OnTheMarket says it now has listings agreements with more than 12,500 estate and lettings agency branches.
In a statement to shareholders and the City this morning, it explains that its 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”.
Until now, an unspecified number of listings have been on a 'freebie' or ultra low-cost basis, and in past statements the portal has said it hoped these would ultimately be converted into being paying customers.
In this morning's statement, chief executive Ian Springett says: “As we approach the one year mark since OnTheMarket was admitted to [the Alternative Investment Market] we are very pleased to have reached yet another significant milestone.
“We are currently running advertising campaigns across national television and radio which complement our sustained heavy investment in digital marketing.
“Alongside the rapid growth in agent branches listing, this sustained marketing activity is helping drive our visitor traffic, and the combined effect is greatly increased lead generation for our customers.
“We are confident in our ability to deliver a market-leading, agent-backed alternative to Rightmove and Zoopla, continuing to inject much-needed competition in the portals market, while delivering a superior digital user experience for property-seekers.”
In mid-December the portal told the City it had reached listing agreements with more than 12,000 branches - that figure was reported to have contained 60 recently-recruited offices which had "entered full tariff paying listing agreements."
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I will always think that OTM wasted a huge opportunity with the One Other Portal rule, and that the product itself offers nothing new to the consumer.
But, in this challenging climate, I know that OTM is proving to be a valuable way for agents to cut costs while retaining a working marketing presence. House hunters will search more than one portal to find their new home and while OTM is investing in its ad campaign, it would seem to be generating a meaningful number of leads to its agent customers.
On BestAgent Marketplace, Zoopla is the most used portal, followed by OTM, and Rightmove are in third place. Interesting times.
I don't think it does. We for one are having to pay for three portals now. This disruptor portal was set up to kerb Rightmove's and ZPG's greedy price ramping but has actually achieved the complete opposite while adding another large monthly cost to our businesses. NOT HAPPY!
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