OnTheMarket (OTM) has hailed the progress made since its acquisition by CoStar Group and believes it can displace Rightmove.
The US-owned real estate portal giant acquired OTM in December, promising a major marketing drive.
OTM has reported in an update that since the takeover, more than 1,000 new agents have joined and 57,000 listings have been added.
It said monthly leads to agents are up 81% and unique monthly visitors are up 81% annually.
OTM’s agent office count has also increased by 10% since the CoStar acquisition, the brand said, with more than 14,000 agents now listing on the site.
CoStar has said it intends to spend £46.5m in the first year of a multi-year investment initiative totalling hundreds of millions of pounds.
Jason Tebb, who now has the lofty title of president of OTM, said: “As these results show, we are making tremendous progress with our strategy of becoming the leading agent-friendly platform in the UK residential marketplace.
“We believe that we are now the fastest growing residential portal in the UK In a very small space of time following the acquisition of the business, we have initiated the first phase of a multiyear program to drive consumers to OnTheMarket which will significantly increase the quality of valuable leads to our agents at fair and sustainable prices.
“We believe we can create the number one property portal in the UK, leveraging CoStar Group’s expertise and resources. With the successes of Apartments.com and Homes.com, we have a proven playbook to follow, which perfectly complements our knowledge of the UK market and our differentiated product.”
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Great stuff
Cant wait to see the smugness wiped off RM faces they are so arrogant and complacent for far to long.
Just hope that this works - RM do provide good resources but they are extremely expensive - it would be great to see better competition and appreciation that without agents neither portal has a business. Both portals need to respect the customer and not overcharge but work together for success - at the moment OTM has that attitude and I hope that great success comes to them as that will benefit the agents who support them.
Couldn't agree more the relationship between the estate agents and portals needs to be addressed in order to move in a direction where both sides can prosper. Do you think a cost per lead or cost per successful lead could be better. But wouldn't know how to calculate this and how the portals could guarantee they get paid for a successful lead
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