OnTheMarket has broken ranks and dropped its fees by a third for three months without any strings for customers currently on its full tariff.
The portal, which yesterday sent an email out to its customers pledging its support for agents in this difficult time, but not revealing a price reduction programme, has had a change of heart this morning.
Calling it a payment support initiative, unlike its rival Rightmove which has caused widespread protest among agents with its ‘deferred payments’ system, OnTheMarket is simply reducing its fees for invoices issued in the three months starting in April.
Rightmove’s initiative, which asks agents to pay back its temporary fee reduction in instalments, doesn’t begin until May.
“We hope that this will go some way towards easing the pressure which agents of all sizes, in both sales and lettings, are anticipating in the coming months against the unprecedented COVID-19 backdrop,” says Clive Beattie, Acting Chief Executive Officer (left).
“OnTheMarket exists because agents had the foresight to want their own portal in order to control their online marketing cost base.
“It is the core strategy of OnTheMarket as the agent-backed portal to deliver value and to provide first-class support for our agent customers.
“We are resolutely focused on doing everything possible to deliver value to our customers, both in these circumstances and beyond.
“We are the agents’ portal. We understand the next few months are going to be tough and, as such, we believe simply kicking the monthly rate back is not helping agent partners, it’s delaying the unavoidable.
“We believe that offering this discount early will assist agents to control their costs in the face of such uncertain times.”
The Negotiator understand that Zoopla, which is now the only portal not to have revealed an Coronavirus package, is due to make an announcement either today or tomorrow.