Self-employed agency brand eXp UK has agreed a listings deal with OnTheMarket (OTM), claiming that the CoStar-backed portal will overtake Rightmove and Zoopla.
The agency cited data showing OTM has surpassed 16,000 advertisers, with listings now up to 716,000 and average monthly unique visitors rising 118% year-on-year.
Adam Day, head of eXp UK, said: "Rightmove and Zoopla may well be long established players in the UK property portal market, but it’s noticeable that the two leading platforms have yet to significantly innovate in terms of using their platforms and data to iterate and enhance value for consumers, whether they are agents, buyers, or sellers.
“In comparison, the portal landscape in the USA shows more advancement. For instance, CoStar Group's Homes.com has developed a remarkable offering, becoming the second largest property portal in the United States. The user experience there is notably superior to what we have in the UK. Since CoStar Group only acquired Homes.com in 2021, their backing of On the Market suggests we might see similar advancements in the UK before long."
Jason Tebb, president of OnTheMarket, added: “I’m really pleased a forward thinking and innovative business such as eXp has chosen to commit to our portal as their rapidly evolving brand continues to make strides.
“It’s an incredibly exciting time for our partners, with the acquisition by CoStar Group demonstrably accelerating our target of becoming the market leader, bringing industry-leading global expertise and significant financial firepower to help deliver even more value for all our customers.”
Andy Florance, founder of CoStar Group, said: “We’re delighted that such a forward-thinking brand with an eye on the future is partnering with OnTheMarket to list its properties on our platform", said Andy Florance, Founder and Chief Executive Officer of CoStar Group.
"The estate agency sector is adapting to new opportunities and challenges and it’s clear that businesses like eXp will have a big part to play. We’re looking forward to working closely with the eXp team over the coming months and years to help them deliver on their goals and ambitious plans for growth."
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OnTheMarket is already the leading property portal in the North, where agents earn less on sales and find Rightmove's fees exorbitant. In areas with higher property prices, agents make more on fees and don't feel the financial strain as acutely. It's only a matter of time before OnTheMarket overtakes Rightmove.
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