising related revenues earned by a particular site (e.g. realestate.com.au) and not the business that may own them (e.g. the REA Group as a whole or the REA Group in Australia).  We have, where possible, stripped out revenues for ancillary services such as secondary websites (e.g. holidaylettings.co.uk for Rightmove), web development (e.g. for realestate.com.au), software (e.g. Pericles for Seloger) and print revenues.

The list was assembled through a combination of publically available information, interviews, market speculation, and internal analysis.  Where we were not able to source the exact revenue numbers for the 12 months ending 30 June 2009, we have estimated then using interviews and outside in analysis of the businesses.  In short, these are our best estimates of revenues over the last 12 months (to 30 June 2009).

.

There are some sites that are not on the list as we didn’t have enough information on them – e.g. anjuke.com.cn and athome.co.jp.  If you have any information on the sites we have covered above or those that we may have missed, please let us know.  We are keen to keep this list up to date and expand it as best as possible.

Related posts:

1. Top 100 Global Property Portals?
2. REA Group Revenue Up, Profits Down
3. REA Group Projects 50% Revenue Growth

British investment in the overseas property market is changing with the impact of the global financial crisis. UK investors are now looking to buy in different countries and revising their budgets in line with the decreased value of the British pound.

UK property portals that provide overseas listings include market leader rightmove.co.uk. The website’s overseas magazine paints a rosy picture of overseas property investment, with news of falling prices and rising interest in finding an overseas bargain. At the same time, news website aboutproperty.co.uk reports that British buyers have reduced their holiday home budgets by £50,000.

rightmove.co.uk competitor findaproperty.com recently reported changes in global overseas investment trends. The website pointed to investment magazine Jet-to-Let’s Top Ten Countries to Invest list, which saw the UK included for the first time this year in eighth position. Cyprus and France remained in first and second place, respectively, with Spain replacing the US in third place.

News from propertywire.com echoed these trends, with the report of a recent drop in British searches for properties in the US and an increase in the number of searches for Spanish and Turkish properties.

Greece also seems to have gained popularity with British property searchers, but for a slightly different reason. UK pay-per-lead portal propertyindex.com claims it saw a 120% jump in potential buyers viewing property in Greece in the month after the release of the film Mamma Mia!, which is set on the Greek island of Skopelos.

Figures provided to propertyportalwatch.com by propertyindex.com also suggest a growing interest in overseas investment from UK buyers. After a slight drop in the number of page views for the website’s overseas listings between October and December 2008, numbers have grown steadily, with an increase of 46.1 percent reported for April 2009.

Finding the cheapest price in the best location isn’t the only issue facing British property investors. londonstockexchange.com quotes Liam Bailey, director of media relations service Write About Property, as saying that the credit crunch “has totally changed the face of overseas property investment”. Bailey cautions investors against basing decision on current exchange rates, pointing out that “currencies are all over the place at the minute so I don’t think you can rely on them”.

The issues surrounding currency exchange are not ignored by UK property portals, with most providing advice for potential investors, and some going so far as to endorse currency exchange organisations. propertyindex.com promotes Currency Index Ltd as their currency broker of choice. UK and international property portal themovechannel.com links to Currency UK, while also providing a directory of currency exchange websites.

[image: flickr/**maurice**]

Related posts:

1. propertyindex.com Sets Up Own Foreign Currency Trading Team
2. Homes Overseas Magazine Goes Online
3. Rightmove Overseas Cuts Rates

The Australian stock exchange listed IPGA has just announced A$4.3m in revenues and A$719k in losses for the 2008 calendar year. This is a significant growth over CY2007, in which the company delivered A$676k in revenues and a slight profit of A$23k. IPGA owns and operates seven portal sites throughout Asia, most operating under the iproperty brand. While on the surface these look like strong results, the company had an annual operating cash outflow of A$1.4m and now has cash reserves of around A$1.4m. What is the next year likely to look like for IPGA?

IPGA operates seven sites throughout Asia under the iproperty brand. These sites include the market leading iproperty.com.my in Malaysia, gohome.com.hk in Hong Kong, iproperty.com.sg in Singapore, iproperty.com.ph in the Philippines, vrhouse.com.tw in Taiwan, realacres.com (operating as iproperty.com) in India and iLuxuaryasia.com – a regional luxury property platform.

IPGA also owns the iproperty.com expo that has real estate expos in Malaysia, Hong Kong and Singapore, a software product for agents in Singapore, and a print publication in Malaysia.

While the year on year growth seems stellar, the reality is the CY2007 numbers are only for a half year as the company only started trading in the second half of CY2007. Therefore, a look at the half year on half year growth is more appropriate.

2nd Half 2007 A$676,000

1st Half 2008 A$1,225,000 (81% growth)

2nd Half 2008 A$3,119,000 (154% growth)

Taking into account that IPGA acquired a couple of businesses in 2008; the underlying organic growth was around 40% in the first half of 2008 and around 140% in the second half of the year.

Over the course of the year, the business reported an EBITDA loss of A$581k. However, when we look at the half yearly EBITDA, we see that the business has a first half EBITDA loss of A$449k and a significantly better second half EBITDA loss of only A$132k.

Underlying these financials is strong growth in the KPI’s. At the end of the year, IPGA had 660,000 UV’s per month, 200,000 property listings, 90,000 registered members, and over 5,500 agent and developer customers.

CY 2009 will be an interesting year for IPGA. We expect them focus more on existing operations than on acquisitions, as they have in the past.

The business operates in relatively immature markets where there is still significant migration of print to online. Given they have market leading positions in some of these markets; we would expect to see continued growth in revenues over the next 12 months. However, this growth is unlikely to be as aggressive as it has been in the last 6 months – primarily due to the globally tough economic conditions.

The improvement of EBITDA from the first to second half of 2008 indicates that they seem to have their costs under control.

The key strategic challenge for management is whether to save money and try to break even (due to the uncertain economic conditions), or to aggressively chase growth in their dominant markets, thus creating a buffer between them and the other players in the market. I would adopt the second strategy, as a clear number 1 in any market tends to capture a disproportionate share of the revenues and profits.

The key operational challenges for management will be managing a diverse set of operations across 6 countries – with a head office in a 7th country, Australia – all with a relatively small cost base. Prioritisation will be critical with investment in operations required in those markets with the biggest up-side opportunity – e.g. Malaysia.

The other challenge will be educating the Australian shareholders (as it is listed on the ASX) about operations through Asia. As there are no operations in the Australian market, this may be a little challenging. At the time of writing, the share price was at a 7c, making the market cap just over A$7m.

CY 2009 should be an interesting year for this young business.

Classified Ad Ventures Pty Ltd is a small shareholder in IPGA.

Related posts:

1. IPGA Reports Ad Revenue Growth
2. Classified Ad Ventures Takes Stake in IPGA
3. REA Senior Manager Joins IPGA

The Rightmove full year 2008 results show a year on year increase in revenues of 30.6% from £56.7m to £74m. In addition, they also increased profit by 36.8% from £18.6m to £25.5m. The underlying profit margin increased slightly from 33% to 34%. On the surface, these look like fantastic results, especially given the underlying market conditions. However closer analysis shows that the business will face some more challenging times in during 2009.

Rightmove delivered £74m in revenues in 2008. However, when break this into performance in the 1st half-year and 2nd half-year, revenues actually decreased in the second half of the year by 4.2%. Further analysis shows that while Average Revenue per Agent us up year on year, it actually decreased for the first time between June and December from £317 in June 08 to £307 in December 08.

Finally, the business suffered a significant decrease in the number of estate agent advertisers in the second half of the year. At the end of June, they had around 12,000 estate agents and this decreased to around 9,800 at the end of December. Counter balancing that was an increase in the number of lettings agents from 2,700 in June to around 3,100 in December.

Offsetting the decrease in revenues over the last 6 months has been a reduction in costs. While over the course of the year, costs increased by 14.1% to £34.6m, they actually reduced when looking at the 1st half year compared to the 2nd half year. The costs reduced over the second half year by 4.8% from £17.7m to £16.9 million. This is a direct result of the reduction in head count announced last year.

Finally, the overall half-year on half-year profitability marginally grew from £12.6m to £12.9m.
The question is now what does 2009 hold for Rightmove. It will be difficult to maintain the historic levels of revenue growth in fact it will be challenging for management to achieve much growth at all. Increases in average revenue per agent will be tricky and most likely to be driven by greater adoption of the Rightmove Choice products rather than the historic increases in price. There will be continued pricing pressure as findaproperty.com and propertyfinder.com continue to discount heavily. We therefore expect no more than a modest growth in 2009 of around 10% leading to revenue of around £80m.

Margins should be maintained through continued cost cutting exercises. The full benefits of the 25% reduction in staff should be captured in 2009. However, much of these cost savings are likely to be spent on more aggressive marketing as the business continues to remind the public that they are the best place to search for property in the UK market.

The operational future for Rightmove is clear. However, the more interesting question is what the business will do strategically. The UK market is ripe for consolidation and Rightmove is in the best position to lead the charge. They should be utilising their cash reserves and cash generating capability to acquire one or more of the existing players in the market. The most obvious targets are propertyfinder.com and findaproperty.com. Either of these two businesses would help protect the current strong market position of Rightmove. In an article last year we discussed why it makes sense for Rightmove to acquire Propertyfinder.

Related posts:

1. SeLoger Delivers 25% Revenue Growth but Contracts in Q4
2. Is Rightmove a Takeover Target?
3. Rightmove Releasing Results This Week, What Will They Hold? (Updated)

The REA Group today announced $11.4 million in first half profits, a year on year growth of 47%. Underlying this growth in profit was a year on year growth in revenues of 28% to $91.3 million. The key driver of this growth continues to be the Australian business, which delivered a 26% year on year increase in revenues and a 40% increase in EBITDA. However, while operating cash flow was $10.2 million, the Directors again failed to declare a dividend.

While on the surface these look like strong results, especially given the economic environment, a closer look reveals that revenue growth appears to be slowing. The business may be in for a tough second half of 2009.

Comparing the 1st half of FY 2008 to the 1st half of FY 2009, the REA Group delivered a 27% growth in revenues from $71.4 million to $91.3 million. However, what is interesting is comparing the growth in revenues from the 2nd half in FY 2008 to the 1st half in FY 2009. In the 2nd half of FY 2008, the REA Group delivered $84.2 million. Therefore, the growth over the 6-month period was only 8.4%. The corresponding period in the previous year delivered 19.9% growth in revenues over the 6-month period.

The Australian business continues to be the engine of the REA Group. During the half year it increased the number of agents using the site (up by 460 over the Dec 07 number) and the average yield per agent per month from $758 in Dec 07 to $926 in Dec 08, a respectable 22% growth. The result is that the Australian business delivered $73 million or 80% of revenues in the first half – a year on year growth of 33% and a 6-month growth of 11%.

Combined, the other countries in the REA Group delivered $18 million, a year on year increase of 9.5%. However, over the last 6 months, the revenues have actually shrunk by 2.5% reflecting the tough economic environment in many of the markets in which the REA Group operates.

Given the likelihood of a troubling economic environment continuing, it is highly unlikely that the business will deliver the projected 50% year on year growth reported in News Limited’s The Australian last year. It is more likely that the business will deliver a full year growth of between 20% and 25% – delivering full year revenues of around $190 million for the year.

However, the good news for shareholders is that the company appears to be focusing on reducing costs or at least reducing the growth of costs. The growth in costs over the last 6 months was 15.1%. This was better than the 28% growth in costs between 2nd half 2007 and 1st half 2008. Therefore, assuming cost reduction efforts continue, the business is likely to maintain costs relatively flat between the first and second half, and could deliver between $45 million and $50 million in EBITDA for the year.

The real question is dividends. To date, the News Limited controlled Board has not delivered any dividends to the shareholders. With the business apparently not investing in new acquisitions and even exiting some business (New Zealand and Clarke Computers), the business is likely to significantly improve its cash position over the second half of the year. It currently has $20 million in the bank and no real debt. Assuming a fair second half of the year, the business could see its bank balance increase to between $30 million and $35 million. Given there are 125 million shares on issue, a modest dividend of 10c per share would not significantly affect its cash position.

Related posts:

1. REA Group Australian CEO Departs
2. REA Group Projects 50% Revenue Growth
3. Is the REA Group Retreating to its Core Australian Business?

SeLoger, France’s largest and most popular property portal, has just released its revenue numbers for the 2008 financial year ending December 30. Overall revenues were up 25% year on year to EUR 71.7 million. In addition the business confirmed that it would deliver an EBITDA of between EUR 36 million and EUR 37 million. However, further analysis of the numbers showed that the business suffered a decline in the December quarter – lead by a sharp decline in revenues from its core business of sales of classified ads in the Paris region. What does this all mean for 2009?

Revenues for 2008 were EUR 71.7 million, up 25.2% over 2007 in which revenues were EUR 57.2 million. While there was strong growth across most revenues streams, it was the sales of classified ads outside of the Paris region that showed the strongest growth with revenues increasing 44.5% over the course of the year to EUR 28.3 million. Classified ad sales to agents within the Paris region grew over the course of the year by 24.8% to EUR 26.2 million.

The one area that shrank over the course of the year was web design revenues, which contracted 14.6% to EUR 5.9 million reflecting agents reducing their operating costs.

Over the course of the year, SeLoger was able to increase its yield per agent from EUR 373 per month to EUR 408 per month for agents in the Paris region and from EUR 256 per month to EUR 277 per month for agents outside of Paris. While this modest increase is a good sign, in the Paris region, the overall number of agents decreased by 1.2% over the course of the year.

Often year on year comparison masks the true underlying trends of the business. Therefore, a closer analysis is required of the quarterly numbers. What is interesting is that the business suffered a strong decline in the fourth quarter.

Overall, revenues contracted by 2.4% in the fourth quarter (versus the 3rd quarter). Revenues from classified sales to agents in the Paris area contracted 11.3% and sales of web site design contracted 29.4%. Counteracting these decline in revenues were a slight increase of 3.4% in revenues from agents in regional areas and a strong 48.7% increase in display advertising revenues.

The company also announced a loss of 453 customers – 136 in Paris and 317 in the regions. The decline in revenues in the Paris region in Q4 was due to a decrease in customers and potentially some discounting to keep customers. Although they lost 317 customers in regional France, revenues increased in Q4, indicating that they are still signing up customers.

The real question is what these results tell us about how the business may perform in 2009. Assuming the French real estate market is depressed for most of the year, it is likely that real estate agents in France will go out of business. This will mean that agents will cut back on costs and some will go out of business. Therefore, as SeLoger already has a very strong penetration of agents within the Paris region, we will likely to see the number of agents using SeLoger in the Paris region decline as they go out of business. Assuming the average yield increased by 10 – 15%, SeLoger is likely to maintain, but not grow, revenues from the Paris region.

For the regional areas, agents will disappear at a greater rate as they are likely to be harder hit by a depressed market. However, SeLoger has not penetrated this region as strongly and can offset any lost agents with new sign ups. Therefore assuming a slight yield increase from Regional agents, I would expect to see a slight growth in revenues from these agents.

Additional revenues streams, such as web design, will continue to be hit hard as agents cut back costs.
Finally, display advertising sales will probably increase over the course of the year as advertisers look for low cost (versus print) ways to target a highly defined and attractive audience.

Therefore, for 2009 I would expect to see a slight increase in revenues. I would also expect the business, under their new CEO, to cut some costs so that they can maintain or slightly increase their already high EBITDA margins.

Finally, the business will probably look for ways in which it can develop new revenues streams; therefore, I would not be surprised to see more acquisitions from them – more likely within the French market.

2009 will certainly be an interesting year for SeLoger.

Related posts:

1. IPGA Delivers Strong Revenue Growth
2. seloger.com Revenues Up 2.1%
3. seloger.com Reports Record Audience

While advertisers on rightmove.co.uk have been decreasing, the number of enquiries has been increasing thus providing those advertisers who continue to use rightmove.co.uk with more 20% more leads per month than the same time last year.

While most media and blog reports talk of rightmove losing 300 agents per month, they fail to pick up on other information in the Interim Management Statement, mainly that the number of enquiries generated have significantly increased.

As can be seen from the table below, the number of advertisers on rightmove.co.uk have decreased by around 9% over the last year or ~1,760. The main contributor to this decrease has been a 15% decline in the number of agencies – however this is to be expected in the tightening UK market and most portals would have experienced a decrease in advertisers. According to rightmove, the majority who have left have either gone out of business or were removed for non-payment.

This decrease in advertisers has been offset by an increase in lettings agents advertising on the site. Another move that is not surprising as people who can no longer afford to buy their own home (or get credit) still have to live somewhere.

Source: Interim Management Statement, 13 November 2008

During the same period, rightmove.co.uk reported that the number of page impressions delivered was up 4% (year on year) and that the number of enquiries delivered (the true measure of success) was tracking around 1m per month, of 10% up on the same period last year.

Therefore, as can be seen from the table below, the average number of leads per advertiser per month increased from 47 in October 2007 to 57 in October 2008 – a 21% improvement.

Source: Interim Management Statement, 13 November 2008

Why is this important? Well the reason anyone advertises any product is to generate leads (enquiries). Therefore the more leads that they generate per pound invested, the better off they are.

In today’s property market, agents need one thing – lots of leads. They then have to create processes efficiently to manage these leads and convert them into sales. Sure it is taking longer than before, but then that is the same for every agent in the market. Those that want to survive this economic down turn wont be the ones who save a few pounds by not advertising on the likes of rightmove.co.uk, but will be the ones the maximise the return from every lead they generate from cheap sources such as rightmove.

On a final note, what was interesting is that during the same period, rightmove also mentioned that the ARPA (average revenue per advertiser) increased from all advertiser segments meaning that the impact on revenues would be significantly less than the 9% decline in advertisers would suggest. This coupled with GBP5m in cost reductions means that rightmove is likely to maintain strong EBITDA margins (and therefore cash flow).

Related posts:

1. Plain Sailing for rightmove.co.uk in Q3
2. Rightmove Trading Ahead of Expectations
3. rightmove.co.uk Takeover Bid Rumours

The ComScore numbers are out for September 2008.  propertyfinder.com and zoopla.co.uk were the big winners with propertyfinder.com moving back into second place with findaproperty.com slipping to third place and zoopla.co.uk increasing traffic by 32% month on month.

The big losers were primelocation.com that slipped futher behind big broter findaproperty.com and propertyfinder.com, thinkproperty.com that slipped 20% and the much hyped globrix.com that also slipped 21% and is now the 17th most visited property portal site in the UK.

Source: ComScore MediaMetrix September 2008

Some people look at the month to month variations and draw conclusions however this can be affected by seasonality, the amount of PPC spend and even short term marketing campaigns. Therefore it makes more sense to do some deeper analysis by looking at the year on year growth of the sites. As you can see, all of the top 4 major sites are down year on year with propertyfinder.com and findaproperty.com dropping less than the rest.

What is interesting is that below the big 4 there are two groups emerging – the second tier old school sites and the young turks. The second tier old school sites all dropped dramatically year on year – e.g. thinkproperty.com decreased 54%, homesonview.co.uk decreased 33% and so on while the young turks (nestoria.co.uk, globrix.com and zoopla.co.uk) all emerged from obscurity to be taking the place of the second tier old school sites. However there is still a long way to go for them to really take on the big 4.

Source: ComScore MediaMetrix September 2008

Over the last year, the overall UV’s to online real estate sites has decreased 13%, even through the complete internet market UV’s are up 12%. Therefore if we take the % change in real estate UV’s into account and look at what percentage of the total real estate UV’s are attracted to each site, what we see is that rightmove.co.uk has lost around 5%, findaproperty.com and propertyfinder.com stayed steady, while primelocation.com lost 2%.   The big winner was zoopla.co.uk which gained 4% of the UV market followed closely by nestoria.co.uk and globrix.com.

Source: ComScore MediaMetrix August 2008

Related posts:

1. Traffic to UK Property Portal Sites (Aug 2008)
2. Traffic to UK Property Portal Sites (July 2008)
3. Traffic to Australian Property Portal Sites (Aug 2008)

In this month’s comparison we can see that the down turn in the global market is continuing to have an impact on the listed property portal sites with most seeing their share prices down month on month.  The companies with a the biggest decline were move.com, loopnet.com, rightmove.co.uk and entreparticuliers.fr.  Some of these sites hit 12 month lows.

One site to buck the trend was seloger.fr in France who recorded a 14% share price increase following the announcement of its financial performance for the first 9 months of the year.

Finally, it should be noted that while the share prices decrease for these companies, the underlying fundamentals continue to improve as they are mostly market leaders and they continue to have revenue increases while maintain strong margins.

The remainder of the article looks at the overall month on month changes in share price, market cap and the key ratios.

Month on Month Share Price Movement

Most listed property portal stocks decreased in value with rightmove, loopnet, move and entreparticuliers all losing a further 20% and 25% of their value.  This is as much a reflection on the overall market dynamics and the continued overall fall in global stocks.

Seloger bucked the trend and increased its share price probably reflecting an oversell of the stock and the fact that they have put out their full year results and are on track to deliver their public forecast of revenues between EUR69m and EUR70m and EBITDA of between EUR36m and EUR37m, giving an EBITDA margin of between 52.2% and 52.8%, an increase of between 0.4 of a point and 1.0 point.

What was interesting is that major stock REA was relatively unaffected by the market changes and this pobably reflects the business model where REA is the only internationally diversified business.

Movement in Market Cap (Currency Movement Adjusted)

The table below shows the movement in the market cap of the listed companies (in US $) and this has been adjusted for the movements in currencies over the last month.

Over the last month the movement in exchange rates (especially the AUD/US$) has meant that the overall decrease in market cap has been greater for the group of listed stocks.

Seloger is the stand out and has remained flat in its currency adjusted market cap.

Share Price Comparison to 52 Week High / Low

The table below shows the current share price compared to the 52 week high and low.

The following observations can be made:

• Rightmove, Move, Loopnet, and Entreparticuliers are all near 52 week lows
• Rightmove, Seloger, Move and Loopnet (from the big 5) continue to be significantly from their 12 month highs while the REA Group slightly less so.

Revenue, EBITDA and Net Profit Multiples

The table below compares the revenue, EBITDA and net profit multiples of all listed companies based on the most recent financial performance information. All companies, with the exception of Entreparticuliers, have financial information up to the end of June 2008.

The following observations can be made:

• Move, Housevalues and IPGA are all in loss making mode at the moment
• The REA Group EBITDA and NPAT multiples are all significantly higher than their peers and this probably reflects the market’s belief in the long term strategic direction of the business
• The Rightmove multiples are slightly lower than the peers probably relfecting the uncertainty of the UK housing market and its potential impact on estate agent numbers

Let me know what you think

Please note – these are the views of the author and are not meant to be construed as proper financial advice.

Related posts:

1. Comparison of Listed Stocks (Sep 08)
2. Monthly Comparison of Listed Property Portal Stocks (August 2008)
3. loopnet.com Revenue Dips in Q3