The digital landscape is shifting beneath our feet, and Google's once unassailable dominance in search is starting to show cracks. Recent reports suggest a staggering drop in Google's organic search traffic, with some sources claiming reductions of up to 40%. This seismic shift is largely attributed to Google's new AI Overview feature, which has taken centre stage in search results, overshadowing traditional organic links.
One notable casualty of this change is Chegg, a US-based education company now suing Google. Chegg argues that Google's AI Overview is diverting 34% of its traffic away from its site, because it summarises Chegg’s articles on Google rather than forcing people to click through. This has led to a review of traditional SEO practices, where the goal was to pack pages with keywords to climb the search rankings. Now, if you're not featured in Google's AI Overview, even featuring on page one of its other search results may result in far less clicks.
For estate agents, this shift is a wake-up call. The traditional reliance on SEO to drive traffic is being upended. Instead, AI-driven search tools like ChatGPT are gaining traction. These tools offer a more personalised search experience, allowing users to specify detailed preferences for their dream home, such as sea views or a spacious garden. ChatGPT then scours the web, providing links not just to property portals but directly to estate agent websites, offering a more tailored and trustworthy search experience.
This presents both challenges and opportunities. As Google's grip on search loosens, there's a chance for estate agents to reclaim some control. By ensuring their listings are rich in detail and optimised for AI discovery, agents can improve their chances of being found by potential buyers. This means going beyond traditional SEO tactics and embracing AI-friendly practices, such as using comprehensive tags and attributes that AI can easily interpret.
Meanwhile, Rightmove, the UK property portal giant, faces its own challenges. As AI reshapes the search landscape, Rightmove's reliance on traditional business models is under scrutiny. Whilst it trumpeted its strategy of recruiting technologists to explore AI solutions in its financial report last week, Rightmove's primary focus remains on increasing fees for estate agents, a strategy that may not align with the evolving digital environment. Having fended-off a takeover approach from Australia’s REA Group in September last year, the pressure is on CEO Johan Svanstrom to prove that he and his Board are capable of maintaining share price above that which shareholders would have received from REA. That involves – you guessed it – increasing agent fees even more, crossing the £2,000 average revenue per branch line by 2028 (it’s £1,440 now).
In this rapidly changing landscape, the key for estate agents and property portals is to stay agile. Embracing AI-driven search tools and ensuring listings are easily discoverable by these technologies can help maintain visibility in a world where traditional SEO is losing its grip.
As Google's search dominance wanes, there's an opportunity for the property market to innovate and thrive in this new era of AI-enhanced search.
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