OnTheMarket has this afternoon informed agents signed up to its service that OnTheMarket Software, formerly teclet, is to cease operation.
The move comes as a major surprise given that OnTheMarket Software only launched two years ago as part of OTM’s increasing focus on software as one of the pillars of the platform’s strategy to build a differentiated, technology-enabled property business.
It is clear that OTM, now under CoStar Group’s ownership, is adopting a change of strategy. But several well-placed sources have expressed surprise that OTM has decided to close the business, without attempting to sell it given the size of the database.
A spokesperson from OTM told EYE: “Following a strategic review of our business, the difficult decision has been made that OnTheMarket Software will cease operations as of 30 June 2025. All contracts will be fulfilled, and the team will continue trading as normal until then. We remain committed to ensuring this transition is as seamless as possible for our agents.”
The launch of OnTheMarket Software in September 2022 had followed the appointment of Gary Hardy as head of sales a month earlier. This was part of OTM’s plans to increase the take-up of CRM tools and automated lettings software available through its former teclet brand.
Hardy, who left OTM in May 2023 to join ViewMyChain, was brought on board to drive OTM’s expansion, taking responsibility for strategic sales leadership in addition to further developing the firm’s sales team.
A key focus of the role was the the retention of OTM, who were signed up to the cloud-based CRM software at introductory rates following the group’s purchase of teclet’s umbrella company Glanty in 2021.
OnTheMarket Software, which sits alongside other services under OnTheMarket’s Software Solutions pillar, includes the following suite of products:
TecLet
TecLet is an automated pre-tenancy and property management platform that can work as a standalone solution or be seamlessly integrated with TecCRM and TecHub.
The platform provides a complete end to end solution that manages all pre-tenancy and property management tasks through automated workflows and processes and facilitates all providers and solutions of an agent’s choice in a single integrated environment to aid efficiency and interactions between the agent, tenant, landlord and guarantor 24/7.
TecCRM
A CRM platform built to work with various integrations that accounts for sales, lettings, client accounting and property management systems in one place to provide efficiency.
TecCRM allows agents to manage prospecting, marketing, and nurture journeys to secure and manage new business whether it be for sales, lettings or both.
Property portal feeds will be facilitated with agents having full control on when and how they push their stock to the portals.
TecCRM has an advanced GEO mapping solution enabling leads to be automatically assigned and distributed to a specific branch and individual staff members.
TecHub
TecHub is an extension of TecLet, TecCRM and client accounting. It enables consumers, whether they be buyers, sellers, landlords or tenants, to transact directly with the platforms to bring automation and 24/7 transacting to agency businesses, including interactive conveyancing and sales progression.
TecHub reverts to a home management platform once a specific property transaction is complete, enabling agents to nurture and provide additional services throughout the duration their client resides at the property or throughout their ownership such as re-mortgaging, utility switching, buildings insurance and lifestyle products.
All providers and services are chosen by the agent, allowing them to generate additional revenue for themselves and add value to their service for consumers.
TecWeb
TecWeb is designed to work closely with content experts who create fresh and appealing content and imagery to ensure agents have the most up to date and fresh-looking websites.
It was created to ensure agents can have all their tech requirements including their websites in a single solution within OnTheMarket Software.
TecWeb has provided agents with a fully interactive website solution which includes SEO and pay per click services. Agents can migrate any specific data present in their existing website solution, including blogs, news, property advertising and search functions, with leads being pulled directly into TecCRM.
OTM Software has this afternoon sent the following letter to agents signed up to its service.
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Dear Agent
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I am writing to inform you of an important change regarding OnTheMarket Software.
OnTheMarket Software began its journey in 2015 as TecLet, with a clear vision to revolutionise the estate agency industry using cutting-edge software. Recognising TecLet’s potential, OnTheMarket acquired the business rebranding to OnTheMarket Software in 2022. Since then, we’ve expanded our offerings and continued to build on the strong foundation laid by TecLet, providing a comprehensive suite of tools to support estate agents like yourself.In December 2023, OnTheMarket was acquired by the CoStar Group. Following a strategic review, the difficult decision has been made that OnTheMarket Software will cease operations on 30 June 2025. What this means for you, our customers:
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We’re committed to making this transition as seamless as possible and we’re here to assist you throughout this process. Thank you for your support.
Kind regards
OnTheMarket Software
Slightly surpising move. However the UK agency CRM market is highly competitive and, in many opinions, saturated. With the UK considered a ‘small market’ they (CoStar) likely felt the cost to develop and mainbtain a comprehensive CRM could be better invested elsewhere in the business. Interesting move to close it, rather then sell it- that is probably the most surprising part of this move.
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In some ways KB. It made a lot of sense to support their agents with a CRM but but there was a lot to do to get the CRM competing with those already established. The TecLet product was niche for a specific part of the lettings process and did that reasonably well but a CRM it was not.
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Should have started on a CRM in the V1 or perhaps V2 attempts to make OTM work. It was a no brainer to give the supporting agents even more cause to stick it out. Only was Co-star will make money off UK agents moving forward will be to purchase shares in Rightmove.
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