OnTheMarket to be given new name, US owner reveals
CoStar CEO says OTM, which his company bought last year for £100m, could be called 'Homes.com' and may sponsor new Man Utd stadium.
OnTheMarket (OTM) could be renamed ‘Homes.com’, the chief of parent company CoStar has revealed.

Andy Florance, the Founder and CEO of OTM owner CoStar Group, also ruled out any takeover bids for Rightmove or Zoopla.
A move by Australian portal REA Group for Rightmove fell through last week prompting speculation that other buyers might be interested.
Man Utd
Florance said OTM could be rebranded as Homes.com to bring it into line with CoStar’s American portal of that name, which ranks second to Zillow in the US market. He also said the firm may sponsor the new Manchester United ground, which would be called the ‘Homes.com Stadium’.
Speaking at the Proptech and Portal Watch conference in Spain, Florance claimed that OTM is now ahead of Zoopla in the number of leads delivered to agents.
Agents in the United Kingdom express overwhelmingly to me that they are dissatisfied.”
“Rightmove is operating at a margin I would never be comfortable operating at, you’re super vulnerable by operating at 74% – it means you’re not working towards growth and you’re not building for the future.
“Agents in the United Kingdom express overwhelmingly to me that they are dissatisfied with the way the pricing works there,” he said, Online Marketplaces reported.
“Rightmove has suggested it will increase prices by 35% in the next couple of years – what additional value are they offering for that increase? It’s questionable.”
Abuse
He said OTM treats customers “with respect” while competitors were “abusing them”.
“Honestly, I’m fine with my customer saying ‘You’re not the cheapest solution’ – and by the way we’re not – but when our renewal rate percentage is in the high 90s, we are clearly providing value.”
OTM’s performance for agents was thrown under the spotlight recently after the Federation of Independent Agents (FIA) revealed just 18% of agents it canvassed had seen an increase in leads from the portal since it was bought by CoStar last year.