OnTheMarket has this morning announced that as of December 2, over 3,000 more offices had been signed under new paying contracts to list all their residential properties.
“The progress builds on the support from thousands of firms already on long-term paying contracts at the time of admission to [the London Stock Exchange] in February 2018” says today’s statement to the City and to shareholders.
The portal says this signals “continuing rapid progress” from September when OnTheMarket had 2,346 more offices signed under paying contracts.
However, it says the total number of offices listing remains in excess of 12,500 - a number initially given some time ago.
“The majority of the offices joining since admission signed initially under short-term introductory free trial offers. Conversion of these offices onto paying contracts is a key strategic focus for OnTheMarket” says the statement.
Meanwhile Ian Springett, OTM’s chief executive, says: “This has been achieved during a period of challenging trading conditions for UK agents and the traditional seasonal downturn in market activity.
“It is further encouraging evidence of growing agent support. The ongoing growth in the number of branches under paying contracts is key to the Group's transition into profitability. Agent backing in a variety of practical ways is key to creating an edge over our rivals in the portals market.
"Our continued progress in attracting more agents to support the portal and our early success in attracting house-builders give us encouragement as we focus on achieving our key objectives for the coming year.”