OnTheMarket hands shares to agents on full-tariff long-term deals

OnTheMarket has handed out more shares to agencies signing long-term agreements with the portal.

It was almost three years ago that OTM, then led by controversial chief executive Ian Springett, adopted a strategy to persuade agents to sign up for long-term full-tariff deals with shares in the company as an incentive.

Since then well over 10 applications to the London Stock Exchange have been made to admit additional shares as batches of agents have been rewarded.

The current acting chief executive - Clive Beattie, who is also OTM’s chief financial officer - recently told Estate Agent Today there are now around 6,000 full tariff agency branches, plus some 3,500 on discounted tariffs and about 3,000 on free membership.

The 'free' option was another attempt under the Springett leadership for the portal to boost membership; Beattie says it will be a key aim for the coming months to move those freebie offers to paying membership.

In recent months, in recognition of agencies’ financial pressures because of the Coronavirus, OnTheMarket has reduced its demand for agents to commit on full-tariff for two years or three years - instead it’s just one year, in return for which they will receive shares.

The idea of sharing equity with member agencies has been adopted by the yet-to-launch Boomin portal as well.

Early signatories with this new portal, operated by Michael and Kenny Bruce, will qualify for a free equity share allocation and use of the platform until January 2022 at no cost.