OnTheMarket has announced that it achieved 10m visits to the site with 90m page views in its first full three months of operation – February, March and April.
It also said that over 27% of its members are now uploading their new listings to it, ahead of any other portal.
In April, its third full month of operation, the site received 3.5m visits, with an average of 9.31 pages viewed and an average of 6.5 minutes spent on site.
The source used by OTM for its traffic information is Google Analytics. Zoopla also uses Google Analytics.
While Zoopla – which has just launched a new Zoopla-Size Me’ campaign – poured scorn on the figures, city analysts Exane BNP Paribas this morning said OTM’s growth was “impressive”.
Zoopla spokesperson Lawrence Hall said: “OTM claims to have achieved a total audience in three months equal to what ZPG averages every six days and is broadly charging the same advertising rates as ZPG.
“This means that its members are and have been paying at least 15 times the market rate for their digital marketing for the past three months.
“This is not sustainable for those businesses to remain competitive.
“Given that their audience figures were flat from March to April and that they would need to grow by at least 15 times over the next 6-8 months to meet their own bold prediction of catching ZPG, perhaps they should look at charging their members a fairer monthly rate of around £10 per month based on their current figures whilst they are still building their audience.”
However, William Packer of Exane BNP Paribas described the OTM membership base as “much more durable than expected”.
He said that while OTM traffic remains small compared with Rightmove and Zoopla, it is “growing rapidly”, up 12% month on month, with “membership momentum also healthy”.
In the ongoing war with Zoopla, OTM also said it has recruited over 800 branches since the start of this year, boosting its membership to above 5,000, representing more than 2,500 businesses. OTM says approximately 70% of its member firms are located outside London and that 90% of its members have between one and three offices.
In the first 100 days or so since it launched, OTM said its TV advert has been aired more than 5,000 times and watched by 44.8m. Across print media, more than 100 press adverts have run, and online adverts have generated around 155m impressions, while its pay-per-click campaign has delivered some 55m more.
It intends to keep up its marketing campaign over the coming months.
Chief executive Ian Springett said: “We are confident in becoming the number two property portal by the end of January, 2016, on our way to achieving our medium term objective of becoming the market leader.
“We are experiencing impressive levels of returning visitors as well as a high percentage of new ones, while consumers and agents tell us the website is clean and fresh and they are impressed by its lightning speed and by its responsive design (unique among the major portals). This allows it to adapt to the screen size of whatever device is being used to view it.
“We have achieved a huge amount in a very short space of time, and with so many of our offices uploading their properties to OnTheMarket.com ahead of any other portal, it is essential that anyone seriously searching for property visits OnTheMarket.com and sets up a free property alert.”
Board member Paul Masters, group marketing and operations director at London agents Kinleigh Folkard Hayward, said: “There is no doubt that OTM is having a great impact on the industry and it is moving into second place rapidly.”
OTM is continuing to brief journalists about the property portal market, underlining its mutual status and that it is not driven by shareholder value motives.
In a footnote to the latest announcement, it said: “In their most recent end of year reports, Rightmove income was £167m and profits were £124.6M (74% profit margin). Zoopla’s income was £80.2m and profits were £39m (49% profit margin).”
It also said of its restriction rule that less than 10% of OTM members are using Zoopla as their ‘one other portal’.
In Zoopla’s new Zoopla-Size Me’ campaign, nominated listings are given extra national publicity. The first property to feature in the campaign is a home in Norfolk marketed by Sowerbys.