OnTheMarket (OTM) has hailed the progress made since its acquisition by CoStar Group and believes it can displace Rightmove.
The US-owned real estate portal giant acquired OTM in December, promising a major marketing drive.
OTM has reported in an update that since the takeover, more than 1,000 new agents have joined and 57,000 listings have been added.
It said monthly leads to agents are up 81% and unique monthly visitors are up 81% annually.
OTM’s agent office count has also increased by 10% since the CoStar acquisition, the brand said, with more than 14,000 agents now listing on the site.
CoStar has said it intends to spend £46.5m in the first year of a multi-year investment initiative totalling hundreds of millions of pounds.
Jason Tebb, who now has the lofty title of president of OTM, said: “As these results show, we are making tremendous progress with our strategy of becoming the leading agent-friendly platform in the UK residential marketplace.
“We believe that we are now the fastest growing residential portal in the UK In a very small space of time following the acquisition of the business, we have initiated the first phase of a multiyear program to drive consumers to OnTheMarket which will significantly increase the quality of valuable leads to our agents at fair and sustainable prices.
“We believe we can create the number one property portal in the UK, leveraging CoStar Group’s expertise and resources. With the successes of Apartments.com and Homes.com, we have a proven playbook to follow, which perfectly complements our knowledge of the UK market and our differentiated product.”
OnTheMarket is set to bring back its popular town hall meetings...
OnTheMarket has signed a multiyear listing agreement with Leaders Romans Group...
OnTheMarket (OTM) can still pursue its original aims of challenging the...
OnTheMarket (OTM) chief executive Jason Tebb has declared “our time is...
We all know that first-time buyers have had a tough time...
There was a long-awaited return to the House of Commons this...
Last weekend a story by The Sunday Times’ Deputy Political Editor...
You don’t have to simply accept things as they are when...
From the uptick in house sales in January to a house price...
Happy birthday to us….and all members of the The ValPal Network! We...
With a combined value surpassing £7.4 trillion, the UK’s 29 million...
Let's be honest – landlords are the lifeblood of any letting...
%20-%20IMAGE%20Client%20Accounting%20%E2%80%93%20what%20are%20your%20options.jpg)
The benefits for letting agents to outsource their client accounting is...
When almost all agents and developers use the tried and tested formula...
I think we can all agree that the National Trading Standards...
.png)
As domestic battery storage systems become increasingly prevalent in UK homes,...
.png)
A team from The ValPal Network joined industry Facebook ads expert...
.png)
In this interview, Riccardo Dawson, Chief Operating Officer at Alto and...
A client account is essential to your lettings business, but the...
%20(002).png)
In today's fast-paced and ever-evolving property industry, it’s essential that forward-thinking...
As electric vehicles increasingly populate our roads and the necessity for...
As estate agents, it is important to make sure that your...
Estate agency has changed. No longer is it required to sit in...
Changes to consumer behaviour usually arrive in waves. Most of the...
At iamproperty we are excited to share the announcement of our...
In an exclusive interview with Estate Agent Today, Simon Coaker, Sales &...
It’s no secret – 2023 is a difficult year for the...
2023 has been coined as ‘the year of AI adoption’, and...
%20(002).jpg)
There are a few common questions that arise when the issue...
As a signage company we know we have a serious responsibility...
The Government’s mini budget on September 23 was anything but ‘mini’...
Agent websites have become more crucial than ever in attracting new...
Interesting report this week in Estate Agent Today on an analysis...
An anti-money laundering (AML) expert has queried why there is a...
When we talk in general terms about the UK housing market,...
The Law Society is facing backlash from conveyancers after issuing new...
An anti-money laundering (AML) expert has queried why there is a...
A new analysis of the cost-of-moving suggests that the typical seller...
Who are you and what does it say on...
Who are you, and what does it say on...
Who are you and what does it say on your...
.jpg){kind=avatar}
Join the conversation
Jump to latest comment and add your reply
Great stuff
Cant wait to see the smugness wiped off RM faces they are so arrogant and complacent for far to long.
Just hope that this works - RM do provide good resources but they are extremely expensive - it would be great to see better competition and appreciation that without agents neither portal has a business. Both portals need to respect the customer and not overcharge but work together for success - at the moment OTM has that attitude and I hope that great success comes to them as that will benefit the agents who support them.
Couldn't agree more the relationship between the estate agents and portals needs to be addressed in order to move in a direction where both sides can prosper. Do you think a cost per lead or cost per successful lead could be better. But wouldn't know how to calculate this and how the portals could guarantee they get paid for a successful lead
Please login to comment