OnTheMarket this morning said that a new market appraisal guide tool is now available for its member agents to use.
It describes this as “another step towards matching Rightmove’s core agent product set”. It emphasised that it is under-cutting Rightmove in terms of prices.
The new tool is still in beta version, but OTM said that, as with the ‘best price guide’ currently available within ‘Rightmove Plus’, OTM can now enable its agents to access sold prices, comparable properties, local information and maps, and create a report for vendors and landlords which carries their own branding in conjunction with OTM’s.
The tool is included with agents’ listing fees at no additional cost.
It has been beta tested with member agents and refined in line with their feedback, OTM said.
A spokesperson told EYE: “We are now broadening access to this beta version to all member agents.
“The introduction of the market appraisal guide is intended to help our agents reduce their reliance on Rightmove and other portals.
“By using it with vendors and landlords, they will be reinforcing OTM’s brand and encouraging them to use the website, which in turn will help our agent-backed portal succeed.”
Rightmove’s agent product set currently includes ‘efficiency tools’ such as the best price guide and ‘intel’ market intelligence reporting, which are included in subscriptions.
There are also ‘additional products’ which include on-site display advertising, direct response activity and property listings promotions.
OTM is now claiming that it will bring in competition to all of these.
The spokesperson said: “Over the coming weeks, OTM will progressively introduce a range of products which will aim to match the core agent products currently available from Rightmove.
“The market intelligence product will be included within listings fees whilst the additional products will be available to purchase on a menu basis.
“As with OTM’s listing fees, the prices for additional products will undercut Rightmove’s standard tariff and they will be offered in a manner consistent with the company’s commitment to fair and sustainable pricing.”
More announcements will be made when the next new products are ready to be launched, says OTM.
Chief executive Ian Springett said: “We’re very pleased to be launching this guide, which is in line with our strategy to broaden our range of back office tools. We continue to look for ways to innovate and improve our offering to agents and property-seekers.”