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Breaking: OnTheMarket drops its fees by a third with no strings

The portal, which recently ejected its CEO, says it wants to support agents with lower portal costs 'as early as possible' during the crisis.

Nigel Lewis

onthemarket

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.

Foresight

“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.

Read more about OnTheMarket.

 

 

 

March 19, 2020

5 comments

  1. Nice one OTM (and Zoopla too) – I knew I’d made the right decision in joining. So much so, that I cancelled my RM membership this month.

  2. Quite smart of On The Market to wait and see how Rightmove’s offer was received before putting out a price reduction offer themselves, thus avoiding a similar backlash!

  3. Despite not being in the best shape financially, OTM proves it’s there for agents. Although there are perhaps a touch of politics at force too following Rightmove’s disgusting announcement yesterday, but who cares. We gave notice to Rightmove last move and are leaving at the end of March. We were simply getting far better value and far better leads from OTM. I’m aware that an increasing number of other agents have given notice to Rightmove over the last couple of days – could COVID-19 be the catalyst that causes the mass exodus from Rightmove ?

    • I’ve also jut given RM notice – leaving end of April – at least I should get 75% of my final fee refunded, bonus!! You’ve hit the nail on the head too – value for money! RM just don’t give that anymore where the other portals pound for pound vs leads are!
      I really hope this proves to be a real kick in the teeth to RM and creates the exodus that needs to happen.

  4. Time to act is now, portals should be zero for 3 months in these unprecedented times then 50% then-on.

    If we have no sellers selling or no buyers buying what is the point of a 3rd party portal?

    Portals do a fantastic job but in desperate circumstances for everyone in our sector the main suppliers should be the first to offer hugely discounted services to retain customers, customer loyalty is invaluable.

    Deferring discounted fees is a insult really as the whole point of the service is a steady stream of valuations and viewings requests. At the moment it’s like booking and paying for a cinema ticket to watch a film but the cinema is closed – what’s the point.

    We’ll that’s our opinion for today. Like, share, comment, everyone is allowed a opinion and don’t be scared.

    We wish our entire community the very strong best for your health and wellbeing during this challenging period.

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