OnTheMarket’s financial advisers talk up company and new CEO

Two City consultancies instructed by OnTheMarket have talked up the company’s fortunes after the appointment of its new chief executive. 

Shore Capital, which in June was named as the joint broker for OTM, says the appointment of former Foxtons director Jason Tebb as CEO of the portal is good news.

In addition, it says “we have been encouraged by the take up of new listing contracts and the quantum and value of leads that OTM has delivered to its agent partners since the easing of lockdown arrangements.”

Just over a month ago OTM’s then acting-chief executive Clive Beattie told shareholders that advertiser numbers had reached almost 14,000 and that around 600 new branches had been contracted under the portal’s COVID-19 discount listing offers. The portal generated some 1.8m leads in June, the latest figures available, working out at an average of 134 leads per advertiser.

“When allied to its unique ability to offer equity ownership to agents, robust financial position and increasingly compelling proposition (inventory, reach, site functionality and data provision), we believe that this momentum has also reinforced the company’s already attractive medium-term growth potential” says Shore Capital.

Meanwhile Zeus Capital - another City consultancy, which acts as Nominated Adviser and a broker for OnTheMarket - has also produced an analysis bigging up its client.

“Jason Tebb’s first-hand experience should foster strong relationships with both large and independent agents. We expect Jason Tebb’s appointment to lead to 1) OTM adopting innovation 2) OTM highlighting exclusivity and 3) OTM building engagement and trust with agents and customers over years leading up to property transactions” says a Zeus note to investors.

“Separately, we observe the residential property markets continue their post-lockdown mini-boom. We expect OnTheMarket has experienced another month of high levels of activity, which has delivered ‘value to its agents and stakeholders’.”

New figures on OTM’s performance are scheduled to be released next month.