OnTheMarket says ‘almost 500 branches’ have contracted to their welcome-shares offering

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.”

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10 Comments

  1. GeorgeHammond78

    More interested to know how many they lost immediately the 5 year lock in expired? We were one who couldn’t wait to depart but interestingly they didn’t switch our account off and have continued to list our properties – so, if this is typical , then obvs a whole lot of number massaging going on.

    They’re right the number of leads has jumped dramatically , sadly, the quality thereof is now worse than the previous ‘really awful’ ones we rec’d before. Initially, we were content to let them waste their (your?) money on continuing to list for free but the resultant enquiries are proving such a drag on resources that we’ll have to switch them off this end.

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    1. debbiedoesalot

      That isn’t our experience at all. OTM is now our main lead generator, and the leads we are receiving are high quality too. So much so that we dumped Roghtmove back in April and haven’t looked back since.

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  2. Ric

    Anyone want mine.

    I will sell em for cheaper than the LSE Share Price today…

     

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    1. fluter

      I might be interested, please get in touch via PIE Ric

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      1. Ric

        Not checked out the latest LSE prices but I am happy to get the numbers crunched on here…. I will get back to you with the amount of shares we have and ask AM can I dump them all now.

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  3. JEL

    Doesn’t seem fair to original Gold members really

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    1. Woodentop

      Have the Gold members received their loans back?

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      1. JEL

        No… I remember having a dividend payment ages ago but since then nothing, yet everybody else who hung back gets the free deals…. just doesn’t seem right to me

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  4. HIT MAN

    It’s the best option for all agents if they get behind them and increase the agents ownership stake, who in their right mind wants to pay RM prices when this is available.

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    1. JordanBrooks88

      Those who want good quality leads and to win more instructions? We gave them a chance but have come off. I haven’t ever heard any member of the public mention OTM – therein lies the problem.

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