OnTheMarket has been having “positive discussions” with founding shareholder agents about renewing their contracts once they expire next year.
Agents who invested in the OnTheMarket initial public offering (IPO) in February 2018 signed up to five-year contracts that will end in February 2023.
After this point, they can sell all their shares and leave if they wish.
But OnTheMarket chief executive Jason Tebb was confident that agents will continue to support the platform.
He told Estate Agent Today: “We have engaged with agents during town halls and have been speaking with the original founding agents.
“The conversations are ongoing and are being positively received.
“The real focus is not just about the portal anymore but all the services we offer.”
Tebb said OnTheMarket can no longer be seen as a challenger portal, citing its other services such as support for house builders and the acquisition of agency software proptech firm Glanty.
It comes as OnTheMarket revealed its annual results for the 12 months to 31 January 2022 yesterday.
Its group revenue was up 32% annually to £30.4m.
OnTheMarket posted an operating loss of £600,000 after taking account of acquisition costs and repaying the government’s furlough support during the pandemic.
Without these costs, it would have had an adjusted operating profit of £2.7m, up 13% annually.
The percentage of agency advertisers on paying contracts at the year-end was 90%, according to the results.
Tebb added that the remaining agents were on limited free trial periods that usually last a few months.
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For many as the market slows, OnTheMarket will be the first that goes
For many if the residential market does slow, OnTheMarket will be just grow and grow. As Jason Tebb has transformed the commercial model of the portal, making it a supportive progressive partner for agents wanting to increase their market share and who struggle with modernising their agency operations.
This enlightened CEO has listened and responded to the needs of his agent partners and supplied solutions, unlike at least one other portal who just ratchets up the annual fees, and feels that offering a listing site for property is enough. This vanity will be there undoing - especially as savvy agents realise that technology gives them the whiphand to scale.
In 2000 Rightmove was the answer to newspaper advertising for agencies, in 2022 OnTheMarket is leading the charge to undestand what agents want and need and deliver digital solutions alongside the traditional property listing system. This is the future of agency - as the lazy/smart tech savvy property consumer generation, demand a streamlined smartphone responsive property experience - times are changing - and time to choose your estate agency partners wisely.
OTM is not a client of Proptech-PR. A consultancy for Proptech founders, but having analytical oversight of a substantial amount of portals in the UK and globally, take it from me - they are punching very much above their weight and the execution of their strategy is second to none.
That is a spot on account with the position of OTM I find them very supportive, proactive and innovative, they have definitely helped my business grow over the years.
I think OTM now has sufficient traction to continue in spite of the market. They have been successful in removing the RM monopoly. The publics awareness of the OTM is as string as it has ever been.
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