Some agents are being offered the opportunity to list with OnTheMarket for free now if they sign a Letter of Intent to later formally sign up with the portal.
OTM announced in July that it was using letters of intent as a recruiting tool to draw in agents who may, when portal membership reached 7,500, sign up on a formal basis.
Now OTM appears to be taking that further.
Ian Springett, chief executive of OnTheMarket, has told Estate Agent Today that “many” of the agents who have signed letters of intent “are currently listing with only one of the two other major portals and are therefore eligible to list with OnTheMarket now, whilst we build to that figure of 7,500 supporting offices.”
These agents appear, in some cases at least, to be able to list free of charge for the moment.
"Such agents in selected areas have been offered the opportunity to list immediately with OnTheMarket for a period when they sign a letter of intent. These agents will have the opportunity to convert to their choice of standard tariff at the end of that initial period” explains Springett.
"There are many estate and letting agents who have a 'wait and see' approach to joining OnTheMarket. It is equally a reality that the more agents who join and the sooner they do so, the more powerful OnTheMarket will be in continuing to disrupt the duopoly and in providing an alternative search service for consumers and agents alike" he says.