OnTheMarket shares skyrocketed after a city bank Zeus Capital analysts said that the British property portal has made a number of key achievements in its first 11 months as a listed company, putting it on a pedestal for share holders and buyers alike.
It has increased its network of agency branches from 5,500 to over 12,000, a number which Zeus Capital expects will rise to nearly 12,500 by the end of its first year on AIM.
Zeus Capital said OTM has also increased its brand value, measured by its Google ranking and the quality of leads given to agents.
OTM has also started to turn fee-free agents into paying subscribers, converting 60 offices in December to full tariff contracts.
In an interview with DirectorsTalk, Zeus Capital’s research director Robin Savage says that over the next few years, his forecasts assume that two-thirds of the first-year free agents will convert and pay typically £350 a month.
OnTheMarket.com is a British property search portal that launched in January 2015. It covers the residential property market including sales and lettings throughout the United Kingdom. It is the third biggest property portal provider in terms of traffic and competes with companies including Rightmove and Zoopla
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