Eye had this press release from Zoopla late yesterday, which we reprint in full below. It is followed by a statement from Ian Springett, chief executive of OnTheMarket, which was issued this morning.
“As latest independent data shows ZPG audience around 100x that of OTM
The latest data from independent web monitoring firm Hitwise shows that over the first two weeks since the launch of OnTheMarket (OTM) it has attracted a total of 194,000 visits (an average of 14,000 per day) versus 18.8 million visits for Zoopla Property Group (ZPG) over the same period.
The Hitwise data reveals that ZPG’s daily audience has averaged 97 times that of OTM over the two week launch period and that OTM’s market share of all UK property website visits during this period stands at just 0.22% in comparison to ZPG’s market share at 22%. This data implies that at current levels an OTM agent would get the same level of exposure and enquiries in 3 months that an agent on ZPG would get in a single day.
Assuming similar visit to enquiry conversion rates for OTM as Zoopla and Rightmove, estimated enquiries generated by OTM over its first 2 weeks would be less than 10,000 (2 per branch) versus almost 1 million for ZPG (or 57 per branch) giving an implied cost per lead of over £65 for OTM and under £3 for ZPG respectively, based on publicly available average rate information.
And Zoopla Property Group has confirmed that it has already re-signed a number of agents who had previously cancelled to join Agents’ Mutual as they have quickly realised the damage to their business and reputation of the restrictive ‘only one-other portal’ rule and not being visible to the significant audience offered by all the major portals.
Lawrence Hall of Zoopla Property Group said, “We can confirm that a small number of agents who had previously left to join OTM have already returned even in the first 2 weeks. These agents have already realised that the Agents’ Mutual experiment is hurting them and they are no longer prepared to be guinea pigs in this process and lose out on valuable exposure and enquiries.”
This morning, Ian Springett said: “As we have stated previously, the Hitwise figures which continue to be reported by Zoopla are inaccurate and demonstrate Zoopla’s increasing desperation to reduce the number of agents who are removing their properties and advertising expenditure from them to list with OnTheMarket.com
“It’s only our third week and we have already overtaken Zoopla in certain spots of the country with our property listings. We know OnTheMarket.com is already producing excellent leads for member agents and we are confident of becoming the number two portal within a year.
“In around 90% of cases, our members have chosen to remove their listings from Zoopla and we have also been told by many that having removed their properties from their less effective portal, it has become obvious just how many leads were previously duplicated.
“The feedback about the website has been overwhelmingly positive and our multi-million pound advertising campaign is continuing to drive the expansion of our membership base each day along with consumer traffic.”