OnTheMarket has launched a new sales and lettings tool called Market Intel.
The new offering is said to rival Rightmove’s – but to offer an additional tool, allowing agents to chase withdrawn properties to see if they subsequently sold and whether fees might still be due to them.
The dashboard calculates competitor rankings, and displays market share performance by such criteria as location, property type or value.
It also makes it easier for agents to see how they and their properties are performing, as well as checking the number of phone and email leads they receive.
The new sales monitor tool automatically checks withdrawn properties against Land Registry data for possible matches, and agents can create an alert to receive updates when new potential matches have been found.
As with Rightmove’s Intel product, agents can create customised sales and lettings reports within Market Intel, which demonstrate their position within their patch at a branch level.
These reports are for use in valuation meetings and can be created with an agent’s own branding in conjunction with OnTheMarket’s.
The suite – built within OnTheMarket Expert – is included with agents’ listing fees at no additional cost.
Within Market Intel agents can view their performance in three key areas: the number of properties currently available in their patch; the number recently sold or let; and new instructions gained.
They can also view opportunities where local properties have reduced in price, fallen through or are slow to move on the market.
Agents create their own “patch” and all statistics relate to the previous 28 days by default, with the option to look at the data over different time periods.
Agents will be able to see the number of email and phone leads received. Agents can also check on their live properties to see how many times these have featured in the search results and how many times the details have been viewed at OTM.
The new tool has been beta tested with OTM agents and refined in line with their feedback. Access to this version has now been broadened to all listing agents.
OTM chief executive Ian Springett said: “Not only has OnTheMarket matched Rightmove’s Intel product but we are now offering our customers more functionality.
“Our first step was to introduce the Market Appraisal Guide (our version of Rightmove’s Best Price Guide) which went live in March and gave agents access to sold prices, comparable properties, local information and maps, and now we have followed in quick succession with this latest suite of products.
“These tools are all intended to help OTM agents reduce their reliance on Rightmove and other portals.
“We have already achieved much to close the gap between OnTheMarket and the previous effective duopoly of Rightmove and Zoopla, and we have every intention of creating a viable alternative for agents and property-seekers alike.”
Too little too late, wont stop the bleed of agents leaving when the handcuff deals come to an end.
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But at least those who are left can wow vendors on valuations with their 100% market share…
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Type in Google trends.
Type in rightmove , onthemarket , zoopla.
Depressing reading.
Rightmove was supposed to be dead years ago. Instead agents are dying.
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Will this be based on solely OTM agent data? If so will it not be pointless in the majority of areas as it will only be representative of a small portion of the market.
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Lets be honest, most punters dont understand ‘best price guide’ or they have a price in their head of what they want to sell for. Any more stats are utterly pointless as they arent interested.
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Formally served OTM Notice to Leave last week, after enduring a needless OTM V1 Lock-in period, finally exiting January 2020.
Take note OTM. Look at the damage done by your company locking myself & other OTM V1 Members (who voted NO to OTM V2) in. Why would I want to remain with OTM when it has treated OTM V1 Members so badly. Why? Well, I might have if OTM listened to its Subscribers, dumped the Chas n’ Dave daft advert and had a real strategy to promote Our Industry and secure the position of No 1 Property Portal
Rightmove continues to shaft/ignore its Subscribers. One doesn’t need a crystal ball to see that Rightmove is strangling its Subscriber base with its inability to understand that Agents won’t continue to overpay for digital advertising.
Rightmove, OTM & Zoopla simply seek to invent/create products that purport to make them relevant/a must have…. yet we all know the truth – all these portals are merely digital advertising and they only seek to play agents off against each other.
When did Estate Agents choose to hand over Our Industry to portals? ……when we took the hands of the portals and blindly followed.
I and others see the reward of going back to basics, of local marketing, of doing things the old way. There are rich rewards for Agents who want/can deliver real Estate Agency …..rather than the fake one size fits all that portals represent.
2020 should be the year that Our Industry wakes up and challenges those that seek to merely feed off our graft & effort.
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GPL,
When they offer you a £200 per month contract what will your answer be?
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sp….
If OTM change their strategy/offering then I will consider what they have to offer purely from a business perspective.
Personally, they set fire to the bridge they had with Our Industry and have done little that I can see to extinguish the flames.
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I can tell you now they will offer you a £200 per month agreement.
How do you feel that sits within a business perspective? Not being difficult just intreged as you were a vocal V1 supporter and less so as a V2.
I believe everything has a value but OTM is less than £100 pcm for me. Wondering where you stood on this?
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……interestingly smileplease, OTM phoned me today, nice chap in terms of his approach, he had no idea of my background with V1/V2. He appeared to listen, respond appropriately and explain where my feedback would go etc…..?
OTM still has a “window of opportunity” in my view, however the change has to come from the top, and that doesn’t look likely. In terms of cost/value? OTM is merely a No 2 or 3 Portal. I see no value in Zoopla as they remain happy to position themselves behind RM.
I have re-focussed my business to function/perform/generate without the perceived “benefit” of the “usual portal suspects”. It’s working well, very well, in a challenging market. It proves that Portals don’t sell homes (which we all knew/know), even although they like to spin the perception that we are reliant on them.
A client popped into my office today to heap praise on everyone again for the job done on the sale of his/his wife’s home – that chap and his wife had/retired from a very successful business and they know all about the graft of “The Independent Business” and what it takes to deliver an exceptional result – that result had everything to do with our expertise and ability to negotiate an exceptional result. It had nothing to do with RM, Zoopla or OTM.
In a tougher market one digs deeper to overcome the hurdles of that tough market. The lack of impact that the portals currently play in a tough market merely confirm that we don’t need them ……they need us!
Selling your Home remains a serious business and serious Estate Agents know that. The “Hangers-on” are just that!
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‘When did Estate Agents choose to hand over Our Industry to portals?‘
Around the time they could not wait to ditch the (supposed) over-bearing, over-controlling and over-charging local paper. Like changing partners, you all thought the grass was greener and all that. Not exactly chip-pan in to fire, more in to a volcano.
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“ When did Estate Agents choose to hand over Our Industry to portals? ……when we took the hands of the portals and blindly followed.”
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Would be good if you could add more than 30 post code sectors to a patch
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