OnTheMarket says there is no delay with its plans to list member agents’ overseas properties for sale, but still cannot reveal a launch date for the new service.
On October 5 last year Estate Agent Today revealed that the portal would be listing overseas property. A statement from OTM at the time said: "We will be listing overseas properties in the coming weeks but there won't be any details yet on a specific time-frame".
The portal is remaining tight-lipped on the subject and its latest statement says only: “There's no delay and no specific news to report.”
Although international property sales below the top-end have struggled in recent years, some founding members of OTM’s parent company Agents' Mutual - Knight Frank, Savills and Chestertons - have substantial international divisions with portfolios aimed primarily at high net worth individuals.
The OTM proposal to market international properties was cited in a controversial open letter released in mid-October by estate agent Lisa Ascari, of My Place In Cornwall.
“How do I benefit from you spending my marketing investment on sponsoring Country Life or developing an overseas property section, which obviously benefit your board members but not the vast majority of your other shareholders?” she asked in the letter, which was chiefly arguing against the ‘one other portal’ rule imposed by OTM.