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 news updates!

Enter your email address and get updates from Online Marketplaces.

Related News

Lpw Colombo
LankaPropertyWeb Launches Guide to Buying and Selling Property in Sri Lanka

Leading Sri Lankan property portal LankaPropertyWeb has released a guide to buying and selling property in the island nation. Designed...

Read More
Casap Appointment Booking
French PropTech Casap Raises €2.2 Million and Plans to Launch a New Portal

Parisian PropTech startup Casap (formerly Scoppe) has announced that it has raised €2.2 million in seed funding and that it...

Read More
Nobroker Unicorn
Indian FSBO Vertical NoBroker Ties Up Funding Round to Become a PropTech Unicorn

Indian housing marketplace NoBroker has announced that it has raised $210 million dollars in a Series E funding round and...

Read More
Proptexx Hero Image Interview
Ten Questions With Josh Lamerton from PropTexx

As property hunters all over the world get more demanding about how their next homes are presented to them, the...

Read More

Popular News