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OnTheMarket should use virus stoppage to reset strategy - top analyst

The current market crisis caused by Coronavirus should present OnTheMarket with an opportunity to pause its existing strategy, talk to agents and regroup.

That’s the view of a leading analyst, Antony Codling, who has been conducting a study within the agency industry into the future of OTM following the dramatic sacking of its chief executive, Ian Springett, just last week.

Codling - a prominent analyst formerly at investment bank Jefferies - issued a 10 question online survey to agents and other property industry professionals after the announcement about Springett. 

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These included specific questions about whether the OTM board was right over the sacking, ad whether the portal was remaining true to its aims of becoming a viable alternative to Rightmove or Zoopla.

Now he has started drip-feeding the results of his study via Twitter. He does not say how many responses he received but has given several teasers in terms of opinions:

- More than 70 per cent of respondents believe the OTM board was right to sack its chief executive;

- Only one in five of those who responded agree or strongly agree with the current strategy of OTM;

- Over 50 per cent disagree or strongly disagree with the strategy.

And Codling adds to the results released so far by saying in a tweet yesterday: “As the housing market slows OTM has a good opportunity to take stock and talk to estate agents about what a winning strategy looks like.”

At Jefferies, Codling became a prominent industry figure for his searing analyses of Purplebricks' sales record, and then in 2018 Codling quit the bank and became chief executive of search firm Rummage4Property - he departed from that late last year.

You can follow his Twitter feed and other results from the OTM survey @anthonycodling

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