OnTheMarket has signed up one of the larger UK agencies, the Leaders Romans Group (LRG), for the very first time.
LRG will list all its residential sales and rental properties on OnTheMarket, which was acquired by CoStar Group last month, along with Rightmove, but has decided to drop Zoopla, as part of a two-portal strategy.
LRG’s network of sales, lettings and professional services businesses encompass over 245 branches across many well-known agency brands located throughout the country.
The agreement includes heritage brands Leaders and Romans, alongside Scottfraser, Moginie James, Gibbs Gillespie, Portico, Hose Rhodes Dickson, Acorn, Langford Russell, John Payne and SOWN, who will all advertise their sales and letting properties with OnTheMarket.
In addition, as LRG continues to grow and acquire additional brands, any agencies that become part of the group during the listing agreement will also advertise with OnTheMarket.
LRG is the first major agency to advertise with OnTheMarket since its recent acquisition by CoStar Group, and comes just a month after Jason Tebb, president of OnTheMarket, promised a new dawn following the acquisition of the formerly-agent-owned property portal by the American data and tech firm.
Tebb commented: “It’s an incredibly exciting time for our agents, with the acquisition by CoStar Group set to accelerate our target of becoming the market leader, bringing industry-leading global expertise and significant financial firepower to help deliver even more value for all our customers.”
Michael Cook, CEO of LRG, added: “We are looking forward to a successful new partnership with OnTheMarket, having been impressed with the continued innovation and development of their platform. We are excited by the opportunities their recent acquisition by CoStar will bring, with industry leading expertise and significant financial backing, we hope to see the OnTheMarket
brand flourish over the next couple of years.”
Who doesn’t like doing a decent deal?
I can imagine the OTM Offices the day they closed this one and no doubt kicked the doors off the nearest pub and kicked the a**e out of the company credit card as that Jason guy got on the blower to the boss at CoStar to tell them it was in the bag.
Biggest signing they’ve done in a long time.
Jonnie
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Who on earth would want to be number two in a three horse race?
Zoopla are being smashed from above and eaten alive from below.
Great to see OTM gaining momentum.
This is the start of the irreversible slide down for ZPG – and long may it continue; they are as good as dead.
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You’ve changed you tune you used to give me heaps for my viewpoint that being number 2 in a duopoly was a risky strategy for the the supporting act.
Now the legacy CRM systems are even more legacy , and the project to get everyone onto the replacement is an expensive headache very few people have the domain knowledge to comprehend let alone tackle. What should have been a win win for all concerned, Agent’s, CRM, Portals and Investors has been reduced to a shoulder shrugger where no-one knows what to do next.
The slide isn’t starting it’s gathering pace.
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Looking from the outside it looks a sensible business move by LRG to save probably a considerable amount of cash when ditching Zoopla and replacing them with OTM having no doubt got a hefty discount on what they were paying Zoopla to switch as they sure were not going to pay more or anywhere near what they were paying Zoopla. The key point to this is that LRG will RETAIN their presence on Rightmove so pretty much a 3 way win i.e Rightmove lose nothing, LRG get a substantial cost saving and OTM can push their chests out and say look what we’ve done guys. Zoopla the only losers in this so be interesting to see how they react.
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it seems to be a repeat of the same mistakes as last time, going after Zoopla does nothing against Rightmove and it won’t help us agents – personally as I am on all three I now have a massive advantage over Leaders/Romans so will be using that to win.
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Maybe 2024, out of nowhere, will become the year that the homogeneous approach to portals will crack.
GPT custom prompt
” You are a property agent looking to buy a property between Oxford and Bicester, you have a price range of between four hundred and six hundred thousand pounds. Your task is to monitor all publicly available property listings within this geographical area highlighting reductions, new listings and trends across all data points ”
Or some such.
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or just one!
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We have seen a big uplift in the amount of leads and traffic from OnTheMarket in 2023. I think more and more agencies will look at making the more.
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I think it depnds on area as we haven’t, we just use it as a selling point as we don’t get a lot at all, I’d love to see Zoopla and OTM beat the big beast into submission but if we start choosing between than it will never happen for either as the market will be split and RM will be the only one with 100%
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