OnTheMarket Giving Out Shares for Agents Dropping Rightmove and Zoopla

April 26, 2020
Share this Post: 

Agent backed OnTheMarket.com has 32 million shares to give to agencies that sign long term listing contracts, with extra shares for those who agree to drop its big rivals.

The portal which is 65% agent-owned says that around 40% of UK estate agents already own shares in its holding company. Launched today, the initiative will offer agents £1000 worth of shares for flexible arrangements, and £2500 for listing exclusively with OnTheMarket.

The shares being offered to agents with this deal are offered at the minimum issuance price of £1, despite the price currently sitting at 60GBX (£0.6). The minimum contract term for agents is up to August 31st 2021 with a one month notice period.

OnTheMarket’s aggressive tactic comes on the back of rival Zoopla’s offer of free listing on its portal for agents willing to drop a rival portal. The challenger portals may be sensing blood in the water with so much agent dissatisfaction with industry leader Rightmove.

With property markets all over the world getting ready for a potential return to action and cash strapped agents looking to offload marketing costs, could we see more portals following the aggressive tactics of those in the UK?

April 26, 2020
Edmund got to know the world of portals and marketplaces working at Mitula Group (which became Lifull Connect after the buyout in 2018). He worked directly with hundreds of portals across the world in his role in the content department for three and a half years before transferring to the SEO department to understand the inner workings of listings sites. He joined Online Marketplaces as Head of Content in March 2020.

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

Housing Com Proptech Report
Housing.com Partners with BOXX Insurance to Improve Digital Security for Indian Homebuyers

Indian portal Housing.com has joined forces with international Insurtech leader BOXX to tackle cyber security problems for buyers. India suffered...

Read More
HousingAnywhere Appoints New CFO and COO Amid Rapid Growth

HousingAnywhere, the mid-to-long-term rentals specialist based in the Netherlands, has appointed two C-suite executives as the company looks to harness...

Read More
Adevinta Financial Report
Adevinta Sees Double Digit Revenue Growth in Core Markets in Q2

The online marketplace operator Adevinta has released its results for Q2 of the 2023 financial year. Relevant highlights from the...

Read More
Listing Loop Contract
Australian Challenger Portal Listing Loop closes A$2.1 Million Funding Round

Listing Loop, the Australian challenger portal, has closed the first tranche of its Series A funding round. The company has...

Read More

Editor's Pick