OnTheMarket is not going to uphold the controversial ‘one other portal’ rule for its new Overseas Channel, which it has launched today.
The channel - which was exclusively revealed on Estate Agent Today five months ago - will take properties even from agents that are not members of OnTheMarket. However, online agents are still banned.
A statement released by the portal says: “Both existing member agents and non-member agents can advertise their overseas properties at OnTheMarket. There is a discounted tariff for member firms. The one other portal rule - established to disrupt the duopolistic market place in the UK - does not apply. In line with OnTheMarket’s policy, listings from online-only agents will not be accepted.”
The portal says the channel will not carry third party advertising, nor what OTM calls “any unnecessary information.”
Overseas search results are presented in grid, map and list views, as well as a new combined grid and map view. Properties are plotted using coordinates. There are seven different currency options available and property price is presented in the currency selected by the user as well as the currency provided by the agent.
Amongst the founding members of Agents' Mutual - OTM's parent company - Knight Frank, Savills and Chestertons have substantial international divisions with portfolios aimed primarily at high net worth individuals. Some other high-end agents which joined OTM in its early months also have overseas portfolios.
“We are looking forward to working with new agents from different corners of the globe to list their marketed properties” says Ian Springett, OTM chief executive.