OnTheMarket has signed a five-year listing agreement with major independent Chancellors Group.
Under the agreement, Chancellors will advertise all of its UK residential sales and lettings properties at OTM and will actively promote the portal brand with digital and branch-based marketing activity.
The agreement will kick in once OnTheMarket lists publicly, at which point it will drop its ‘one other portal’ rule to new recruits.
The agreement with Chancellors follows a similar deal with another strong independent, Arun Estates.
With a network of over 50 branches, Chancellors Group trades under the Chancellors name across southern England and also under brands of Anscombe & Ringland in London, and Russell Baldwin & Bright in Hereford and Wales.
Robert Scott-Lee, Chancellors group managing director, said: “We have been impressed by the progress OnTheMarket has made in a relatively short time in developing itself as a leading, agent-backed brand which adds much-needed competition in the UK property portals market. I am therefore, delighted that Chancellors Group and OnTheMarket will be joining in partnership at its IPO.”
Ian Springett, OTM’s chief executive, said: “It is a powerful boost to OnTheMarket that Chancellors Group is committing to list its properties for five years. Chancellors is undoubtedly one of the leading, most successful agent groups in the regions it operates in and its support will substantially strengthen our position.”
There is still no indication as to the timing of OTM’s IPO.
This morning’s OTM announcement follows triple announcements by Zoopla that the UK’s top three agents – Countrywide, Connells and LSL – have all signed long-term agreements.
Chancellors’ founder James Scott-Lee recently died in a tragic accident at his home, in his sixties.
No one cares Ian. We are all hoping you fail.
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Not true for me – I most definitely want to see it succeed – I hope my shares will be worth something in 5 years – Also more portal competition will give me more choice!
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If your shares increase you will just use it to pay rising costs of 3 portals.
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What an absolute joke – is that a standard paragraph that OTM give the mugs who sign up for the site. How can anyone be remotely impressed by the progress of OTM when its losing members at a rate of knots, it’s ransomed those agents that have dared to challenge them, despite the fact that the very challenge is because those businesses have been compromised as OTM didn’t and hasn’t delivered.
Can’t remember the last time I saw any active marketing from OTM or if they have it must be totally unmemorable.
Save your money folks, work your databases better, get out in the community and stop falling into the trap of desperation – OTM won’t deliver anything better than Rightmove or Zoopla for sure.
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Whatever has gone on in the past, most of which I disagree with, having a 3rd portal to try and ease pricing with RM/Z still has to be a positive. As much as I wouldnt want to give a huge cheque to Ian for the mess that has been before now, I still believe the industry needs an alternative and you never know it may fly on their IPO and be worth £1b within 12 months, its not like we havent seen investors be dragged in before!!
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For those who don’t want OTM to succeed must have other vested interests.
We need control of our Data and the sooner independents are in a position to drop Rightmove and Zoopla the better.
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I have to agree with some of the comments here – what is the worst thing that can happen with OTM being successful ?
I for one hope it will keep the other two players mindful of their ever increasing costs to Agents. OTM at worst creates desperately needed competition and do not understand the negative comments here – those that could not advertise before will certainly be able to shortly.
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And the reason why is:
“The agreement will kick in once OnTheMarket lists publicly, at which point it will drop its ‘one other portal’ rule to new recruits.”
Took your time OTM
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Dear G*d!
Are we ever going to get any substance Ian ……or do we have to continue reading trivial announcements!
I remain locked in as a Gold Member with the One Other Portal Noose! You’re signing New Members using my money and giving them different terms including Any Portal!
It’s a complete and utter farce however you remain shameless Ian!
When does this Circus end?!!!!
Having failed to deliver on OTM V1 we now await OTM V2 …..another Dreamworks Production!
I used to just dislike Rightmove and not see the point in Zoopla…. however OTM V2? Ian Springett making trivial announcements? Get on with it and deliver what you have monumentally failed to do so far! I’m still paying for this fiasco!!!
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Anyone supporting OTM is just chasing their money lost in it’s flawed and failed venture. Sometimes you’ve got to wash your face and move on as you will just have another Portal to add to already growing portal costs.
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I hope that OTM V2 succeeds but am somewhat sceptical about ‘key management’s’ long-term commitment.
Why did they grant themselves such high rewards, prior to disclosure of this IPO with the potential of a less than mutual, key management share sale bailout clause?
I voted NO but apparently cannot resign until the end of my contract so why should Ian be able to do so at a time when any share value may be at their zenith?
It may well be that Prime Location V2 is a huge success, when the OOP rule is withdrawn, freeing up prestige members?
I do hope that the huge cost of this IPO and OOP legal battle leads to something much more sustaining than than the potential of a ‘golden goodbye’ for the few at the expense of all ordinary members?
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