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The new offering is said to rival Rightmove’s – but to offer an additional tool, allowing agents to chase withdrawn properties to see if they subsequently sold and whether fees might still be due to them.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The new sales monitor tool automatically checks withdrawn properties against Land Registry data for possible matches, and agents can create an alert to receive updates when new potential matches have been found.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.”