The Competition Commission found that Private Property and Property24 impede competition and imposed strict new conditions on these property classifieds sites.
These restrictions formed part of the Competition Commission’s Online Intermediation Platforms Market Inquiry Report, released Monday.
Estate agents use listing engine software to manage their listings and feed them onto their own websites and those of property classifieds. Property24 and Private Property provide syndication software to estate agents listing on their platforms. Estate agents typically have a budget for marketing and promotion and look to optimise that budget. Property24 and Private Property have sought to lock in this expenditure through multi-year contracts, limiting opportunities for competing platforms to contest it.
Property24 and Private Property must also cease charging for incoming listings and put an end to multi-year contracts with large agencies.
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