International Brokerage eXp Backs OnTheMarket Against Rightmove and Zoopla

The brokerage firm eXp has nailed its colours to the mast in the ongoing UK portal battle. The company's UK country Head, Adam Day has released comments chastising Rightmove and Zoopla and backing the CoStar-owned challenger OnTheMarket.

"Rightmove and Zoopla may well be long established players in the UK property portal market, but it’s noticeable that the two leading platforms have yet to significantly innovate in terms of using their platforms and data to iterate and enhance value for consumers, whether they are agents, buyers, or sellers.

“In comparison, the portal landscape in the USA shows more advancement. For instance, CoStar Group's Homes.com has developed a remarkable offering, becoming the second largest property portal in the United States. The user experience there is notably superior to what we have in the UK. Since CoStar Group only acquired Homes.com in 2021, their backing of On the Market suggests we might see similar advancements in the UK before long."

Chicago-based eXp operates internationally with agents in the UK attracted by its high split of commissions and its American-style autonomous employment structure.

Although the brokerage is not yet a preeminent player in the British estate agent agency landscape, it certainly has plans to be.

Earlier this week the company posted Q2 results which saw it net $1.3 billion in revenue and $12 million in profit despite higher taxes. The firm is one of the leading brokerages domestically and has lofty international ambitions. It plans to increase the number of agents using its platform from a total of 87,000 to half a million by 2026.

Since being acquired by CoStar late last year in a £100 million deal which shook up the British property industry, OnTheMarket has had the PR winds in its sails. CoStar has promised the number three portal a big marketing budget to take on incumbents Rightmove and Zoopla and last week told investors that the London-based portal now has close to 17,000 agent branch customers.

OnTheMarket boss Jason Tebb, said: “I’m really pleased a forward-thinking and innovative business such as eXp has chosen to commit to our portal as their rapidly evolving brand continues to make strides.

“It’s an incredibly exciting time for our partners, with the acquisition by CoStar Group demonstrably accelerating our target of becoming the market leader, bringing industry-leading global expertise and significant financial firepower to help deliver even more value for all our customers.”

It's unclear exactly why eXp has chosen to come out and back OnTheMarket—listings bearing the brokerage's insignia are still present on both Rightmove and Zoopla—but the comments certainly seem to have ingratiated the firm with CoStar and its founder.

Echoing Tebb's comments, Andy Florance, CEO and founder of CoStar Group, added: “We’re delighted that such a forward-thinking brand with an eye on the future is partnering with OnTheMarket to list its properties on our platform", said Andy Florance, Founder and Chief Executive Officer of CoStar Group.

"The estate agency sector is adapting to new opportunities and challenges and it’s clear that businesses like eXp will have a big part to play. We’re looking forward to working closely with the eXp team over the coming months and years to help them deliver on their goals and ambitious plans for growth."