The founder of OnTheMarket has revealed why the portal floated on the stock market and why Ian Springett was the right man at the top - until it was time for him to go earlier this year.
Trevor Abrahmsohn, one of the industry’s most flamboyant figures and founder of high-end London firm Glentree Estates, called 20 of the country’s leading agencies together for a secret meeting some nine years ago.
The meeting was triggered by Abrahmsohn being confronted at that time by a 50 per cent increase in fees by Zoopla: the meeting led to the creation of Agents’ Mutual and the mutually-operated portal OnTheMarket.
Now, in a video interview with the industry commentator Chris Watkin, Abrahmsohn explains the thinking behind OnTheMarket’s controversial one-other-portal-only rule, reveals why Ian Springett was in his opinion the right person to be chief executive and, controversially, why early this year was the right time for Springett to suddenly go.
Abrahmsohn - whose Glentree Estates agency is currently listing with Rightmove and Zoopla as well as OTM - also speaks about the Say No To Rightmove campaign and his decision making process about whether to delist from the number one portal when the 75 per cent discount ends in some 11 weeks time.
The agent says if it wasn’t for the existence of OnTheMarket the current offers to agents from both Rightmove and Zoopla simply wouldn’t have happened.
The video interview (below) is some 30 minutes long and well worth agents’ time for an insight into the creation of OTM - many of these details are revealed for the first time.
Our thanks to Chris Watkin for giving this video exclusively to Estate Agent Today readers.