OnTheMarket has announced a new monthly record of 25.4m visits.
The figure, for May, was up on the previous record high of 23.5m visits in January.
OTM also announced a record level of leads for agents, up 15% on January.
The company, in a statement to the stock exchange, also said that OTM now has over 650,000 listings – about 65% of Rightmove’s stock, and over 83% of Zoopla’s.
OTM says it sent over 100m property alert emails during May.
CEO Ian Springett said in the statement: “Our May performance is further evidence that our growth strategy is working.
“We have delivered another set of record-breaking traffic and leads results for our estate and letting agent customers, many of whom are choosing to list their properties on a ‘New & exclusive’ basis.
“This is driving traffic to our portal while injecting competition into a market which was previously a ‘duopoly’.
“The high volume of instant alert emails now being sent each month shows how our engagement with active property-seekers and the value we deliver to agents are both continuing to grow strongly.”
The latest statement made no reference to agency numbers but a spokesperson said there had been no update since February 5, when OTM said it had over 12,000 contracted offices.
Meanwhile, OTM has appointed a joint broker.
Shore Capital Stockbrokers will be joint broker alongside Zeus Capital.
The appointment followed the acquisition of OTM’s previous broker, Stockdale Securities, by Shore Capital.
OTM is due to release its annual results on Thursday.
I hear agents have been dropping like flys now OTM are doing away with the free accounts.
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I’m not sure that’s the primary concern. Thursday they’re going to announce what impact giving it away for free really had, and this looks like a defense tactic.
Desperately get the share price up before it crashes as the financials will be awful.
£30m from IPO, loses of £11m last year, were about to find out if they’ve hired brokers to find investors or majority stake buyers
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Most agents with Free accounts have been served notice by OTM.
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I’ve not had mine yet but was told in a phonecall on Friday that I should expect it soon.
I was also asked why I didn’t see the benefit of joining an agent owned portal.
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Has anyone else noticed that the enquiries received nearly often have the same line of text? “can I schedule a time to view”. That’s not pre written/suggested that I can see, and they rarely respond either so I question the legitimacy.
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All of our leads have the same comment in the additional comments.
I think this is simply the automated text when viewers select they wish to arrange a viewing. The leads are certainly legitimate in the most part as we book many many viewings from the leads that they send us, and this does seem an awful lot more that Z !
This is probably in the most part due to pay per click enquiries, but as more people join their database, this will only improve and thus hopefully increased views on their pages.
Never sure why agents are not supporting this venture when they can have a financial interest in both shares and hopefully keeping their other subscriptions lower.
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“Never sure why agents are not supporting this venture when they can have a financial interest in both shares and hopefully keeping their other subscriptions lower.”
Because of the constant string of lies? – They have outside investment, they need to show yearly growth. They have launched additional products Just like RM – They are looking to raise further cash from outside investors ……
I hate to be the bearer of bad news, you are incredibly naive if you think OTM are anything other than RMV2.
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Yes, been getting that standard text as well. I spoke with OTM about it as most of the leads did not reply to phone calls or emails and it was definitely suspicious in my opinion. OTM they said they do not generate this wording and would keep an eye out for other agents reporting the same issue. I’ve not heard from them since.
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these standard replies are generated via their listings on Facebook marketplace. Facebook offer standard relies to the listings.
The adverts on Facebook marketplace are also the reason you get enquiries for properties marked under offer / let agreed as Facebook don’t mark them as such or remove them.
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Dear Oh Dear Mr Springett ……the “Tipping Point” slipping away
So, what is the point of OTM then? …..just another money grabbing portal
The OTM V2 test was your ability to build those Member numbers past the “critical point” ……and you still think it’s right to take my OTM V1 Locked-in Member money?
Sadly, it’s a sham. I certainly feel conned out of thousands of £££’s! ……and I’m still paying for this sham!!!
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I was expecting a boost to profile advertising spend when the Connells/Gascoigne Holman legals were finalised after their failed appeal .Not seen or heard anything ? what happened ?
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I just think the name is too generic and that will be the problem growing the brand.
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Agents are a funny lot, they bitch and moan about the dominant position of Rightmove but when a competitive cheaper option tries to open up the market, they still moan.
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But OTM is just RM in different clothing. £400 a month now when it has pretty much zero public awareness, they have the same model as RM – Only natural they will increse subs same as RM.
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Being similar to Rightmove is not a bad thing. Support it now whilst the shares are on offer for members. They will only be able to justify price increases off the back of success, which will also be reflected in uplift of the share price.
if in the future, they become as greedy as Rightmove for the monthly subs, no doubt other options would of seen it coming and make alternatives available.
Support them and yourselves or start your countdown to 2k a month for Rightmove.
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Replacing like for like is not an option for most agents.
Its the distaste in the mouth that OTM leaves as well, pretending they are something they are not.
As for the share issue this is an inflated price they are offering them at.
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>The latest statement made no reference to agency numbers but a spokesperson said there had been no update since February 5, when OTM said it had over 12,000 contracted offices.
It was 12500+ back on 5th February.
>OnTheMarket has announced a new monthly record of 25.4m visits.
The average monthly visits for RM in 2018 was 132 million visits and 1 billion minutes per month spent on the site by those visitors.
Their brand recognition is so high that 80% of the visits to Rightmove come from consumers typing the brand directly into their web browser or launching their app.
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