OnTheMarket offers Golden Handcuffs to Senior Staff

OnTheMarket has granted its four most senior officers a set of ‘golden handcuff’ share options worth more than £360,000 a year after revealing increased profits.

The incentivised candidates are the three ‘C-suite’ members Jason Tebb, Clive Beattie and Helen Whitely—and Product and Technology Director Morgan Ross.

The same four directors were given a total of just over a million shares in August 2021 as part of a deferred benefit scheme, denying them the ability to cash in on the shares immediately.

The latest shares will ‘vest’ in two-three years time, at which time they can be exercised. Each officer will need to stay with OnTheMarket until the shares materialise to benefit.

OnTheMarket is one of the UK’s big three portals (with Rightmove and Zoopla)—but differs from its main competitors due to being agent-backed and agent-owned.

During the 12 months to 31 January this year, OnTheMarket’s profits rose by 13% to £2.7 million and revenues increased by 32% to £30 million, although after its payments to shareholders – most of whom are agents – it made an operating loss of £600,000.

Share prices (at the time of writing) are £0.84 per share, a 35% decrease YTD:

Source: Google Finance

Meanwhile, OnTheMarket has also announced the launch of its new podcast, called OnTheRecord.

The podcast will be presented by Jason Tebb, who will speak with ‘leading figures’ in the property sector with a view to sharing ‘unique insights’ in the industry, including the latest market trends.

Tebb said:

“We’ve chosen to launch our first ever podcast at a time when estate agents have a rapidly increasing number of PropTech solutions to choose from – from marketing properties and nurturing leads or engaging with clients, to transactional tools and data solutions.

Season one will launch in July 2022.