News
Rightmove and OpenRent enter into new agreement following contract termination
Rightmove has confirmed that its has entered into a new membership agreement with OpenRent.
This follows the news from earlier this week that Rightmove had terminated its contract with OpenRent effective from 1 September.
At the time, the firm said that the conditions for ongoing membership could not be agreed, adding that the firm represented less than 8% of its listings as of July.
The termination would have meant that landlord customers with OpenRent would not have been able to access Rightmove, but resale listings would not have been impacted.
OpenRent is an online lettings agent that operates in Rightmove’s estate agency division, with around 700 branch equivalents represented.
Rightmove said that the guidance for the year remains the same as it outlined in its half-year results.
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This included expected revenue growth of 7-9% and an underlying operating margin of 70%, excluding one-off acquisition costs and Coadjute investment.