MyHome, a site just launched 45 days ago has hit troubled waters with unconfirmed rumours that at least one of the major portals has pulled the plug on exporting listings. My understanding is that First National has pulled the plug and will not be sending any more listings after complaints from agents.
I have received numerous emails and complaints from agents about outdated listings, sold listings and branding issues since the site was launched on the 26th of February.
Portals have to understand that agents do not want to be spending their time sifting through listings and sending emails asking for listings to be removed.
If these rumours are true it will be a triple blow for MyHome after revelations of legal action and the 25 year Homehound agreements with major franchises which you really have to hand it to Homehound and the management involved for getting that deal across.
MyHome have found out the hard way, like so many other new entrants that you need to do your homework before launching and that you must I repeat – must understand the market, both from an agents perspective.
The MyHome team have to now sit down and review their whole strategy as the next round of visitor results may prove to be yet another blow. I would not be surprised if the Nielson ratings get dumped for a while as they may prove to be humiliating.
This is not a good day for real estate portals and any new entrants but it does show that poor planning and understanding of the markets will not work.
The sad thing is – we need serious competition for REA and Domain or costs will continue to climb into double digits each year and it will be harder for agents and consumers to get what they want from this portal.