The decision by OnTheMarket to become a PLC is having the transformative effect its member agents were hoping for when they voted to demutualise, latest figures reveal.
OnTheMarket has added 2,000 branches to its service since the portal floated on AIM two-and-a-half months ago, giving it a total listing size of 7,500 branches or approximately 38% of all agent branches.
This compares with Zoopla’s 14,775 and Rightmove’s nearly total market reach of 20,121.
In a statement made to via the stock exchange, OnTheMarket says it has achieve its recent increase in branches by offering agents either free or discounted introductory rates to sign up.
Such dramatic growth has also come at a cost; OnTheMarket says it has more than doubled its sales team from 15 to 32 people.
The increase in inventory delivered by the new signings has also helped ramp up traffic, which recently reached 12 million individual ‘sessions’ a month following the AIM launch.
This compares with both Zoopla’s 48 million and Rightmove’s 130 million a month ‘visit’ metrics which, although not explained by either portal, are likely to mean ‘individual sessions’ too.
“We are extremely pleased to be continuing to exceed our own expectations and to have reached this latest milestone,” says Ian Springett, CEO of OnTheMarket.
“As we sustain this pace, we are strongly encouraged by the growing agent support and feedback to our proposition to create an agent-backed, full scale challenger portal that disrupts the existing duopoly.”