CoStar’s acquisition of OnTheMarket (OTM) may already be bearing fruit, a proptech firm claims.
Lead generation management provider Agent Response, which filters email and telephone leads from portals, has analysed conversion rates across the major property websites in June and found a gap may be emerging between OTM and Zoopla.
Based on around 100,000 leads and 400 branches, it found 48% of Rightmove leads took the next step by filling in a form.
The figure fell to 37% for OTM and 25% for Zoopla.
Michael Nettleton, founder of Agent Response, said OTM historically was pretty comparable to Zoopla but there appears to have been a shift since the CoStar takeover last year.
He said: “With their recent investment by CoStar, a major industry player, it'll be fascinating to see how OTM’s conversion rates evolve and how Zoopla reacts to this growing competitor.
"Could this be the spark that ignites a price war among portals, with each fighting for agents' business through lower fees?”
Nettleton added that while Zoopla may have been content with being the second largest portal, it may not put up with moving into third.
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Morning Everyone.....whats the "word on the street" now ? I'm considering dumping either Zoopla or OTM......which one should I dump ? Any views ?
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