OnTheMarket has seen another increase in listings to more than 10,500 offices, but it is repeating a warning that its free listings deal will eventually change to “full tariff contracts.”
The portal says the new branch total, as of Wednesday this week, represents a 91 per cent increase since it listed on the London Stock Exchange’s AIM market on February 9.
The company says it now has listing agreements with some 57 per cent of the country’s agency branches.
“As our property stock continues to rise and traffic increases in response to our recent marketing push, we are receiving positive feedback from more and more agents across the country about the level of good quality leads we provide” says chief executive officer Ian Springett in a statement this morning.
“Many agents are relatively small, family-run, independent businesses, which want to see greater value for money from portals, as well as a real choice for consumers when it comes to searching for property” he adds.
Springett says that as an agent-backed business, OnTheMarket’s strategy offers “fair, sustainable pricing and the ability to invest in, and benefit from, the success of their portal.”
His statement admits that the growth in OnTheMarket's agency branch base to date has been predominantly from offering free listings under short term introductory trial offers and - as he warned in a statement earlier this summer - says the portal has “a view to converting these to full tariff contracts when the value of its offering has been demonstrated.”
He says the OTM sales team is continuing to see encouragingly high levels of agent support and conversion to signed contracts “when it presents the opportunity of listing on an agent-backed portal.”
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To gain traction I believe OTM needs to see more TV advertising-could be a turning point for OTM as agents really fed up with RM charging policy.With the agent numbers increasing surely the brand could now get more investment-share price looks a good buy to me.
Signed up to OTM free contract; Only had 1 enquiry in 3 months! Definitely will not be continuing with them with that poor stat compared to our response on Rightmove. I think OTM's main issue is that their name isn't on the tip of everyone's tongues yet. They need to increase their marketing and get the name out there.
I don't think it'll be worth the cost, it's far too saturated already.
Unless they make a huge effort to get their name out there whilst there are so many agents on it the agents will withdraw when the free trial ends. We are getting very little from them at the moment compared to Rightmove and Zoopla.
If we were given the choice ‘today’ to pay or leave we would leave.
I can't understand for the life of me why Rightmove doesn't just start selling houses and put everyone out of their misery. What do they need estate agents for? In the USA that is the way the market is going rapidly now. There is much less of a distinction between 'agents' and 'portals' there.
The problem that you have with all these new portals and old portals alike is that the only thing that they take into consideration is the Estate Agents side of things. OnTheMarket, Rightmove & Zoopla all have similar working interfaces on the apps and websites which don't enhance the user experience. (by user experience I mean the general public and not people in the industry). The Estate Agents will go with whoever can expose the property the most and will pay for the results.
It's a joke.
I pay the going rate for OTM.
Giving something away for free devalues the whole portal.
I will be looking for a rebate of all fees paid to OTM as this is a criminal offence.
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