OnTheMarket plc, which operates the OnTheMarket.com property portal, has announced that almost 500 estate agent branches are now contracted under one of the Company’s most recent listing agreements, which issue welcome shares to each business owner.
Of the branches signing up to the new listing agreements, more than 60% are currently contracted to list exclusively with OnTheMarket or on a one other portal basis of either Rightmove or Zoopla/Primelocation.
Launched on 27 April 2020, the contracts issue either £1,000 of welcome-shares per office with flexible portal choices, or £2,500 of welcome-shares per office if an agent commits to list exclusively for a minimum of 12 months.
Under both contracts, listing is free until 1 September 2020 and agents receive additional shares that equate to a percentage of the amount that they pay up until 31 August 2022.
This percentage is 50% for periods of listing exclusively with OnTheMarket, 30% for periods of listing on only one of Rightmove or Zoopla/Primelocation and 20% for periods of listing on both Rightmove and Zoopla/Primelocation.
Agents also receive discounts on their listing fees depending on whether they list on Rightmove and/or Zoopla/Primelocation as well as OnTheMarket.
OnTheMarket says it has set a new record with the number of leads it delivered to advertisers in June 2020.
More than 1.8 million leads were generated, with an average of 134 leads per advertiser in the month.
Clive Beattie, Acting Chief Executive Officer of OnTheMarket, said:
“With agents owning c.65% of OnTheMarket it is clear that our interests are directly aligned.
“I am delighted to see agents commit to OnTheMarket through our most recent contract offers and to have achieved this level of recruitment against the challenging backdrop of COVID-19.
“This latest group are joining the thousands of existing estate and letting agents who are collectively the portal’s largest shareholder.
“The record month for leads, achieved despite a substantial reduction in advertising since the beginning of the COVID-19 lockdown, highlights the increasing value we are delivering to agents for their listing fees.”