OnTheMarket Allowing Agent Customers to Promote Their Own Partnerships on Portal Listings

OnTheMarket has introduced a new update to its 'Activator' product, allowing agents to include revenue-generating partnerships on their listing pages. The move provides agents with a degree of control over certain elements on their listings pages, potentially opening avenues for additional revenue through showcased partnerships.

Agents purchasing the updated product gain the ability to manage four specific sections of their OnTheMarket listings pages, aimed at highlighting their partnerships to potential consumers. These sections consist of a full-length banner, a mid-page unit (MPU) banner, a personalized mortgage calculator, and a 'mortgage options' link and are intended to guide property seekers towards the agent's chosen ancillary revenue partners.

Beyond featuring mortgage brokers, agents can also use the updated product to present other preferred partnerships associated with the home-buying process, such as financial services and conveyancing.

OnTheMarket has also taken steps to facilitate agents' access to mortgage and conveyancing partners, particularly when the agent doesn't already have an existing relationship with third-party providers. Notably, a consumer referral partnership was recently established with London & Country Mortgages (L&C), offering agents without their own preferred providers the opportunity to feature L&C on their listings.

Similarly, for agents without their own conveyancing solutions, AVRillo Conveyancing has been recommended as an option. AVRillo Conveyancing is the second firm to join OnTheMarket's recently launched umbrella brand, OnTheMarket Money, following L&C's integration.

In the future, OnTheMarket agents may also have the potential to earn fees from sales, purchases, or combined transactions by referring their buyers and vendors to legal firms. According to CEO, Jason Tebb, this incremental revenue stream aligns with OnTheMarket's broader goal of diversifying agents' income sources.

"We are dedicated to offering agents practical solutions that align with their needs. The updated Activator product provides agents with more control over their listing content, differentiating us from other major UK portals. It offers agents an avenue to amplify their partnerships and explore additional revenue opportunities."

As an agent-backed third portal in the British market, OnTheMarket is trying to position itself as a platform that not only markets agents' listings but also helps them earn extra revenue. However, it remains to be seen if agents buy into the new product and how much impact these modifications will have on agents' revenue streams.

OnTheMarket recently released its figures for the 2022 financial year. The company reported broadly solid financials with revenue up 14% at £34.4 million and post-tax loss comparable to the previous year (£0.2 million). The issue facing the portal company is the "higher than expected" number of agent contract cancellations in 2022.