Chancellors Group has signed a five year deal to list its sales and lettings properties with the OnTheMarket portal.
The group has over 50 branches trading as Chancellors in parts of southern England, as Anscombe & Ringland in areas of London and as Russell Baldwin & Bright in Hereford, Powys and Mid Wales.
The agreement is conditional upon the portal’s IPO taking place according to a statement made this morning.
Robert Scott-Lee, Chancellors Group managing director, says OTM “adds much-needed competition in the UK property portals market.”
Yesterday ZPG announced to its shareholders that it had seen its agency partners and inventory totals rise six per cent and five per cent respectively in the past year, to 14,775 branches and 969,000 listings.
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Not a decision I can easily understand
''the devil will be in the detail'' - sounds to me like its a statement to smooth their IPO more than anything else - I mean why would you?
Interesting seeing Zooplas recent financials and we all know about RM profitability/monopoly-squeezing the agents as hard as they can whilst I am 100% sure offering the "big boys" massive discounts. OTM may just help keep prices more favorable for the smaller regional agents. Thats why .
All this is saying is that Chancellors have taken over two months to come to the decision to sign the very same five year contract they are asking all OTM members to.
Neither option is palatable however Chancellors have signed because it is the quickest route to getting back on to Rightmove and to recoup some of their lost business through the shares their 53 office will give them and if that means paying for three portals then so be it.
They have made a commercial decision and, very sensibly, are getting their PR machine behind it so they move OTM closer to the flotation and closer to the Rightmove leads.
This does of course depend on whether Springett can get the City to believe his ‘Dog with Fleas’ is a sounder investment opportunity than either Rightmove or Zoopla which are both flying.
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