OnTheMarket confident more founding agents will renew portal contracts

OnTheMarket (OTM) chief executive Jason Tebb has hailed securing new contracts with major agencies and revealed discussions are ongoing with more founding shareholders and agents.

The portal revealed last week that it has secured contract renewals from several major agency brands that backed its initial public offering in 2018.

Its admission to AIM in February 2018 tied many of its agents into minimum terms until February 2023.

Several of the high profile agency brands, including Chestertons, Knight Frank and Savills, have signed new agreements, OTM said.

Speaking to Estate Agent Today, Tebb said agents have signed under a variety of terms and discussions are underway with other large and small firms.

He said: “It is a great message for us.

“These commitments show we are not just a challenger brand, we are a business of scale.

“There are still a couple of other agents we are talking to. Conversations are ongoing.”

He said none of the original 2018 contracts will immediately end in February 2023, but will roll-over.

Tebb added: “We have also signed up many smaller agents

“We thought form our perspective that having those really big national players that every consumer has head of, is a very powerful message.

“OTM offers a really good value proposition.

“We are not the biggest but we can be the best by focusing on our incredible value proposition rather than just being a portal.”

Asked about concerns of a housing market slowdown, Tebb said OTM’s data shows demand remains high and supply is improving.

He recognised that mortgage rates are rising but highlighted that there is still a market for homeowners who don’t have or need finance, while many will have built up high levels of equity in their homes.

Tebb added: “Just six months ago we were having conversations about there being no stock on the market.

“There will now be a huge number of buyers who couldn’t find anything earlier in the year.

"There will be affordability challenges for a cohort of people, but lots are not in that position.”