OnTheMarket says that it has converted more agents to paying contracts.
This morning it said that it has added over 3,000 more offices to those already on long-term paying contracts at the time of its admission to AIM in February 2018.
Today’s announcement of numbers means a speeding up of conversion from free to paying. Some 650 branches have signed up to paying contracts within the last three months: on September 30, OTM had signed 2,346 more offices on paying contracts.
OTM said that altogether it now has over 12,500 offices listing properties on it, up from 5,500 at the time of admission. But it has not said exactly how many in total are now paying to belong.
OTM has however said that most of the branches signed up since admission to AIM were initially on short-term free trials. Conversion of those ‘freebies’ on to paying contracts has been a strategic focus for OTM.
Ian Springett, chief executive of OTM, said: “I am very pleased to be reporting this milestone of adding over 3,000 agent offices to paying contracts. This has been achieved during a period of challenging trading conditions for UK agents and the traditional seasonal downturn in market activity.
“It is further encouraging evidence of growing agent support. The ongoing growth in the number of branches under paying contracts is key to the group’s transition into profitability.
“Agent-backing in a variety of practical ways is key to creating an edge over our rivals in the portals market.
“Our continued progress in attracting more agents to support the portal and our early success in attracting house-builders give us encouragement as we focus on achieving our key objectives for the coming year.”
A good portion of these paying agents are agents that stopped paying a few years back.
They have been given a deal to wipe the slate clean if they come back and list fir a year at a reduced rate.
I guess they are doing this so they can dupe investor to part with more money.
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I’m one of them. I wasn’t happy that they couldn’t delay a new office’s joining so stopped paying in protest as they really weren’t ‘for the agent, not the shareholders’. They aren’t perfect but I’d rather support them now than RM.
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Not sure why all the dislikes, are people upset at the truth or are they in denial this has happened?
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The more relevant stat will be, how many leave as soon as the 5 year Gold/Silver lock in ends in early 2020.
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That will be interesting, there has been no mention of the 1,500 or so that didn’t sign up to the new agreement having changed their minds so no doubt most will be dropping off in Q1.
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They offered me £130 per month – I said no………
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Fool
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I am one of the 1500 and just signed another 2 years so it matches up with all the others who did sign. I didn’t sign up and vote for it because I think that it was the wrong strategy. But this didn’t make me loose interest in OTM. If all agents in Central London had followed their actual lead data they would have dropped RM from the start and not Zoopla. But they didn’t do it because of some strategic movement rather than pure facts. OTM would already be in a different place. But they are all ifs so we need to wait a bit longer.
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As a former OTM Gold Member I legally say farewell in January.
I’m disappointed, disheartened by my whole OTM experience. The power of words versus the lack of action.
So many missed opportunities by OTM.
Who knows if it will ever succeed however I do know I will make good use of the money saved by investing even more into local marketing which has paid real dividends for my business this year.
Next on my hit-list is jettisoning Rightmove. That’s the biggie, however I have to do it as they have abused their position to an extent that I can no longer except their financial abuse.
Bitter portal winds await in 2020. In the meantime, I’ll keep focusing on my business locally, that’s where my success lies.
OnTheMarket/Mr Ian Springett? You had your chance – You squandered so many opportunities. My business loaned you money, which you then forcibly converted into OTM shares to avoid paying me back, and to compound your crime you have forcibly taken money from me until I could exit your shambolic/poisonous Gold Member contract.
Your roadshow publicity stunt of £5 per share proved to be no more than a fantasy combination of words intended to pied piper agents down your fantasy flotation road. My shares languish around 70 pence, in comparison to your much repeated headline of £5.
You took my money. You took my genuine goodwill. You took my support. You took my effort. You flushed them all down your own fantasy portal. The one point which shone from every orifice which you have was your sheer consistency in spinning your b@llsh£te to the detriment of others just like me.
Shame on you OTM, we need an OTM, just NOT the one that you are peddling.
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To the “Disliker” – The Truth Hurts, Doesn’t It?!
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True George, not sure what there is to dislike in there.
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Just thought of a great new show for Sky. PortalWars.
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ZOOPLA – £116 (heard from a source Barnard Marcus pay £80)
OTM – £150 pm
What are RM charging agents nowadays.
Keep stating your rates here so agents can get a better deal by referring the BDM’s to PIE.
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For Lettings only we pay OTM £150.00 pm and receive decent quality enquiries.
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Just got my Zoopla rate halfed by moaning at the quality of the leads . Was paying £350 in London and rep reduced it without a fight to £175 DING DONG . Battle your price down as not worth the money anymore . PS Zoopla re-targeting product totally awful don’t get drawn in produced nothing for us . Saw a spread sheet the rep had and charges in London from £120 to £1500 what is that all about apart from greed .
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