The number of agent branches listing via OnTheMarket has reached 10,000, the company has revealed today, claiming that agent demand for its service continues to be popular with agents.

This is an increase of 82% on its February total of 4,500 branches and means the portal now counts 54% of UK sales and lettings branches as its customers.

It also now lists 570,000 properties or well over half the UK inventory total.

Helped by an expanded sales team that has doubled in size since February and now numbers 31 people, OTM says it is achieving these extraordinary figures mainly by offering agents free listings via short-term introductory trial offers which it hopes to later convert to paid-for listings.

Freebies

Then the long slog begins. It took Zoopla approximately 18 months to convert all its ‘freebies’ into paying customers when it was the only competitor with Rightmove, although OTM also has a cache of some 30+ million unallocated shares to sweeten subscription deals with, which it recently said it would use to persuade agents to sign up to longer-term deals.

Following the removal of its ‘one other portal’ rule, OTM sales people must now often persuade new customers to list with and eventually pay for three portals.

But OTM’s recent advertising push, paid for with its £30m war chest raised from the City, is also having an effect. Traffic to OnTheMarket.com since February now totals 56.6 million visits, double that of the same period last year.

“We are very excited to have reached the significant milestone of 10,000 contracted agent offices less than six months after [our] admission to AIM alongside our capital raise,” says Ian Springett, OTM’s CEO (pictured, left).

“We have seen and felt the momentum build strongly behind our disruptive strategy for sustainable fair pricing from an agent-backed portal.”