Barely a day after the last shot in the publicity battle, the team at Zoopla are again pointing out the problems with the OnTheMarket business. In particular they have performed analysis that they believe indicates that average listing numbers of agents who have joined OnTheMarket are falling (by as much as 10%). Meanwhile, agents who have stayed with Rightmove and Zoopla, have seen their listings numbers increase (by around 15%).
Interesting analysis and, if accurate, indicates that agents who continue to shun either Rightmove or Zoopla in favour of OnTheMarket may be playing a high stakes game.
Here is the press release ...
New analysis from Zoopla Property Group (ZPG) shows that the average number of listings and new instructions per branch has been steadily climbing since the start of the year for agents who have remained with both Rightmove and ZPG, whilst the average number of listings per branch for agents who have joined OnTheMarket (OTM) has been steadily falling.
Furthermore, separate analysis by ZPG into both the number of sales and share of new instructions of UK agents between September 2014 and March 2015, reveals that the market share of new instructions for OTM members has fallen by over 15% during this period whilst those that have remained with both ZPG and Rightmove have seen their level of new instructions stay at the same level.
The data also highlights that whilst the overall number of agreed sales declined 4% during this period, agents listings on both Rightmove and ZPG have actually seen their levels of sold properties increase by 15% whilst some agents who have joined OTM have seen their number of sales agreed drop by as much as 10% during the period.
Lawrence Hall of ZPG said: “The data shows that the majority of agents who have remained with the market-leading portals are in a far stronger position and are growing their market share as a result. This analysis provides compelling evidence of the impact of OTM’s ‘one-other portal rule’ on its members as many vendors and landlords clearly see the benefit of choosing an agent who provides the widest possible exposure for their home when entering the property market.
“It is no coincidence that we have already seen dozens of members return to ZPG having quit OTM due to the negative impact on their business and we welcome back any members who have realised that we are a key partner whose sole focus is on driving them more business.”