Tesco has set the cat amongst the pigeons of UK estate agencies and property portals by announcing that it intends to launch an online estate agency service. The financial strength behind Tesco could see undercutting the traditional estate agencies. The move is response to the difficulty it experienced with it private sellers website services. Rightmove and Primelocation could also be forced, under competition rules, to list Tesco’s properties if it becomes a fully fledged agent.
Tesco now operating in various countries of Europe and Asia are the biggest chain in England, Scotland a Wales with a turnover of over 15 million pounds. It has ventured into various sectors of the market including clothing, electrical goods, and insurance services. Its attempt to enter into the online private sellers market was met by closed doors from competitors who refused Tesco property listings on their websites.
The world’s third largest supermarket chain, Tesco’s of Britain, has issued a written statement “While being an online estate agent was never our immediate intention, we are so encouraged by the positive reaction from customers to Tesco’s entry into this market that we are now reviewing our business with a view to launching a new and exciting online estate-agency service.
Ian Springett, the chief executive of Primelocation.com (the main internet portal that the British use in searching for real estate), said: “We are not surprised to hear that Tesco is planning to launch as an estate agent. Clearly it is an extremely powerful brand and already offers a number of services related to home moving. But it will be entering an already very competitive market and may find it difficult to gain a foothold.
Fronted by TV property expert Louisa Fletcher, www.Tescopropertymarket.com
will begin displaying homes for sale both in Britain and abroad from March – traditionally the busiest period of the year for house hunters.
Simon Turner email@example.com