OnTheMarket, which is holding its annual general meeting today, says early indications of the success of its latest initiatives can be seen in key operational metrics.
In a statement issued this morning the company said that as of 30 June 2021, total advertisers had grown to 13,289, an increase of 4.5% from 31 January 2021, principally due to an increase in agency branches listing, up 4.9% to 11,169.
Visits to the portal in June 2021 were the second highest achieved by the company, at 28 million.
Throughout June, the portal generated more than 1.8 million leads – an average of 137 per advertiser, an increase of 5.4% from the average of 130 leads per advertiser per month for the six months ended 31 January 2021, a period that benefitted from the intense market activity following the lifting of restrictions in May last year.
A statement from OTM said: “Residential property markets remain very active. Despite the changes to the stamp duty holiday from the end of June, our Property Sentiment Index launched earlier this month highlights a continued pent-up demand, a re-evaluation of housing needs arising from the impact of Covid-19 and continuing low mortgage interest rates.
“We will continue to invest in the business to take advantage of our growth opportunities whilst remaining focussed on careful management of cash. Our balance sheet remains strong and at the end of June, our cash balance, after completing the acquisition of Glanty Limited, stood at £9.7m and we had no borrowings.
“We would like to thank our agent shareholders and all our loyal advertisers for their continued support, as well as our colleagues for their dedication and hard work in challenging times. We continue to strive to provide the highest levels of service and innovation to our customers, at sustainably fair prices.”
OTM has previously reported on early but significant progress towards delivering its vision, including technological and commercial developments such as the acquisition of the remaining 80% of Glanty Limited that it did not already own bringing a range of additional products, services and capabilities.
Also it has struck commercial partnerships with Reach plc, Canopy and Sprift Technologies to support our offering; as well as in-house development and release of new products and services to drive greater interaction between agents and consumers.
Christopher Bell, non-executive chairman, is expected to make the following remarks at the AGM: “Our financial year to 31 January 2021 was a year of strong performance and considerable progress. We were delighted to achieve our first year of profitability since admission to AIM, notwithstanding the onset and impact of the Covid-19 pandemic.
“It is particularly pleasing to report that, from the foundations established, our strong performance has continued in the current year with further operational progress made and trading in line with the Board’s expectations.
“We have a clear vision in place to build a differentiated, technology-enabled property business providing services for agents, housebuilders, advertisers and consumers that offers ‘best in class’ products and platforms across the broader property marketplace.”
He is expected to add: “Our focus now is integrating these developments into our proposition and to maximise the opportunities they present. At the same time, we will continue to explore new partnerships and roll out further enhancements in order to continue differentiating our offering and provide ever increasing value to our customers.”
I got a lead from OTM yesterday on another agents property, which is no longer available.
Genuinely, the email had a property which had been marketed by another agent previously and NEVER by us. Further more the “Similar Properties” at the bottom of the lead when you clicked on it were nothing like the lead property.
Emailed OTM to ask… how many of my property leads have been sent to another agent? How many people sending the lead had a PTS in my area and ended up speaking to another local agent… (Not many I suppose judging by the numbers) but still how an earth did I get another agents lead…
I would be happy if they mastered the lead quality personally.
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Our agency has been having a similar problem whereby we are receiving enquiries from properties we haven’t advertised in 1+ years.
OTM passed it onto their tech team for investigation but the problem still seems to be persisting, and the properties aren’t anywhere to be found on our profile so it’s a wonder how people are still enquiring for them.
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I’ve just had a similar response explaining they have/are introducing something to solve the issue of archived listings allowing leads to be sent.
Fair play, if they are on to it.
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To contrast that, Ric – I had more leads from OTM than rightmove over the past seven days. Definitely not saying they’re better, same or worse than Rightmove. I’m not a big supporter of any portal in all honesty but they seem to be performing and have been keeping up with rightmove in terms of leads. That’s both sales and lettings.
Very strange you received that lead, be interesting to know OTM’s response.
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Morning Mark.
I would say we are seeing equal leads at present for RM -v- OTM which is an improvement on OTMs side for sure. Lack of stock clearly forcing buyers to hunt on all portals for stock, hoping they find a hidden gem.
The lead was strange, and yes interested to know what they say… as a valid concern could be: No wonder Ric gets no leads from OTM… they all go to another agent! Although I imagine it is a one off glitch, it is still odd.
It is clear though there is a shift in buyer behaviour whilst trying to find stock and a great opportunity to use the change to our advantage. I would imagine exclusive period on OTM is working better than ever now…
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Agreed and fair points!
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I stand partially corrected on the above… the property was one I had 5 years or so ago… been OTM with a non-OTM agent since…
Just didn’t ring any bells.. but then I’ve had a sleep since Octo 2016!
So, kind of brilliant they are still giving me leads on property sold 4 years ago, but also not great!
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Might be that it’s still coming up on a Google search, Ric. I’ve seen archived properties that come up and then disappear after a second or so saying it’s no longer on the market – but you’ll always find some neck-ender who still wants to view it!
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Haha… indeed PeeBee…
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Cant believe we are still talking about OTM in 2021, surely it has proven its irrelevant?
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Can’t believe you’re still commenting on OTM in 2021 etc etc …………
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Touche
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My leads over the last few months outweigh Rightmove by 3 to 1. I’ve sold more houses in 2021 through On The Market than the other portals. I’ve now upgraded my contract to £399 a month with shares.
Canopy and Sprift are great acquisitions.
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??? OTM have acquired Sprift?
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Partnerships not acquisitions – my mistake
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Phew!
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I have to admit OTM lettings leads are much better than RM/ZPG. Sales still RM on top and ZPG is the best allrounder.
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Well one thing is for certain any progress has been made has been due to the arrival of Jason
He doesn’t enjoy the backing of all the industry “faces” who are constantly on the lookout for any opportunity to promote Boomin,noticeably silent here today
Got to the point that they even made an exciting announcement the other day that it was the1st annversary of the naming of the company
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Don’t receive many from OTM or Zoopla, mainly RM and as for Boomin…………………
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I have to admit OTM lettings leads are much better than RM/ZPG. https://shepardcustomcabinetsanaheim.com/
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