OnTheMarket advises agents make their portal choice ASAP

OnTheMarket (OTM) seems to be producing more leads for agents than its competitor, Rightmove, OTM claims. The estate marketplace advises that agents looking to reduce their portal costs, to choose.

In a statement giving testimonials from five OTM member agencies, the portal says this provides evidence that its “strategy of building network effects” is working - with more agents displaying more properties and so attracting more visits, thus generating more value to shareholders and customers in the form of more leads. 

Ian Springett, Chief Executive of OTM, says in a statement accompanying the testimonials that the OTM opportunity comes at a time when agents are facing renewed cost pressures in the form of reduced sales because of a muted market, and the imminent ban on lettings fees on tenants.

“We believe we are now coming to a crunch point for agents who are seriously considering their options around portal costs” he claims.

“Rightmove’s latest full year results for 2018 showed another year in which [it] generated increases in revenue, profits and profit margin by hiking its Average Revenue per Advertiser by a further £83 to break through the £1,000 per month barrier for the first time” says Springett. 

“It also generated fewer leads for its property advertiser customers which means that for every £100 spent by Rightmove’s property advertiser customers, it generated an average of 17 leads. This is a reduction of 39 per cent compared with 2015, when every £100 generated an average of 28 leads” he adds.

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