A statement by OnTheMarket this morning reveals that as of the end of last month it had a record 14,000 advertisers - that is, agency branches and individual housing developments
Almost 600 branches have joined under the portal’s most recent listing offers, which issued ‘welcome shares’ to each business alongside full-tariff paying contracts.
And OTM says that in the last year the number of agent branches listing exclusively with the portal has risen to 1,619 - an increase of 42 per cent.
Ahead of its Annual General Meeting today, non-executive chairman Christopher Bell told shareholders: "Despite the UK lockdown as a result of COVID-19, it is pleasing to see operational progress continue. At 30 June 2020, total advertisers had grown to almost 14,000 [estate and lettings agent branches and new homes developments].
“Throughout June, the portal generated more than 1.8m leads - an average of 134 per advertiser, an increase of 6.3 per cent from our 126 leads per advertiser during January and 40 per cent on the Full Year 2020 average leads per advertiser of 96. This was despite the curtailment of discretionary marketing spend following the onset of the COVID-19 crisis.”
Bell’s statement adds that as of the end of June the portal’s net cash balance stood at £9.4m and, excluding £2.3m of deferred creditor payments, there were no borrowings.
He adds: "The COVID-19 crisis has been a catalyst for many agents to review their portal choices and examine the value delivered. We believe there is significant potential for market share gains and we will look to capitalise on this opportunity through our strong portal offering, our approach of agent alignment through ownership in OnTheMarket and our commitment to sustainably low listing fees.
"Our operational strength suggests that consumers are looking at multiple portals to find their properties and underpins our strategy to provide agents with a genuine choice amongst portals for listing properties by having significantly increased competition in the market."