OnTheMarket (OTM) is not currently aiming to overtake Rightmove or Zoopla but has succeeded in reducing listing fees for agents across all portals, its chief executive claims.
Speaking to proptech and property portal news website OnlineMarketplaces, OTM’s chief executive Jason Tebb explained how the company’s ethos has evolved.
At launch in 2015, much of the narrative around the aim of OTM was to challenge the market dominance of Rightmove and Zoopla.
Tebb suggested in a video interview this week that OTM is not here to “take on Rightmove” but wants to offer something different that agents and consumers find valuable.
He said: “The original ethos of OTM, those principles that the founding agents and executive team launched the business with, was as an insurance policy against the rising duopoly of the other two.
“We achieved that.
"Agents tell us quite often that they're convinced that having three major portals to offer some differentiation and some challenge means that their net total spent is actually less than if there were two.
“I dread to think where prices from the others would be if we hadn't been around."
The portal also launched with a controversial ‘one other portal’ rule for agents – meaning users could only use OTM plus either Rightmove or Zoopla.
This was dropped in 2016 but OTM still has a unique selling point of getting agents to list properties at least 24 hours before they go live on other portals.
Around 4% to 7% of stock on the portal is listed this way, Tebb revealed.
He said OTM’s aim is to provide the products, services and functionality that helps agents do their jobs better, adding: “Will the outcome be that we become market leader, or second, who knows?
“My vision for the business is to become as cost effective and valuable as we can be.
“We are already delivering that in terms of our commercial partnerships, new products and building additional service as part of our main fee.
“The long term strategy might be that we raise our own presence and maybe one day do take over the mantle of market leader.
“Just focusing on toppling this or that guy isn’t the right strategy.”
You can watch the full video interview below:
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It is a shame that their ethos was not the same when they first launched and their arrogance was so overwhelming. Lest we forget, Jason Tebbs.
The ever increasing rates from RM and Z was crushing me, If it wasn't for OTM I don't believe I would be in business today and think I can speak for many other independent agents, I'm pleased that Jason Tebb is the main man at OTM he has made a massive difference firstly by changing the initial ethos from the vile attack on other portals to becoming the first choice portal, OTM has come a long way growing in strength their innovation and support they offer every Agent treating all the same is I think is their key USP. The measure of who is at the top comes down to opinions, the positional balance of portals has changed OTM member agents all know that OTM is an Agents portal doing their very best for all agents offering the best value for money now and during the bad times of the past. Thank you OTM.
Portals have a decision to make either they are a service to the industry or they are they are the industry, Simon Baker is so right. And regarding Jason Tebb, his approach is identical to many of our 'win big' founders who have exited - they just execute day by day everything in a positive and inclusive way - focused on their core goal, never wavering.
Mr Tebb's DNA is estate agency - his origin, and he sees that giving agents the digital handtools that can help agents gently modernise their businesses is a worthwhile cause. Other portals would do well to take note.
And OTM are not one of PROPTECH-PR's 'A consultancy for Proptech Founders' clients we just know what good looks like, as we have now met over 700 property technology founders in the UK and globally and dealt with 104 clients, take it from us there are plently of people whirring their wheels going nowhere burning multi-million budgets.
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