OnTheMarket CEO sends letter to member agents

March 10, 2019
Share this Post: 

Ian Springett, OnTheMarket's (OTM) CEO, has recently stated that the industry is reaching what he has called a "crunch point."

Writing to OTM’s member agents, he said: “We have already disrupted the duopoly of Rightmove and Zoopla and believe we are reaching a crunch point for agents.”

He said: “It is no surprise that the number of agents listing with Rightmove has started to decline for the first time: down 298 offices year-on-year, with the greatest reduction – 257 offices – in the second half of 2018.”

Springett said that last year, Rightmove’s results showed it had hiked average revenue per advertiser by a further £83 and broken through the £1,000 per month barrier for the first time.

However, he said that for the third year in a row, Rightmove generated fewer leads for its customers – 171 on average per month last year.

He said that Rightmove also reported a further 10% decline in leads this January, which it attributed to “the fall in property transactions as a result of a slightly cooler housing market”.

However, Springett said: “Although NAEA Propertymark is reporting an overall downturn in buyer inquiries in January, we believe that the fall in Rightmove’s lead generation may also result from the substantial growth in leads delivered by OTM.”

He said OTM has increased its lead generation sevenfold since its admission to the stock market in February last year.

Springett’s letter goes on to say that OTM undercuts Rightmove, with fees typically a quarter of the price.

Read more here

Join us in Bangkok the 19th to the 21st of March for the Property Portal Watch Conference.


March 10, 2019

Subscribe to our mailing list to get the famous, free Friday newsletter!

News and analysis to help build better online marketplace businesses, in your inbox, every Friday

Related News

Rightmove Opt 1
Rightmove Appoints Former Just Eat MD, Matthew Bushby as Its New CMO

British market leader Rightmove has announced the appointment of Matthew Bushby as its new Chief Marketing Officer. Bushby joins the...

Read More
Shutterstock 603344765
Casai Merges with Fellow LatAm Short Term Rentals Specialist Nomah After Job Losses

The Mexican short-term rentals marketplace operator Casai has merged with its Brazilian counterpart Nomah. Existing investors including a16z and Monashees...

Read More
Shutterstock 147091049
REA India Sidesteps Agents with Country's First User Subscription Service - 'Housing Premium'

The REA India-owned real estate portal Housing.com has announced the launch of a new user subscription service that aims to...

Read More
North Media Posts Q2 Financial Results—BoligPortal on Track

North Media, the media group and operator of Danish Portal BoligPortal, released its Q2 2022 financial report, with results "as...

Read More

Editor's Pick