OnTheMarket should use virus stoppage to reset strategy - top analyst

The current market crisis caused by Coronavirus should present OnTheMarket with an opportunity to pause its existing strategy, talk to agents and regroup.

That’s the view of a leading analyst, Antony Codling, who has been conducting a study within the agency industry into the future of OTM following the dramatic sacking of its chief executive, Ian Springett, just last week.

Codling - a prominent analyst formerly at investment bank Jefferies - issued a 10 question online survey to agents and other property industry professionals after the announcement about Springett. 

These included specific questions about whether the OTM board was right over the sacking, ad whether the portal was remaining true to its aims of becoming a viable alternative to Rightmove or Zoopla.

Now he has started drip-feeding the results of his study via Twitter. He does not say how many responses he received but has given several teasers in terms of opinions:

- More than 70 per cent of respondents believe the OTM board was right to sack its chief executive;

- Only one in five of those who responded agree or strongly agree with the current strategy of OTM;

- Over 50 per cent disagree or strongly disagree with the strategy.

And Codling adds to the results released so far by saying in a tweet yesterday: “As the housing market slows OTM has a good opportunity to take stock and talk to estate agents about what a winning strategy looks like.”

At Jefferies, Codling became a prominent industry figure for his searing analyses of Purplebricks' sales record, and then in 2018 Codling quit the bank and became chief executive of search firm Rummage4Property - he departed from that late last year.

You can follow his Twitter feed and other results from the OTM survey @anthonycodling.