OnTheMarket has been consistently signing up 28 new estate agent branches every day to its service since it launched on the AIM stock market on 9th February, it’s figures reveal.
The portal says it has increased its client list by 2,500 since then and now has more than 8,000 offices uploading properties to its platform.
If this rate can be maintained, then the figures suggest the portal will catch up to Zoopla’s current branch tally by February next year.
“In sustaining this pace of expansion, we are very strongly encouraged by the growing agent support and feedback to our proposition,” says Ian Springett, CEO of OnTheMarket.com.
OnTheMarket also says it will be spending some of its £50 million marketing war chest raised by the AIM shares issue on its most intense TV advertising burst this month in a bid to boost traffic to its service.
The portal says last month its site received 13.7 million visits, two-and-a-half times its monthly traffic compared to a year ago.
“We are extremely pleased to be continuing to exceed our own expectations and to have reached this latest milestone of 8,000 offices so soon after announcing 7,500 offices,” says Springett.
“We remain committed to creating an agent-backed, full scale challenger portal that injects some much-needed competition into the property portals landscape by disrupting what has for too long been effectively a cosy duopoly.”
One unexpected outcome of OTM releasing its agents from the ‘one other portal’ rule after going public is that many agents are now resigned to paying for three portals, afraid to be seen not listing with the two largest, but keen to support OnTheMarket in its bid to ‘duopoly bust’ the current set-up.