OnTheMarket is offering joiners a four-month ‘free listings’ deal alongside an enhanced shares package and sweeteners to persuade them not to list with other portals.

Contracts issued to joiners will include shares worth £1,000 per branch for its standard deal or £2,500 if an agent signs up to list exclusively for 12 months.

These share value calculations are based on a share price that is the higher of £1 or the price at the time of issue.  Its share price is currently 63p.

In addition, agents will receive extra shares regardless of which deal they opt for but depending on how many other portals they list with. The extra shares, which are also paid per branch, will equate to a percentage of the fees the agent pays up until 31^st August next year.

If an agent lists exclusively with OTM then it will receive half of its listings fees value as shares, 30% if it lists with one other portal and 20% if its two other portals.

And finally, agents are to be given a permanent discount on their listings fees of 10% if they stick to a one other portal rule and 20% for a two other portal arrangements.

In return agents must sign up to a minimum contract term of sixteen months, while annual fee increases will be capped at RPI +2%.

For example, a one-office sales and lettings firm, listing on a one other portal basis, will pay £314 per month. But, in addition to receiving £1,000 of welcome shares, it will also receive £94 of shares for every paying month up to 31 August 2022.

Clive Beattie, Acting Chief Executive Officer of OnTheMarket following Ian Springett’s departure, said: “This is a defining moment for agents as they make their short-term and longer-term portal choices.

“It is in the interests of existing shareholders and the industry alike that as many agents as possible stand together and fully support OnTheMarket.”

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