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TODAY'S OTHER NEWS

OnTheMarket now has 9,000 agency branches signed up

OnTheMarket now has listing agreements with over 9,000 estate agency branches - that's another 500 or so since its previous release of figures three weeks ago. 

In a statement to the City this morning the portsal company claims this is a 63 per cent expansion of listing agreements since the portal floated on the London Stock Exchange’s junior AIM market early this year and suggests around half of all branches are now with the portal.

“We’re delighted at the strength of momentum and the power of agent support behind our proposition as an agent-backed challenger portal. We continue to exceed our own expectations of the overall number of agents signing up, achieving this latest milestone of 9,000 contracted offices just three weeks after reaching 8,500 offices” says the portal company’s chief executive Ian Springett.

This morning’s statement continues: “While steadily increasing its core agent customer base, OnTheMarket ran in May its heaviest weight of national TV advertising since the launch period of OTM, as well as its first outdoor poster campaign across London. 

"A key theme of its advertising campaigns is the ‘New & exclusive’ properties, whereby many agents choose to list their new instructions at OnTheMarket in advance of listing on other portals, giving OnTheMarket a competitive advantage by appealing to active property seekers, who are the Group's key consumer focus, and in turn providing listing agents with high quality leads.

“Increased consumer engagement with OnTheMarket is reflected by the growth in property alerts set up by users - over one million active alerts, which trigger automatic delivery to users' inboxes of the details of newly added properties that match their search criteria.”

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    Well I’m not sure the numbers are correct after my meeting with their rep, however free is free for the next 10 months except for the £7.11 pm for being able to upload from my software, however it will be a good measure of time to see how it fairs against Zoopla, and rightmove, the numbers will grow until the charges come in then that will be the acid test, willnthe still go up then or maintain or decrease, with £50 million over the next 2 years to market OTM , will it work ? I’m on the fence now

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    Not me. Anything that offers genuine competition in the long-running property portal battle and drives rates in the same direction as our fees has to be given serious consideration. Hands up all those who've been able to raise their fees by 10% each year for the last 10 years ? The party is over for RM and about time.

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    We went live this week with our three branches and to be fair we genuinely are receiving the same amount of leads from OTM since then as we are getting from Rightmove and Zoopla.
    We will have to see what converts but so far so good.

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    I have been with On The Market since inception.
    The more who join OTM, Rightmove will look at us differently and play a fair game. If not they will be the loosers.

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    No comment from Simon?? slating OTM? how unusual. More importantly the QUALITY of the leads we get from OTM has always been 100% compared to Zoolpa which are appalling. Zoolpa = IOm looking for a 4 bed in London for £250,000 withing 100 miles - complete trash, so we left.

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    Gaining traction-time for Rightmove and con to sharpen that pencil!

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