OnTheMarket Chief Executive Ian Springett has claimed that industry research by his portal among those who have already quit Rightmove shows that leaving it made‘no difference to their business’.
“Some [agents] have even said that their working day has become easier because they are no longer chasing unproductive leads,” he said.
OTM claims that Rightmove’s fees have increased by 12.5% a year on average and that the latest round of rises have seen some agents face increases of 30% year-on-year.
The comments were made during a speech by Springett at the Relocation Agent Network Conference at the Park Plaza Riverbank Hotel in Central London, during which he also claimed that OTM is delivering 28 leads per £100 spent by agents on its platform when compared to Rightmove’s 16.
He said that while Rightmove lost 800 branches between June 2018 and June this year, OTM had increased its branch count from 12,000 in December 2018 to 12,600 by the end of September this year.
Figures released by OTM also suggest that offering agents equity in the business if they sign up to full-fee long-term deals is working, albeit slowly; the number of agents on this kind of deal has increased by 1,000 to 3,000 over the past 12 months.
“Agents are the providers of both the core content and the revenue on which portals depend, so agents can shift pricing power away from Rightmove and Zoopla by supporting the agent-backed portal,” says Springett.
“OnTheMarket is 70% owned by more than 3,000 independent agents operating over 6,000 offices and new agents committing to long term listing agreements can receive shares alongside. OnTheMarket aims to continue expanding its agent ownership group.”