The agents are allegedly willing to pay up to six figures for potential legal action against OnTheMarket.
Iain White told the UK's Financial Times the agents were unhappy with its results and with its customer service so they chose to take action and give notice to OnTheMarket . . . they later received legal threats,” he told the FT.
He also told Estate Agent Today the company “set our subscription fees for a range of periods at levels which are designed to enable us to compete effectively in the prevailing market”.
OnTheMarket says more than 6,000 estate agents and letting agents use its portal, while its website received 7 million visits in March.
Rightmove, Zoopla and OnTheMarket all charge monthly fees based on the number of branches an agency has. OnTheMarket is the cheapest and has offered introductory rates as low as £50 a month.
Ian Springett argues support for OnTheMarket “continues to grow” and that it has “no plans to relax the ‘one other portal’ rule”.
The site set a rule that agents who signed up had to ditch either Rightmove or Zoopla, and the latter took the brunt of the initial hit as the smaller of the two players.
The company pledged early converts to its service would get discounted subscription rates, but it has since offered even lower prices to new recruits, angering agents who signed up when it launched.
Sources: Estate Agent Today and Financial Times