OnTheMarket holds annual general meeting showcasing latest figures

At OnTheMarket's annual general meeting, share holders will be presented with the latest numbers showing how many agents on free or below-market subscription deals have switched to full memberships.

Last month a report to OTM shareholders and the City said that only around 1,000 of its existing members on free deals had converted to paying contracts an average revenue per agency of £337 per month. The report also suggested that OTM was owed £6.8 million by agents who had not paid subscriptions.

Of the new contracts who up to a month ago had switched from cut-rate to full-rate, 57 percent were long-term commitments of three or five years with shares and the majority of the balance were on one year contracts with an option to convert to a longer-term contract with shares.

Losses before tax increased to £14,494,000 in 2018 against £12,070,000 in 2017; meanwhile administrative costs rocketed to £13,639,000 last year, up from £3,887,000 the year before.

The latest statement also revealed that as of June 3, the portal displayed over 650,000 UK residential property listings, some 65 percent of Rightmove’s total and 83 percent of Zoopla’s, while in May, a record 25.4 million visits were made to the portal, up eight per cent from the previous record in January 2019.

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Join us November 12-15 for the Property Portal Watch Conference Madrid 2019.