Rightmove PLC

We reckon between 30 and 40 percent will type their requirements into an LLM.

which will then go out to the agent's website, Rightmove, Zoopa, et cetera.

There is a fundamental shift happening in the way people are searching for properties right now.

And if I speak to agents that aren't brokers, they're on the high street or whatever, and I say AEO and GEO, they haven't a freaking clue.

trend

away from

that? What was the sort of vibe? I've been a bit scared drinking this around town, but for those of you who are watching, this is a Rightmove mug.

And a couple of agents have said to me, oh, a bit dangerous carrying that.

I think it's very interesting.

And if you look at something like AlterTrade or Rightmove, they were sort of two, three times their nearest competitor when they IPO'd.

And this one's six times the size of its nearest competitor today.

10 million active users, gross margin close to 60%, mid single digit top line growth, and probably a bit higher than that, actually, I think management would hope for translating into mid to high teens earnings per share growth.

that.

I was looking at some houses this morning, just browsing on Rightmove, which is a UK property management site, and one of the estate agents and like these pictures have been altered with ai i've thought oh my god we're now doing that to you know like staging pictures so what have you changed because i'm not entirely sure you know looking at the and this was in my own street i was like what have you changed it i'm a little unsure you know

oh uh yeah i mean it sounds good but is this only for Is this only for AI's change the photo or anything's changed the photo?

What if I tweak the

you have a budget a rough sense of the area or areas you are willing to live in and a list of requirements that reflect what genuinely matters to you the number of bedrooms whether pets are accepted proximity to specific transport links whether parking is included the general character of the neighborhood.

You have started looking on the major property platforms, Rightmove and Zoopla if you are in the UK, Funda in the Netherlands, Immoweb in Belgium, Idealista in Spain, whatever the relevant platforms are for where you are looking, and you are accumulating a sense of what is available, but not yet a confident sense of whether what you are being asked to pay is fair, which areas represent the best value for your requirements, or whether the specific flat that has caught your attention is priced.

appropriately or above the market rental market intelligence is the first thing AI tools provide that most individual renters do not have access to understanding what comparable properties in a specific area have actually rented for recently not what they were listed at but what the cleared market price was is information that professional letting agents have and that individual renters historically did not AI-powered rental market analysis tools that aggregate listing data and where available transaction data can tell you the typical rental range for a two bedroom flat within a specific postcode or neighborhood, the average days on market for listings at different price points, and whether the market in your target area is moving quickly with properties letting within days or slowly with significant inventory available.

This market intelligence changes the quality of your assessment of any specific listing.

Yeah.

And how did that go down with Rightmove, though? Because they don't normally like you leaving their site, do they? No.

I think if they wanted to pick an argument with Richard Powell, they would be welcome to pick an argument with Richard Powell.

I certainly wouldn't because he knows his stuff.

You

know, where do these high figures that vendors quote at estate agents, where do they actually come from? Mm-hmm.

Well, what's the first thing you do is you look for estate agents and all of a sudden, as soon as you look for an estate agent to get around to have a look, the very first thing you get on a Google search is Rightmove, what house price is, and Zoopla.

You

So the adoption curve is going to really accelerate as well as the changes that we're going to see are going to massively accelerate.

So one of the areas which I wanted to touch on with you today, and I was on a webinar with Rightmove talking about AI really recently.

And I was on there with two other guys, so both men, Steve Pimblett and a guy from Google's DeepMind.

And, you know, I think we delivered great value, but it was the first time that I've ever experienced any online criticism, actually.

Sure.

Yeah.

But the criticism was, and I think Rightmove sent out an email which had a picture of me on it, Steve Pimblett, the guy from Google, and then the next webinar actually running, which had Phil Spencer on.

And the observation that was made is that it was sort of, and they didn't use these words, of course, but male, pale and stale, you know, middle-aged white guys saying, And one of the comments I just made was about my receding hairline and that it was like balding middle-aged white guys.

As one of your

competitors writes, it starts every single product description, every single house description that you see on Rightmove, they say brick under slate tile roof.

Yeah.

And