OnTheMarket has announced that around 500 agent branches have signed up to its newest listing offers which give out shares to agents based on exclusivity clauses. The options available to agents are:
The agent receives £2,500 of shares if they agree to list exclusively with OnTheMarket for 12 months.
The agent receives £1,000 of shares if they agree to list with OnTheMarket for 12 months but wish to list on Rightmove or Zoopla as well.
Under both options, listing is free until September and agents will receive additional shares based on the amount they pay up to August 2022 and depending on if they list exclusively with OnTheMarket or not.
The current #3 UK portal has also reported record leads volumes delivered in June with 1.8 million reportedly sent to its agent customers. Commenting on the uptick in leads, interim CEO Clive Beattie said:
“The record month for leads, achieved despite a substantial reduction in advertising since the beginning of the COVID-19 lockdown, highlights the increasing value we are delivering to agents for their listing fees.”
Clearly OnTheMarket is looking to get as many agents listing on their portal as possible at low prices to be able to demonstrate value and achieve a critical mass of properties on their platform before any potential increase in ARPA.