OnTheMarket Reports Agent Numbers up by 1000+ since CoStar Takeover

March 1, 2024
Share this Post: 

UK challenger OnTheMarket (OTM) has reported a major surge in agent numbers since its £100 million takeover by CoStar Group in December.

The portal says the new agents equate to circa 57,000 new listings on its platform, and an 81% increase in monthly leads to agents.

It's a big win for OTM given its fairly static performance since its foundations in 2015, and the boost in popularity will no doubt give CoStar CEO Andy Florance a sense of vindication as he embarks on a multi-year, multi-million-pound war against Rightmove's strong position in the market.

Jason Tebb, former CEO and now President of OTM, said:

"As these results show, we are making tremendous progress with our strategy of becoming the leading agent-friendly platform in the UK residential marketplace.

"We believe that we are now the fastest growing residential portal in the UK in a very small space of time following the acquisition of the business.

"We have initiated the first phase of a multiyear program to drive consumers to OnTheMarket which will significantly increase the quality of valuable leads to our agents at fair and sustainable prices.

"We believe we can create the number one property portal in the UK, leveraging CoStar Group’s expertise and resources."


Nevertheless, OTM will need much more than agent signups to compete with Rightmove, which today released its typically strong full-year results.

But with CoStar's promise to invest heavily in marketing in the coming years, including a budget of £46.5 million for 2024 alone, the reality is that the so-called portal war that CoStar started in the U.S. is grinding into gear on the other side of the Atlantic.

March 1, 2024
Harvey is an experienced property journalist and copywriter. He has written about the property industry since 2015, starting at The Property Franchise Group in the UK, before moving to Spain to work for Spotahome. He has blogged for the private rented sector, ghostwritten for UK property experts and written case studies for franchise owners around the UK. Harvey joined Online Marketplaces as a News Editor in 2022.

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

Shutterstock 750308431
Swiss Marketplace Group to Cut Circa 80 Jobs, and up to 40 by the End of April

The Swiss Marketplace Group (SMG), the operator behind major real estate marketplaces in Germany and Switzerland, is set to cut...

Read More
Untitled Design 12
Greek Portal Spitogatos Acquires Minority Stake in Credit Broker IMS

The leading Greek real estate portal operator Spitogatos has announced an investment in the Athens-based credit broker Individual Mortgage Solutions...

Read More
Nils K
Ringier's Nils Körber on ArtificiaI Intelligence, Training the Machine, and Talking about Problems

"What would you do with one million interns?" The award for the best question at the PropTech and Portal Watch...

Read More
Untitled Design 13
As OnTheMarket Hits 15,000 Advertisers, Zoopla Fights Back with Big Agency Deal

The British property portal Zoopla has announced a new long-term listings deal with Dexters, one of London's top agencies with...

Read More