Since the end of last year, OnTheMarket (OTM) has seen an impressive triple increase in the number of visitors to its site.
In March 2018, the Company announced that traffic to the OnTheMarket property portal reached c.12 million visits* in the first full month since Admission to AIM. This is more than double the visits compared with February 2018 and compared with March 2017. In April 2018, traffic to the OnTheMarket property portal increased further to reach 13.7 million visits* in the second full month since Admission to AIM. This compared with 5.5 million visits in April 2017.
This means OTM is now ranked at 187 in terms of traffic to its site compared to other websites in the UK. These figures really showcase OnTheMarket's strategic move to float on the stock market.
At the beginning of May, it was reported that OnTheMarket's portal has added 2,000 branches to its service since listing on the AIM market two months prior, giving the company, in total, a listing size of 7,500 branches (approximately 38% of all agent branches). Comparing this with Zoopla's 14,775 and Rightmove's market of 20,121.
Last month, OTM reported that in the first five weeks since admission, additional agent firms with more than 1,000 offices were in listing agreements with the company.
The company credits its free or discounted introductory rates to sign up for its recent increase in branches.
Ian Springett, Chief Executive officer of OnTheMarket, said: “We are extremely pleased to be continuing to exceed our own expectations and to have reached this latest milestone. As we sustain this pace, we are strongly encouraged by the growing agent support and feedback to our proposition to create an agent-backed, full-scale challenger portal that disrupts the existing duopoly.”
With the increase in marketing and the traffic from the increase of branches signing up and listing more properties, this momentum of activity on OnTheMarket's platform is expected to continue to increase in the coming months.
OnTheMarket has more than doubled its sales team from 15 to 32 people since the admission to AIM to keep up with the increasing activity.
The company was launched three years ago, in 2015, to compete with the "duopoly" of Rightmove and Zoopla. Springett said in an interview with DirectorsTalk that the opportunity to work with agents to create a portal that prices the core property listing services at a fair level is still profitable.
“Rather than simply pitching a free trial of another property portal, we’re investing time to explain our proposal which is an agent-backed portal which will provide this sustainable lower cost alternative to the Rightmove/Zoopla duopoly.”
OnTheMarket has a long way to go to reach the top where Zoopla and Rightmove reign, each having 28 million and 60 million visitors a month. However, stats from OTM's stock market listings strategy makes for an interesting read and the move might have been the best movie the company could have made.
* Visits comprise individual sessions on OnTheMarket.com's web-based portal or mobile applications by users for the period indicated as measured by Google Analytics.
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